Tag Archives: Realty

McGeough Lamacchia Realty Outlines What Is Missing from Romney and Obama Housing Plans

Posted on by


Waltham, MA (PRWEB) October 09, 2012

John McGeough and Anthony Lamacchia, co-brokers and owners of McGeough Lamacchia Realty, say that although both plans from the candidates focus mostly on assisting distressed property owners, they require to concentrate more on preventing men and women from becoming distressed home owners and supporting the bigger portion of home owners who are the men and women who can afford their properties.

&#13

The Romney Housing Strategy calls for promoting off vacant houses owned by the government, assisting troubled home owners steer clear of foreclosure by producing it less difficult to do brief sales and deeds-in-lieu of foreclosure, and reforming the government-owned sponsored enterprises Fannie Mae and Freddie Mac. Romneys housing plan also calls for replacing the Dodd-Frank Act with easier, much more sensible regulation.

&#13

The Obama Housing Plan proposes to invest $ 15 billion into rehabilitating and refurbishing hundreds of thousands of vacant and foreclosed properties and companies and to transition foreclosed home into rental housing. Obamas plan also calls for Broad Based Refinancing for borrowers who are present on their payments to refinance their houses and will expand the Home Inexpensive Mortgage Program (HAMP) eligibility to reduce additional foreclosures.

&#13

McGeough Lamacchia Realty outlines five main issues which are not addressed in these housing plans:

&#13

The first concern outlined is to extend the Mortgage Relief Act which is set to expire at the finish of the year. This Act relieves distressed homeowners from obtaining to pay federal taxes on the quantity of debt that was forgiven in a refinance or loan modification, short sale, or foreclosure.

&#13

In Obamas spending budget proposal for 2013, he did contact for an extension of this Act through January 1, 2015, but the clock is ticking, says Anthony Lamacchia. This requirements to be pointed out as component of an general housing plan that protects struggling home owners facing foreclosure.

&#13

The second concern is to preserve the Mortgage Interest Deduction which has been a component of the federal tax code for nearly a hundred years.

&#13

The Mortgage Interest Deduction has been about since 1913 and it is a great incentive for owning a property. Eliminating or decreasing this incentive at a time like this would be very poor policy on behalf of our government, says John McGeough.

&#13

McGeough Lamacchia Realty says a sound Housing Strategy from either candidate must include guarding the Mortgage Interest Deduction.

&#13

McGeough Lamacchia Realty says extending the so-referred to as Bush Tax Cuts (also known as the Tax Relief, Unemployment Insurance coverage Reauthorization, and Job Creation Act of 2010), is the third item that requirements to be component of the conversation for improving the housing market. Several provisions of this law went into impact which includes a single that decreased the tax rate on capital gains to a maximum of 15%.

&#13

For men and women who own investment home, the capital gains tax will improve if they are not extended beyond the finish of this year. Right now for home owners in the lowest two income tax brackets of 10 or 15 %, the extended-term gains are tax cost-free. But if the tax cuts expire, the ten % bracket will collapse into the 15 percent bracket, and taxes for this bracket will go from to 10 %. For home owners in the earnings brackets above 15 %, the long term capital gains tax will increase to 20 %.

&#13

The fourth item that is not getting discussed is how the Payroll Tax Cut hurts homeowners. In December of final year, President Obama signed the Payroll Tax Cut extension, but homeowners are paying Fannie Mae and Freddie Mac to spend to Treasury for the tax credit. The charges Fannie Mae and Freddie Mac charge to insure property mortgages improved to from .three percent to .4 %. For a homeowner with a $ 200,000 mortgage, that implies their monthly mortgage payment would be about $ 17 greater or an extra $ 6,000 more than the course of a 30-year loan.

&#13

Property owners with bigger mortgages spend far more. McGeough Lamacchia Realty says money should not be taken out of peoples mortgages to pay for other government debts like the payroll tax law.

&#13

And ultimately, McGeough Lamacchia Realty says the housing plans ought to incorporate keeping Fannie Mae and Freddie Mac rather than reform or replace them.

&#13

Soon after the housing bubble burst, Fannie Mae and Freddie Mac had been placed into conservatorships in September 2008 and have given that received $ 188 billion in taxpayer support. McGeough Lamacchia cites they have already began to pay back the debt and are producing cash once more. In August, Fannie Mae reported a net income of $ five.1 Billion for the Second Quarter, and Freddie Mac reported a net income of $ 3 billion for the exact same time period. Fannie and Freddie have repaid about $ 46 billion to the Treasury in dividends and have not had to draw on Treasury funds for the second quarter of 2012.

