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ShortTrack Blog
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Expiration of the Mortgage Forgiveness Debt Relief Act
Expiration of the Mortgage Forgiveness Debt Relief Act December 3rd, 2013 by attorney Chris Hacker Now that the shutdown has passed, and the next ‘fiscal cliff’ is still a little ways away, the Mortgage Forgiveness Debt Relief Act of 2007 is back in the news. The Act is once again set to expire at the […]
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Short Sales to Increase, Homeownership Not Really – IL Supreme Court
Short Sales to Increase, Homeownership Not Really – IL Supreme Court Tuesday, March 5th, 2013 by attorney Chris Hacker Thank you! First, a thank you to the Illinois Supreme Court. These new rules will help some future home owners getting into financial trouble by requiring the foreclosing lender to at least swear to the judge […]
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Lender Dirty IRS Tricks: What’s up with the 1099 from my Short Sale?
Lender Dirty IRS Tricks: What’s up with the 1099 from my Short Sale? Saturday, February 16th, 2013 by attorney Chris Hacker Welcome to tax season! Now is when I start getting calls from my clients asking about the tax implications of the 1099 they received from their lender from the short sale they […]
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Short Sales, the IRS, and the Mortgage Forgiveness Debt Relief Act
Short Sales, the IRS, and the Mortgage Forgiveness Debt Relief Act Saturday, December 15th, 2012 by attorney Chris Hacker The response to my last blog posting ranged from relief to outright challenge. And there were a number of responses that people had: Where can I look to see the language for the insolvency exception? […]
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Does the Mortgage Forgiveness Debt Relief Act matter for short sales?
Does the Mortgage Forgiveness Debt Relief Act matter for short sales? Wednesday, November 21st, 2012 by attorney Chris Hacker With the election over, the ‘fiscal cliff’ and its children are coming back into the news cycle. Yesterday, forty-one state Attorneys General signed a letter urging the extension of the Mortgage Debt Relief Act of […]
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New Short Sale Rules for Fannie and Freddie Part II
New Short Sale Rules for Fannie and Freddie Part II Saturday, October 27th, 2012 by attorney Chris Hacker Next Thursday some substantial changes will take effect for newly submitted short sale applications to Fannie Mae and Freddie Mac. In my last post, I highlighted four of the changes. In this post, I’m going […]
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Review: New Short Sale Rules Start in 7 Days for Fannie and Freddie
Review: New Short Sale Rules Start in 7 Days for Fannie and Freddie Wednesday, October 24th, 2012 by attorney Chris Hacker You may have noticed that back in August, the Federal Housing Finance Agency (“FHFA”) made an important and extensive announcement about the administration of Short sales by servicers. The FHFA is the […]
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Short Sales don’t have to take a lot of time
Short Sales don’t have to take a lot of time Monday, September 3rd, 2012 by attorney Chris Hacker I’ve been negotiating short sales for almost seven years now. Many things about the short sale process have changed over that time. Lenders and servicers have implemented multiple different systems for tracking files and documents. […]
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Short Sales and Document Management
Short Sales and Document Management Monday, August 13th, 2012 by Chris Hacker Imagine you have two dozen projects running side-by-side, all at different points in their completion. Now imagine attempting to track 15 different documents, some of which will have 3 to 5 versions, across 4 to 8 months, for each project. Add […]