The FHA Wait time to Buy after a Short Sale is 1 year!

Home buyers qualify for FHA loan after short sale or foreclosure…

Mortgage borrowers may now qualify for an FHA mortgage after a short sale, foreclosure or deed in lieu!

Larry Sarlo of Washington Twp, NJ is experinced  where it counts when buying or selling a home in short sale.  You should only use those that are experienced and those that keep up to date with new laws and information so you can get your home sold Fast…

REMAX Preferred Realtor Larry Sarlo… Buying or selling a home.  you  want experience to be on your side… Contact Larry Sarlo
Email Now confidential
or call 609-868-1171609-868-1171

Here is how it works:

As a result of the housing collapse, many homeowners in Camden County and Gloucester County areas experienced a serious reduction in income or lost their jobs due to the crumbling economy. Some mortgage borrowers were forced to file bankruptcy or short sale their home to avoid foreclosure.

Others were not so lucky and lost their home at sheriff sale.

FHA rules now allow borrowers whose credit was damaged due to a temporary loss of employment or income to qualify for an FHA mortgage if they have substantially recovered from that situation and maintained a positive credit history for at least 12 months.

Borrowers who recently experienced a bankruptcy, foreclosure, short-sale, loan delinquencies, deed-in-lieu, debt collections or other situation negatively impacting their FICO credit score may now be able to qualify for an FHA loan.

Recognizing that any number of events may have impacted a borrowers’ credit rating, the Federal Housing Administration (FHA) believes that such catastrophic event does not mean they are not financially stable or unable to make a mortgage payment.

As such, the previous 3-year waiting period required by the FHA on financing a new home has been revised.

“Referred to as the Back to Work’ initiative, this program is designed for borrowers who lost their home through foreclosure, short sale, bankruptcy or deed in lieu and also suffered a 20% or more loss in household income,”   FHA only requires  3.5% DOWN PAYMENT to purchase a home…

In order to qualify for a mortgage under the “Back to Work” initiative, there are several steps that must be taken to prove an “Economic Event” that was beyond the borrower’s control.

Employment Requirements:

The lender must verify that the borrower lost at least 20% or more in household income – or became unemployed – for a period of six months prior to the foreclosure, short-sale, or deed-in-lieu. To verify loss of income, the lender must request a written Verification of Employment to show the termination date or loss of income, receipt of unemployment compensation, or signed W-2′s and tax returns detailing the reduction in earnings.

To demonstrate a loss of income for part-time or seasonal employment, the borrower must prove a 2-year history in the same field prior to loss of employment. Borrowers will also be required to prove that they have fully recovered from their hardship, increased earnings and have maintained other credit obligations for a period of 12 months following foreclosure, short sale, bankruptcy or deed in lieu.

Credit Requirements:

When evaluating a borrower for the “Back to Work” initiative following a foreclosure, the lender may deem the borrower eligible if:

1.) The borrower’s credit report is free of any late housing payments within the last 12 months;

2.) All other mortgage accounts must be current for the last 12 months, even if the loan was previously modified to avoid a foreclosure action;

3.) The borrower’s credit report contains no more than a single 30-day delinquency on payments due other creditors; and

4.) The borrower’s credit report contains no current collection accounts or public records. This condition may be waived in instances of identity theft or borrower’s with medical collections.

Bankruptcy Filings:

1.) Chapter 7 Bankruptcy: One year must have elapsed since the bankruptcy discharge. Proof must also be shown that the bankruptcy filing was the result of an “Economic Event” covered within the FHA program guidelines.

2.) Chapter 13 Bankruptcy: Most lenders will require that the bankruptcy filing be discharged with all payments required under the agreement having been made on time. For borrowers currently in bankruptcy, written approval from the court allowing them to enter a new mortgage contract is required.