&#13

Fannie Mae and Freddie Mac enable banks to offer you home loans to low- and middle-revenue purchasers who otherwise might not have been in a position to get a mortgage. McGeough Lamacchia Realty says without having them, mortgages would be much more costly for everybody, which is why they must be kept.

&#13

McGeough Lamacchia Realty says each candidates want to contain these 5 points in their housing plans.

&#13

For a complete comparison of the Romney and Obama Housing Plans, visit the New England True Estate Weblog.

&#13

About McGeough Lamacchia:

&#13

McGeough Lamacchia Realty is the number 1 Real Estate Agency in Massachusetts and named one of the quickest developing Real Estate Organizations in the U.S in 2012 by Inc. Magazine. They are a complete service actual estate agency serving home buyers and sellers Massachusetts and New Hampshire.

&#13

Sources:

&#13

Obama Program for a Housing Recovery&#13

Romney Housing Program: Securing the American Dream and the Future of Housing Policy&#13

Fannie Mae reports a net earnings of 5.1 Billion for the Second Quarter&#13

Freddie Mac reports a net income of $ 3 Billion

&#13
&#13
&#13
&#13
&#13

Associated Loan Modification Services Press Releases

Assist to Avert Foreclosure with These Tips Supplied By Red Blue Realty

Posted on by


Los Angeles, Ca (PRWEB) January 21, 2013

Home owners facing foreclosure usually need to have assist to steer clear of the scenario. Red Blue Realty can aid prevent foreclosure.

&#13

The biggest error homeowners make in regard to foreclosure is to take no action at all, till its also late. Theyre typically unaware of obtainable options, or just can not manage dealing with their mortgage lender. Of course, often mortgage organizations are a lot more prepared to function with home owners than realized. Right after all, foreclosure is time consuming and pricey for lenders as effectively as for property owners.

&#13

If a homeowner is willing to leave the home, the 1st step is to choose the assistance of a neighborhood appraiser or genuine estate firm like Red Blue Realty to get a existing estimate of how considerably a home could be sold for. With a recovering genuine estate marketplace, a residence could no longer be underwater, and could yield a profitable sale, permitting property owners to walk away from the house with gains pocketed.

&#13

For properties still underwater, one more option to support stop foreclosure is a short sale. This signifies that the home is sold for significantly less than the mortgage balance, with the lender agreeing to accept the proceeds of such a sale as complete mortgage payment. If the lender is not amenable to this program, a homeowner could nonetheless be able to negotiate what is named a deed-in-lieu of foreclosure. This implies that the homeowner turns the property more than to the mortgage holder in exchange for cancellation of the loan.

&#13

Both possibilities develop less black marks on a property owners credit rating than a foreclosure and work successfully to remove mortgage balance. However, home owners need to be certain that the lender is clearly forgiving the full quantity of mortgage debt, and that the language on such an agreement has been evaluated by a real estate professional or lawyer.

&#13

Also in these circumstances, tax consequences must be considered, as cancelled debt may be taxed as income.

&#13

Should a homeowner want to remain in a home and help stop foreclosure, the location to begin is by assessing the quantity you can spend towards your mortgage. Review bank and credit card statements for at least three months divide the amount spent more than the course of the year to a monthly quantity, following including yearly events such as vacations or vacation spending. With these numbers in hand for evaluation, figure out how to cut back on expenditures to totally free far more funds toward paying the mortgage. Contemplate outdoors the box possibilities such as taking on a tenant or terminating credit cards. Bankruptcy filing may possibly also avert the loss of a home and wipe out other debts.

&#13

After an analysis is produced as to how considerably money a homeowner can put toward the mortgage payment, the subsequent step is negotiating a payment program with the lender. Sometimes its a matter of receiving caught up on past payments with back payments spread out over subsequent months, or maybe a short-term suspension in or reduction of payments.

&#13

Lenders may also be amenable to interest-free of charge loans from HUD to get current, or permanent mortgage modification amounts. Obtaining assist to stop foreclosure isnt impossible. Red Blue Realty cautions property owners in this scenario to be aware of scam artists who guarantee assist but charge exorbitant fees and provide no assist at all.

&#13

With choices accessible, home owners just want to address the situation just before foreclosure becomes the only option left. Timely action yields selections that support avoid foreclosure.

