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Tucson Short Sale Specialist – Bank of America Short Sale

March 8, 2013

Hey there, I’m Shawn Polston with TucsonShortSale.com, and Keller Williams Southern Arizona. I wanted to talk to you about Bank of America short sales. A lot of people have Bank of America loans. They are one of the largest servicers out there. We work with Bank of America a tremendous amount. Whether you have an FHA loan or a VA loan, a conventional loan or another loan you might have, we have experience dealing with Bank of America. We also have a program with Bank of America that allows us to pre-screen you to see if you may qualify for one of their incentive programs. In some cases in Tucson is they are willing to offer $3,000 to $7,000 in relocation assistance. We have been very successful with accomplishing these types of sales with Bank of America and we have a very good working relationship with them. I attend all kinds of trade shows and have met a number of the higher executives at Bank of America. One of the things about Bank of America is that they really do want to help you. If they can help you get out of your house by doing a short sale, they are really wanting to do so. It doesn’t mean they will give you a decision in a day, but they are being very proactive in these short sales. They have had some kinks in their FHA short sale program which tend to take a little bit longer than the other short sales with them. They are working to get those worked out. I commend them on knowing they have something to address there. If you have a Bank of America loan and you are considering doing a short sale, please give us a call. I encourage you to fill out my short sale request form and we’ll get back to you as soon as we can. Thanks and we look forward to speaking with you soon.

Are there Tax Implications with a Short Sale?

February 6, 2013

Hi there, I’m Shawn Polston with Keller Williams Southern Arizona and TucsonShortSaleNegotiator.com. I wanted to talk to you today about a topic that gets brought up a lot. It revolves around the question of taxes. I’m going to give a quick explanation of the tax ramifications that occur in a short sale as well as in a foreclosure or a deed in lieu also. When your lender does a short sale, a lot of times there is a cancellation of debt where they send you a 1099C. After a deed in lieu of foreclosure and a foreclosure, they will send you one as well. This is a requirement any time there is more than $600 worth of cancellation of debt. Whoever forgave that debt is required by the IRS to inform them. The IRS looks at cancellation of debt as income to you.

The good news where it involves short sales, in most cases the vast majority of our clients have some way out of the tax liability associated with that. The Mortgage Debt Forgiveness Act of 2007 is going to be around until the end of 2013. There is also a provision within the IRS tax code related to insolvency and this means at the time of that cancellation of debt where your debt is greater than your assets. I can tell you there is no expiration currently on this. There is also the question of is it a capital loss? The person who you need to speak to about this specific situation is a CPA. If you don’t have a CPA, pick up the phone and give us a call. We would be happy to point you towards someone. Also, IRS.gov is an excellent reference. We are looking forward to helping you and answering any questions you have. Give us a call today.

Short Sale Timeline Depends On Your Specific Situation; Work With An Experienced Short Sale Agent

January 29, 2013

Hi there, I’m Shawn Polston with Keller Williams Southern Arizona in Tucson and TucsonShortSaleNegotiator.com. Today I’d like to go over short sale timelines with you because it comes up all the time. I commonly have homeowners ask me how long their short sale is going to take and, honestly, it’s a loaded question with no simple answer.

We’ve done hundreds of short sales and each one has been different, even if they have similar lenders. If you have an FHA loan, a VA loan, a conventional loan, multiple liens, etc., all of these things factor into the short sale timeline. One of the things that it’s probably safe to say is that on average it’s a four to six month process; some can take longer, some can go quicker. It really varies and depends a lot on your circumstances.

One of the things to know when you’re talking to a real estate agent is to find out what their short sale experience is. For example, has it been three years since they’ve done a short sale with Bank of America? If so, I can tell you that Bank of America’s short sale process is completely different and have improved dramatically from three years ago. In getting an answer to this question, the recent experience of the real estate agent that you’re talking to is very important. These lenders do business completely different than they did in the past.

What I’d love the opportunity to do is sit down with you and discuss your situation. Do you have one loan, two loans, an FHA loan or other liens that would affect the short sale? We’d like to help educate you on how long your short sale process could take. Please feel free to fill out the short sale request form at the top of my web page or pick up the phone and give me a call because we’d be happy to help you assess your situation and go over your specific short sale process with you.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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