Housing Counseling Requirement:

For purposes of establishing satisfactory credit following an “Economic Event,” mortgage borrowers’ under the “Back to Work” initiative must:

1.) Receive home ownership counseling or a combination of home ownership education and counseling, at a minimum, one hour of one-on-one counseling from HUD-approved housing counseling agencies, as defined at 24 C.F.R. §214.100; and

2.) Be completed a minimum of thirty (30) days but no more than six (6) months prior to submitting a loan application to a lender, as application is defined in Regulation X, implementing the Real Estate Settlement Procedures Act, 24 C.F.R. §3500.2(b).

The housing education may be provided by HUD-approved housing counseling agencies, state housing finance agencies, approved intermediaries or their sub-grantees, or through an online course. It may be conducted in person, via telephone, via internet, or other methods approved by HUD, and mutually agreed upon by the borrower and housing counseling agency.

Rules for Renters:

Under certain circumstances, renters may qualify under the “Back to Work” initiative. For purposes of establishing satisfactory credit, mortgage borrowers must:

1.) The borrower’s credit report is free of any late rental payments within the last 12 months;

2.) The borrower’s credit report contains no more than a single 30-day delinquency on payments due other creditors; and

3.) The borrower’s credit report contains no current collection accounts or public records. This condition may be waived in instances of identity theft or borrower’s with medical collections.

A foreclosure, short-sale, Chapter 13 bankruptcy or deed-in-lieu will continue to plague a borrower’s credit report at the Equifax, Experian and TransUnion consumer reporting agencies for a period of seven years. A discharged Chapter 7 bankruptcy will remain on the credit report for a period of ten years.

Larry Sarlo indicates  “ recent changes in the FHA guidelines have finally conformed to the financial hardship faced by many borrowers and is allowing them to once again reach for the American Dream through home ownership.”

The new guidelines are in effect immediately and will be in force through at least September, 2016.

Contact Larry Sarlo to buy or sell your next home…  for more information 609-868-1171609-868-1171  or    Send Mail

View homes for sale in Cherry Hill, Washington Twp, and Marlton areas NJ Short Sale deals

Buying a Short Sale can be a great opportunity to buy your dream home.  Don’t let opportunity run away from you!


Larry Sarlo, RE/MAX Preferred,  are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, the lender may not agree to a short sale or to modify your loan.

However, the likelihood of negotiating a modification or a short sale is like everything else in life. It takes work and persistence to convince your lender.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

The views expressed here are Larry’s personal views and do not reflect the views of RE/MAX Preferred.



Larry Sarlo    for more information 609-868-1171  or    Send Mail

www.LarrySarlo.com

 

 

 

 

How to Help Your Short Sale Get Approved

Swing set Sewell, NJ – If you are selling your home, then ask the buyer to write a letter about why they want to purchase the home. If you are a buyer, then write that letter.

The listing agent will submit that letter along with the short sale paperwork. With a little luck that letter will help “grease the wheels” and cause the short sale to be approved faster.

Short Sale negotiators are human beings. They have emotions that can be touched by a good story.

These letters might sound like a joke, but they can make a huge difference. I’ve even seen home owners lose money on their sale because the liked a certain buyer over another one.

In that case, the seller sold their home for several thousand dollars less to a buyer that they liked. The other buyer had been rude and the seller didn’t like them.
If that made a difference when the seller was losing their own money, then think about the difference it will make to a short sale negotiator who isn’t losing their own money.

Put a good story in your letter. Here are a few examples.

You might say something like this: “We are a first time home buyer looking for our first home. We just want to move out of our cramped apartment and are looking forward to our first home where we can plant a garden.”

Or, maybe it would be like this: “We have looked for a while and finally found this home on Elm Street that we love. We are selling our current home so we can buy a house with a yard.

Our two boys, Tim and Julian, have been begging us for a swing set. We never had room in our old condo.

If you approve our short sale offer, then we will finally be able to give them the large, fenced backyard they’ve always wanted with a swing set.

We’ve already picked out the swing set plan and Tim and Julian are so excited about it. So, don’t approve the short sale offer for us, approve it for them.”