&#13

Website: http://www.redbluerealty.com&#13

E-mail: Get in touch with(at)redbluerealty(dot)com &#13

Phone Number: 1-(855) 66-RBREALTY or 1-(855) 667-2732

&#13
&#13
&#13
&#13
&#13

Related Loan Modification Press Releases

Royal LePage York North Realty Garage Sale for the Women’s Shelter Foundation a Wonderful Accomplishment

Posted on by


Newmarket, Ontario Canada (PRWEB) June 05, 2013

On May possibly 11, 2013, Royal LePage York North Realty, along with Royal LePage offices across the country hosted the 5th Annual National Garage Sale for Shelter. The occasion set a new record by raising far more than $ 400,000 nationally in assistance of the Royal LePage Shelter Foundation, and locally Royal LePage York North Realty raised $ 3071.00 to help Neighborhood Womens Shelters.

&#13

Because of the funds raised at the National Garage Sale for Shelter, women and young children who have skilled household violence have a safe spot to keep, a refuge from the be concerned and fear, stated Shanan Spencer-Brown, Executive Director of the Royal LePage Shelter Foundation. Every year, this occasion raises awareness of the situation of household violence and shows that we can all make a distinction.

&#13

Every dollar raised at the National Garage Sale for Shelter supports neighborhood womens shelters, as well as prevention and education applications to help stop the cycle of household violence. One hundred percent of funds raised in help of the Royal LePage Shelter Foundation goes straight to the cause since Royal LePage underwrites the administrative expenses.

&#13

“Helping You Is What We Do is not just a tagline, it is our corporate philosophy and it translates into a collective commitment to providing back to the neighborhood, said Phil Soper, President and Chief Executive of Royal LePage. Royal LePage pros are tireless in their efforts to produce safer residences and safer communities by way of the Shelter Foundation and the National Garage Sale for Shelter.

&#13

About the Royal LePage Shelter Foundation

&#13

The Royal LePage Shelter Foundation is Canadas biggest public foundation dedicated exclusively to supporting womens shelters and ending violence against females and children. Via agent commission contributions and the fundraising activities of the Royal LePage network, we have raised $ 12 million to support supply a protected haven and new beginnings to much more than 30,000 women and kids each and every year. To break the cycle of violence, the Royal LePage Shelter Foundation also supports lengthy-term violence prevention and education applications. All funds raised by Royal LePage offices remain in their local neighborhood and because Royal LePage pays the charges of administration, one hundred % of all funds and effort goes toward this crucial trigger.

&#13

For more details, go to http://www.royallepage.ca/shelter or http://www.yorknorthrealty.com.

&#13
&#13
&#13
&#13
&#13

Related Administrator Press Releases

McGeough Lamacchia Realty Negotiates More than $100 Million in Total Mortgage Debt Forgiveness for Short Sale Clients

Posted on by


Waltham, MA (PRWEB) December 18, 2012

McGeough Lamacchia Realty, a full service true estate agency serving Massachusetts and New Hampshire, announced these days that they have successfully negotiated just more than $ one hundred million so far in total mortgage debt forgiveness for their brief sale consumers because they began performing quick sales in 2007.

&#13

A quick sale is the process of promoting residence for significantly less than the balance remaining on the mortgage. The quick sale division of McGeough Lamacchia along with Dorner Law and Title Solutions operates with banks to get the remaining balance forgiven for their clientele, which is stated in the brief sale approvals. The amount of forgiven debt is the distinction between the quantity a homeowner owes on his or her mortgage and the amount the mortgage firm receives after closing.

&#13

For example, a homeowner does a quick sale and sells his or her residence for $ 300,000. If the outstanding balance on the mortgage is $ 400,000, in addition to six months of late payments and late fees, the homeowner may possibly actually owe the bank far more like $ 418,000. With a 6 percent sales commission and around $ five,000 in closing expenses, an further $ 23,000 would come out of the residence sale value, so the bank would get $ 277,000 at closing. The remaining balance the bank would forgive in this example would be the distinction between the total amount owed to them ($ 418,000) and what the bank receives right after closing ($ 277,000) which would be $ 141,000.

&#13

McGeough Lamacchia has successfully completed over 1000 quick sales considering that late 2006. On typical, McGeough Lamacchia quick sale clients get $ 107,065 forgiven.&#13

John McGeough and Anthony Lamacchia, co-brokers and owners of McGeough Lamacchia Realty, did their very first brief sale back in late 2006 and then a few more in 2007. When the housing crisis hit in 2008, there was a jump in the quantity of property owners who owed a lot more than what their residences have been worth, so the need to have for home owners to do brief sales enhanced. As McGeough Lamacchia Realty started to do much more quick sales, they perfected the quick sale process and established contacts with banks to get far more approvals. McGeough Lamacchia have performed a number of short sales with every significant bank and servicer there is, including Bank of America, Chase, Citi, Sovereign, Wachovia, Green Tree and many much more.

