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What is a Foreclosure?

Select Foreclosure Source Magazine answers a question that many may still wonder:  What exactly is a foreclosure?

Don’t Make Foreclosure, Short-Sale or Mortagage Decisions Lightly

Here is an article from Wayne Capurro from the Reno Gazette Journal, RGJ, discussing whether not it is a good idea to modify your mortgage.  It details what will happen to the home and other decisions that should be made before deciding to go through with a foreclosure:

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Attorney has a question for me about Reno home foreclosure…

I am copying this off of an e mail I received and the response of mine herewith from a well known tax attorney who for some reason trusts what I say?  Go figure, the names and addresses etc. have been omitted:
 1. What is his realistic time frame before foreclosure. He cannot make
up the payments.
2. What steps should […]

Washoe Senior Law Project Foreclosure Video

 ”The Washoe County Senior Law Project is offering a 30-minute video on public TV and online, which provides advice on home to avoid home foreclosure. The video is based on a recent workshop that included presenations by four experts form the Nevada Attorney General’s office, Consumer Credit Affiliates, the Nevada Mortgage Lending Division and Well’s […]

The Difference Between a Bank Owned Sale vs. a Normal Sale

Here is a great outline by Ticor Title outlining the difference between a bank owned transaction and a normal transaction.  You can see the differences for the Buyer and Seller, HOA, Contract, Closing, etc. during the escrow process.
 
 
The Difference Between a Bank Owned Sale vs. a Normal Sale

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Tax Implications of Forgiven Debt On a Foreclosure?

I would like to share this information from the Internal Revenue Service regarding tax implications of forgiven debt/bank owned homes on a foreclosure.  This article defines what the cancellation of debt is, the tax consequences of having a home go through foreclosure/bank owned  and whether cancellation of debt is tax deductible.  I think that anyone going […]

OK, I’M STAYING OUT OF THIS ONE BUT CHECK IT OUT…

The article that was so wonderfully written by Madeline Zook in the Reno News and Review (this paper rocks) that is the prior blog mentioned a designation for short sale specialist’s.  Like many of these Realtor designations; you have to read into them a little. 
Many times some (designations) simply mean that we spent a couple of hours […]

Foreclosure Secrets Revealed

Here is a great article by Madeline Zook with the RN&R (Reno News & Review) revealing the “dirty secrets” of the foreclosure crisis in Northern Nevada. Madeline Zook is the owner-broker of Sierra Nevada Real Estate, a firm that specializes in rentals and investments.  Please keep in mind that all situations vary and things are changing […]

Absortion rate on Reno Bank Owned Homes improves…

One of the things I watch as an investor (in this market) is how many Reno bank owned homes/foreclosured homes are selling and or pending verses existing Reno bank owned homes/foreclosed homes.  Lately, the number sold and pending has been increasing relative to existing Reno bank owned home inventory.  Enclosed is a chart

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Now is the time to buy — The short sale process

Enclosed is a nice powerpoint that we converted to pdf done by Remy Chonez at Platinum Home Mortgage.  He originally did this for our Reno Real Estate Investors Group/Club in Reno Nevada Nv.   www.renorealestateinvestorsclub.com
Remy can help out first (1st) time Reno Homebuyers, Reno foreclosure homes, Reno bank owned homes, Reno real estate owned (R.E.O.) homes Reno […]