See how I’m pulling the negotiator’s heartstrings. Unless your short sale negotiator is absolutely heartless, it will make a difference for you. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at Contact Larry. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171609-868-1171

Discover how other sellers successfully completed a short sale and request a free consultation by Contact Larry.

Thanks for reading this, Larry Sarlo.

Larry is a REMAX Preferred Real Estate Agent in Washington Twp , NJ.

Phone: 609-868-1171609-868-1171. .

Know Your Options, I Can Help!

View My homes for sale at Search homes Now.

Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville New Jersey. Sicklerville Loan Modification Help, Sicklerville Short Sales. Sicklerville NJ Short Sales. Sicklerville Realtor.

Important Notice

Larry Sarlo and REMAX Preferred are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Larry’s personal views and do not reflect the views of REMAX Preferred in Sewell, NJ

This information on How to Help Your Short Sale Get Approved is provided as a courtesy to our viewers to help them make informed decisions.

Fannie Mae Announces Eviction Moratorium for the Holidays

Fannie Mae Announces Eviction Moratorium for the Holidays

WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it will issue an eviction moratorium for the holidays, as it has done in previous years. The company will suspend evictions of foreclosed single family and 2-4 unit properties from December 18, 2013 through and including January 3, 2014.  For this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be allowed to remain in the home.

“The holiday season is meant for quality time with family and we want to relieve anyone of the anxiety of leaving their home during this season,” said Terry Edwards, Chief Operating Officer for Fannie Mae. “We encourage any homeowner who is having difficulty making their mortgage payment to reach out for help right away. Fannie Mae will continue to help borrowers avoid foreclosure whenever possible.”

This year, Fannie Mae made it easier for a delinquent borrower to stay in their home when we introduced the Streamlined Modification which is available once someone experiences a hardship that causes them to be 90 days late with their mortgage payment.

Homeowners with Fannie Mae-owned loans can visit www.knowyouroptions.com or call Fannie Mae’s Mortgage Help Center at 866-442-8575 for information and resources on foreclosure prevention options.  To find out if Fannie Mae owns your loan, visitwww.knowyouroptions.com/loanlookup

Larry Sarlo is a REMAX Preferred Agent experience is distressed Property Sales.  You can contact Larry Sarlo in the Gloucester County and Camden County areas at 609-868-1171 .  7 days and eves  Call /  text/  Email Larry NOW!

What Affects Your Credit the Most? Sicklerville, NJ

What affects your credit the most?  Sicklerville, NJ

I get asked this question so many times.  But if you really want to build your credit up, this will help you understand the system in basic terms.

 

Credit Pie

Here are the five most important things that make up your credit score:


Payment history: 35 percent

A good payment history shows lenders you have a record of paying on time. And the longer you have that, the better. Late or missing payments negatively affect your score, as do any collections, foreclosures or bankruptcies. Payment history usually pulls the most weight in your credit score calculation, so it’s important to stay current in this category.

Amount of debt: 30 percent

Do not use all your credit available  lines of card.  By using most of your credit, or getting close to your credit limit, you can negatively impact your score. Keep your card balances within 30 percent of your limit. In other words, if your credit card limit is $5,000, charging more than $1,500 can be risky even if you pay off the balance on time. Keeping your debt low shows lenders that you’re likely able to afford monthly payments and possibly take on more expenses. Lenders will look at regular monthly on time payments as good credit worthiness.

Length of credit history: 15 percent

The longer you manage your credit accounts the better.  Having a longer credit history helps your score. Lenders like want to see that you are making on time payments for a longer period.  Because someone with little or no credit history is more financially risky because it presents more of an unknown. So keeping that credit card you’ve had for a while open can help your credit, as long as you keep the balance low and make on time payments every month.