&#13

For homeowners who can no longer afford their houses, there are numerous positive aspects to doing a short sale rather than enabling the house to fall into foreclosure. The homeowner who does a quick sale can repair his or her credit sooner as effectively as obtain a property again sooner than with a foreclosure. A homeowner avoids obtaining evicted from the house, and in several situations a quick sale makes it possible for a homeowner to get relocation help. After foreclosure, banks will frequently pursue the home owners for the remaining debt. For its brief sale clientele McGeough Lamacchia negotiates with banks to get the remaining mortgage debt forgiven, which is another advantage of performing a short sale rather than foreclosure.

&#13

In 2012 over 31 % of McGeough Lamacchia short sale clients also received cash incentives to do short sales. All significant servicers are now offering money to homeowners to do a brief sale via the HAFA (House Inexpensive Foreclosure Option) plan rather than enable their properties to go into foreclosure. The HAFA quick sale program beneath HAMP (House Inexpensive Modification Plan) delivers $ 3,000 in relocation assistance. Some key banks such as Bank of America, Chase, and Citi are paying their own incentives on their loans. Last year Chase began offering the largest short sale incentives, which can be as significantly as $ 45,000. Banks supply cash incentives due to the fact with a quick sale banks can stay away from the legal expenses of foreclosure. Quick sale residences are in far better condition than foreclosed houses and banks can sell them for a higher price tag, at least 25 % larger than foreclosed houses.

&#13

Obtaining debt forgiven for doing a short sale permits distressed homeowners to commence more than. However, the Mortgage Forgiveness Debt Relief Act, which relieves these home owners from possessing to spend taxes on the quantity of debt that was forgiven, is set to expire December 31, 2012. If the Act is not extended, these home owners who short sell their property will have to pay tax on the quantity forgiven by the lender via the quick sale procedure. Since one of the major rewards of undertaking a short sale is getting the deficiency balance forgiven, McGeough Lamacchia Realty is urging Congress to extend the Mortgage Forgiveness Debt Relief Act as quickly as attainable. The National Association of Realtors

Sophisticated Realty Begins Testing Sale of Senior Homes, Gated Communities Making use of Popular Rent to Own on Steroids Financing

Posted on by

(PRWEB) April 07, 2013

Advanced Realty Team, Inc. yesterday announced it has begun the marketing and advertising phase of its new system which offers the financing characteristics of the Famous Rent to Personal on Steroids to the Senior Market in Deed Restricted Communities.

&#13

Red Blue Realty Presents Tip Sheet for Avoiding Mortgage Delinquencies

Posted on by


Los Angeles, Ca (PRWEB) April 22, 2013

The experts at Red Blue Realty know how important it is to avert mortgage delinquencies. Soon after all, owning a house in the Los Angeles real estate market is a considerable asset, as effectively as delivering the physical and emotional security that most purchasers prize. Presently, the economy might be on the road to recovery, but several home owners are nonetheless suffering.

&#13

An seasoned Los Angeles actual estate agent such as a staff member at Red Blue Realty can assist house owners with avoiding the precarious predicament that mortgage delinquencies can unleash. These ideas supply a firm starting point.

&#13

Tip A single: Make contact with the Mortgage Lender or Lenders

&#13

The lender should be notified instantly if a property owner is possessing trouble producing an monthly payment. Lenders will frequently be willing to set up a loan extension to aid the property owner prevent a delinquency. Naturally, a fee is involved in such a process, the amount will be reduced than the common mortgage quantity due, and is generally amortized more than time.

&#13

Tip Two: Evaluate the Prospective Delinquency

&#13

Its important for homeowners to figure out if the cause for a late payment is a short-term circumstance, such as employment restructuring, or unforeseen emergency costs, or a loss of employment that will need different arrangements to be made with the lender to make payments and avoid marks against residence owners credit ratings.

&#13

Tip Three: Problem Resolution

&#13

Resolving the purpose for a potential delinquency could incorporate possibilities such as a property equity loan, reverse mortgage, or refinance with cash back. Another resolution – selling the house. Los Angeles properties for sale are coveted commodities in todays true estate market place.

&#13

Tip 4: Seek Mortgage Modification

&#13

Mortgage loan restructuring can permit lowered payments lenders are often willing to think about such a approach rather than going via the expense and difficulty of a foreclosure. Note that modification is most most likely to be acceptable to lenders if the home owner has suffered hardship.

