Resources

Below are some of the resources we use and encourage our clients to use. There is a lot of information out there and these links are aimed at helping you get to some of the more important matters and areas of interest that are important.

Real Estate Attorney Bill Kozub

We work with an Arizona real estate attorney for our underwater clients in understanding the legal issues pertaining to each particular situation. All of our underwater clients visit with an attorney, at our expense, to inform you on all of your options and assist in protection against tax and deficiency liability in an
underwater situation.


Save Our Home AZ

Save Our Home AZ offers ancillary assistance to foreclosure prevention, including mortgage payment assistance for unemployed homeowners. There are other programs available not mentioned on their site, including the possibility of assistance in contribution towards a short sale if your lender requests a contribution. In addition you can qualify for up to $4,500 in relocation assistance.


HAFA

The Home Affordable Foreclosure Alternatives is part of the Making Home Affordable program via the U.S. Treasury and HUD department. We try to work all of our short sales through this program if possible, as it offers explicit debt forgiveness on any shortfall as well as up to $3,000 for relocation assistance.


HAMP

The Home Affordable Modification Program is also part of the Making Home Affordable program. HAMP can potentially lower your monthly mortgage payments through a modification process. This is an additional alternative to a short sale or foreclosure dependent on your financial situation.


HARP

The Home Affordable Refinance Program is yet another program offered through the Making Home Affordable Program. This is a program that can assist in specialized refinanced for a property with a value that
has declined.


Mortgage Debt Forgiveness Act of 2007

This is an extremely important aspect in determining whether or not to short sale your home. There is a shortfall when any lender agrees to allow you to sell your home short of what you owe on it. IRS regulations stipulate that your lender issue a 1099 on the difference between what it sells for and what you owed. This creates a taxable event for the IRS and you could potentially be taxed as ordinary income on this 1099. The Mortgage Debt Forgiveness Act relieves you of this taxable event; however, it expires at the end of 2013. If you’re considering a short sale, NOW is the time to act to ensure protection under this act.