Types of credit: 10 percent

Showing that you have a record of paying different types of debt helps your credit score. And different types of credit or loans can impact your score more or less. A healthy mix of credit includes credit cards, home loans and auto loans. Credit consisting of only one type, such as credit card accounts, won’t help your score, so diversity is important when it comes to credit accounts.

New credit: 10 percent

Having lots of credit inquiries within a short time lowers your score because it shows you’re actively searching for more credit, which makes lenders nervous. However, when you check your own credit or when an employer does, it won’t impact your score.

The most important components of your credit score are your payment history and amount of debt.  So if you are a first time home buyer or someone who has lots of credit, the answers you always wondered about your credit score are clearer and you will be a better managed person for credit health.

Larry Sarlo is a licensed real estate Realtor  and a REMAX Preferred sales agent.   You can email me, call me, or text me 7 days or eves if you have any questions.

EMAIL HERE:

609-868-1171

Use this form to contact me right away

Your information is always confidential and discreet

 

 

NEW Short Sale and Deed in Lieu rules Begin Jan 10 2014 Turnersville NJ

Fannie and Freddie  are implementing new rules for short sales and deed in lieu eligibility requirements.  For those of you in Turnersville  and other surrounding towns are about to see some of the biggest changes…

Here are some of the key changes going into effect early next year:

1) People who have files for bankruptcy will have an exception made for documentation requirements. (It’s about time.)

2) Anyone with more than $50k in the bank asking for a short sale must get Freddie Mac approval. (This could make some sense.)

3) If documentation for the short sale is provided more than 37 days before foreclosure all legal proceedings halt. (This is  huge  and a welcome change!)

4) Only submissions within 37 days of the foreclosure date will be eligible for expedited review. (This might just be the limits of what they’re capable of handling so I wouldn’t go too hard on them.)

5) Investment properties will now have to be fully reviewed for eligibility for financial documentation. (investment owners get your properties under contract now before Jan10, 2014)

Now that some changes are planned lets see how the banks do in implementing these changes.  Nothing comes without a price.

ALERT: Interest Rates May Go Up Real Soon! Cherry Hill, NJ

A recent Post on Baron’s provides us with lots of information...

Cherry Hill Buyers should pay attention to the markets.  Lately we have seen the stock markets rise to record levels.  The Fed has held interest rates to make sure the economy remains strong.  The Fed has indicated they have full right to increase rates at any time when they feel the economy can sustain strong levels.

But if you read the below article just released you will read between the lines…  Banks know how to profit in good times and bad.  Good times are coming…   So banks are getting out of normal risky assets such as metals, Gold and other interest rates sensitive bonds and investments.

Barons April 10, 2013: Citi Private Bank (C) joins Goldman Sachs (GS) in raining on gold this week. The firm’s head of asset allocation says in a note that it has decided to get rid of its exposure altogether.In the note dated April 5 but emailed to reporters on Wednesday, the firm’s global investment committee urges investors to add to U.S., European and Japanese stock positions while cutting munis (municipals) and investment grade bonds, as well as the yellow metal.

From the firm’s note to clients:   The outlook looks increasingly uncertain for interest-rate sensitive asset classes. As economic recovery gains traction, we expect to see interest rate and inflation expectations gradually rise.   With this in mind, we have reduced our positions in municipal bonds and corporate investment grade fixed income to reduce our duration exposure. We remain heavily underweight in government bonds.
So what now?   Buy Buy Buy!!!  If you want that dream home you need to consider buying now!  Rates are so low…  And when they go up they will not come back down!
Call me today if you are really interested in buying a home.    I have banks with the lowest of rates available.  MY representatives are ready to qualify you for a home and I am ready to hunt down that special place for you and your family.

Contact me today:  Larry Sarlo  609-868-1171   Email me Here: LSARLO@comcast.net

Search Foreclosures and Short Sale deals including Beach Homes: www.BuyNJShortSales.com

Search Homes for Sale :  www.LarrySarlo.com

If you are looking to buy a home or sell a home I can help.  Full marketing and negotiation skills that will get you everything want.