&#13

Tip 5: Dont Be an Ostrich

&#13

An skilled Los Angeles genuine estate agent can attest that most home owners who are having troubles with paying the mortgage by no means even get in touch with their lenders – up to fifty percent of these in default have not initiated contact. Hiding from this situation will not boost the circumstances, in reality, really the contrary. In several instances, lenders will aid property owners to perform through payment difficulties.

&#13

Tip Six: Learn Mortgage Rights and Foreclosure Laws

&#13

There is a fantastic deal of information on the web concerning foreclosure laws and house rights in California and each state. Homeowner self-education is essential, such as understanding the terms lenders use such as mortgage reinstatement or forbearance. Nonprofit housing counselors approved by HUD can be located on line as effectively.

&#13

Tip Seven: Analyze Finances

&#13

Home owners should assess their personal economic profile to see if optional expenditures can be reduce, or payments on unsecured debt delayed or lowered till that all essential mortgage payment has been produced. Creating an work to manage or restructure finances can help to convince a lender to perform with the homeowner facing delinquencies.

&#13

Site: http://www.RedBlueRealty.com &#13

Email: Make contact with(at)redbluerealty(dot)com &#13

Phone Quantity: 1-(855) 66-RBREALTY or 1-(855) 667-2732

&#13
&#13
&#13
&#13
&#13

Find More Loan Modification Press Releases

Advanced Realty Team Allows Foreclosure Renters to Transfer All Credits to Famous Rent to Own on Steroids Program

Posted on by

Dunedin, FL (PRWEB) April 26, 2013

Advanced Realty Team, Inc. yesterday announced it will begin transferring all earned credits for persons in the Famous Foreclosure Rentals program when they move to the Famous Rent to Own on Steroids Program.

Advanced developed the Rent to Own on Steroids Program where all rent paid in the entire first year becomes the down payment and the tenant-buyer can earn a mortgage based on what they do for the next 12 consecutive months, not credit score.

Famous Foreclosure Rentals is a much newer program, in which the rental home is in or about to be in foreclosure, while the owner seeks a mortgage modification, and is offered at below market rent to compensate the renter for inconvenience and uncertainty.

Many participants in the foreclosure program are waiting for the right home to be available in the rent to own program. Advanced has already announced foreclosure renters may move up at no cost. Now they will also be able to take their monthly rent credits with them.

We believe when the real estate market returns to normal the foreclosure rental program will probably become less important as foreclosure represent a smaller portion of the market and conditions change, said George Beardsley, President-Broker of Advanced.

In the meantime we are working on how many ways we can make the program even more attractive, he said. There is inconvenience and risk in the program, in exchange for the below market price, he said. And we want to find all the ways we can to compensate for the negatives.

Advanced has been renting homes in foreclosure for some time and more recently has begun to buy houses in foreclosure and with loan balances higher than current values of the home.

I am not an attorney, Beardsley said, but we have been working closely with a board certified real estate attorney during the entire program and believe the program will continue to be viable as long as there are no new factors introduced.

In Florida, a home owner continues to own his home and can do with it as he wishes until a judge says the house belongs to another person, he said. The owner must also disclose any factor not readily apparent that would affect value when selling a home, Beardsley said. We do the same for rentals and suggest prospective renters get legal advice if they wish.

As long as this is the law in Florida, the homeowner can sell or rent his house in foreclosure, so long as he discloses the risk to prospective renters, Beardsley said. Providing the discount and as many benefits as possible is only right, he said.

Advanced is a small Dunedin, FL-based boutique real estate brokerage firm specializing in buying houses fast and in the current market Advanced even has program for buying homes that are over financed, under water and even in some cases they will buy houses in foreclosure and over financed.

These homes usually become part of the Famous Foreclosure Rental Program where the resident is offered below market rent and is told the home is in or may soon be in foreclosure and Advanced or the client it represents will use the services of a board-certified real estate attorney to defend a foreclosure action should there be one.

Collapse in the housing market switched their operations to buying house for the purpose of renting, including the Famous Rent to Own on Steroids and now the Foreclosure Rentals.

We buy houses, estate homes, for sale by owners and rentals fast and turn them into affordable housing, Beardsley said. We buy any price range and almost any condition, he said.

If you live in Albany, Fond du Lac, Des Moines, Bangor –or Chicago, as I used to, and you need to sell a house in Florida, Beardsley said, we are the people who buy houses in Florida.