Buying a home or Selling a home in Cherry Hill NJ,   Voorhees NJ,  Marlton NJ, Collingswood NJ, Haddon Twp NJ, Washington Twp NJ, Turnersville, Williamstown NJ, Sicklerville NJ, Blackwood NJ, Cape May Nj, Beach Homes, Bay Front homes, Luxury Homes I am just around the corner to help.

Strategic Default? Take These Steps First To Avoid Problems

Sicklerville – Turnersville – Sewell, NJ – Yesterday, we told you about a new program that Fair Isaac, the founder of the FICO score, came out with to track strategic defaults.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

If you are thinking about a strategic default, then you must be aware of this. FICO claims to be able to notify a lender when someone has strategically defaulted, or looks ready to strategically default.

This helps lenders implement additional collection procedures to get you to repay their loss.

An Expert at the credit bureau indicates

“I think the biggest thing they look for is someone who is paying everything on time. This person has never been late on anything. All of a sudden they just stop paying their mortgage.

There were no other signs of financial problems. That looks pretty fishy to a lender. They probably get angry when they see the person is still paying their credit cards. The banks think that they are more important than a credit card”, this expert told us.

“You have to think like a banker to understand what is going on”, he continued. “Most people that default have followed a similar pattern. First, they get high debt to income ratios. Then, they default on their credit cards.

After that, they might miss a payment on their car or home loan. But, then they catch back up on the car or home loan. Finally, they default on their home loan and maybe even a car loan.

As you can see, they have followed a pattern that is similar to the average person who defaults. Now, let’s contrast that with your typical strategic defaulter.

This person’s debt to income ratio is usually lower. They don’t default on any credit cards or car loans. All of a sudden they stop paying their mortgage. Can you see how much different these two people look?

Now do you understand how obvious most strategic defaulters look? If you are planning a strategic default, then make it look as much as possible like you are just another “Average Joe” that is suffering from a loss in income. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at lsarlo@comcast.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sicklerville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Larry Sarlo.

Larry is a Real Estate Agent at RE/MAX Preferred. Turnersville Short Sale Realtor:

Phone: 609-868-1171. lsarlo@comcast.net.

Know Your Options, I Can Help!

View homes for sale at www.BuyNJShortSales.com.

Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville, Turnersville, Sewell, Chrry Hill, Collingswood, Haddon Twp, Haddon Heights,   New Jersey, Sicklerville Short Sales. Sicklerville NJ Short Sales. Sicklerville Realtor.

Important Notice

Larry Sarlo and  REMAX Preferred,  are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Larry’s personal views and do not reflect the views of REMAX Preferred.

This information on Thinking About A Strategic Default in Sicklerville? Take These Steps First To Avoid Problems is provided as a courtesy to our viewers to help them make informed decisions.

Is Now The Right Time To Sell: Sicklerville / Washington Twp / Haddon Twp

Seller Shortage Plagues Many Markets

 In a recent article from Daily Real Estate News  Wednesday, February 27, 2013 I read something so true.  It’s happening right now.  For how long,  is another story to be told.  But if you want to sell your home, now is the time.
Call me for Experience and knowledge.  You’ll be glad you did.

The low inventory of for-sale homes in Sicklerville is creating a seller’s market.  In fact inventories are down in all my local markets Washington Twp, Haddon Twp, Marlton, Voorhees and more.

“The supply of existing homes for sale reached nearly an eight-year low in January, according to the National Association of REALTORS®. ”

If you tried to sell before and failed, Why not try again.  This could be the time you get your home sold.

Many short sales could not get their homes sold, I’m happy to say my short sale clients are selling like there is no tomorrow and I’m getting them approved.  So maybe you felt you were not represented correctly, or maybe you want experience you can count on.   This is not a time to take chances with your life.

BUY or SELL a home, You NEED EXPERIENCE

Call me / Text me 7 days / eves 609-868-1171 
Click to email me

Larry Sarlo a REMAX Preferred Certified Distressed Property Expert.  Getting Homes sold Fast is what I do.

Sicklerville, Washington Twp. Collingswood, Haddon Twp, Cherry Hill, Marlton, Voorhees, and now Cape May County Bay and Beach Homes.

Short Sale or Face Foreclosure Hell: Sicklerville / Washington Twp

Short sale may be your only hope to sell your home and get out from foreclosure hell. 

I’ve seen some pretty nasty situations after a foreclosure.  Collection calls, lien holders pestering you, hunting you down, collection lawyers mailings and the mental stress you felt while in foreclosure is now back on you again in full force.   Making your life pure havoc!

A recent caller Kim H. from Cherry Hill Asked me what to do because she was already foreclosed upon and getting letters and phone calls from creditors.  She was even getting delinquent tax bills and she had not owned the property for several months.  While there is nothing I could do for her now, I did suggest either contact an attorney, and I did refer one to her, or fight it out herself.  I was able to look up some info for her and provide some contact info to help her and her family.

Once foreclosure happens it is too late.  Then you need to just try to cover.  And Try is with a Capital ” T “.

I’ve had 100% success with my short sales , knock on wood…!  And what I pride my self most is everyone of my clients have no deficiency, no more judgments on their credit reports, no more delinquency payments and they are the road to recovery.  In fact many are buying again now.

Need some help  Call me.  No cost  Discrete… If I can’t help I may know how to get you the right help.

Larry Sarlo a REMAX Preferred Certified Distress Property Expert Sales Agent

Click to email me
      Call Me / Text ME 609-868-1171       7 days / Eves a week

I personally service Sicklerville, Cherry Hill, Washington Twp, Turnersville, Mullica Hill, Collingswood, Haddon Twp, Glocuester Twp, Blackwood, Deptford, Marlton, Voorhees and now Cape May County Beach and Bay Homes.

 Buy or Sell you need experience.

Remax Preferred 415 Egg Harbor Rd Sewell, NJ 08080 856-589-484

 

Mortgage Foregiveness Act is Extended Thru 2013… NJ Home Owners Get a Break.

MORTGAE FOREGIVENESS ACT IS EXTENDED THRU 2013…

The Mortgage Forgiveness Debt Relief Act is now set to expire on January 1, 2014 and only applies to a primary residence.

Homeowners in Washington Twp, Turnersville, Sicklerville, Collingswood, Haddon Twp, Berlin, Mullica Hill Gloucester Twp, Haddon Heights and Sewell can short sale their homes and not have to pay any deficiency or tax.  But you need to act fast.

Homeowners get a break to avoid foreclosure.Avodi Foreclosure! Short Sale now and pay nothing or Pay later...

The last-hour vote in Congress to avoid the “fiscal cliff” included a provision that extends the Mortgage Forgiveness Debt Relief Act through 2013, which is important to sustaining the nascent housing recovery in Las Vegas, local real estate professionals said Thursday.

The debt relief act, which was scheduled to expire at the end of 2012, waives forgiveness of mortgage debt from being counted as taxable income by the Internal Revenue Service.

That applies mainly to short sales of homes, or lender-approved sales for less than the principal mortgage balance. A homeowner who owes $150,000 on the mortgage and short sells for $100,000 would have been taxed on the $50,000 difference as income, placing them in a higher tax bracket.

Struggling homeowners who are considering a short sale or loan modification will be eligible for tax relief through Dec. 31 under the act passed in 2007 and originally scheduled to expire in 2009.

Other real estate-related provisions in the bill:

??Deduction for mortgage insurance premiums for filers making less than $110,000 is extended through 2013 and made retroactive to cover 2012. The tax break covers private mortgage insurance as well as mortgage insurance provided by the Federal Housing Administration, the Veterans Affairs and the Rural Housing Service.

??Fifteen-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.

??The 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.