Linda Strasberg

United Real Estate Comprehensive Real Estate Solutions

A New Credit Reporting Code Specifically Designate short sales

September 10, 2013

Executives at the Consumer Data Industry Association, the trade group that represents the three national credit bureaus (Equifax, Experian and TransUnion) along with several dozen other credit and consumer information companies, tell me that a new code has been developed to specifically designate short sales, so there’s no confusion with foreclosures.
The new code is to become available to lenders, servicers and others who report information about consumer credit behavior to the big three bureaus.
Why is a coding change potentially so significant? Because until now, there has been no widely recognized, uniform way for creditors to indicate to the big three credit bureaus that a homeowner engaged in a short sale.
According to the CDIA, there have been ways for lenders to report a credit obligation was “settled for less than the full amount,” when a mortgage was involved. That was sometimes interpreted to mean there was a foreclosure.

Las Vegas Home Owners Struggling To Pay Their Mortgage Should Call 702-677-8796  

Foreclosure Alternative For Thousands of Las Vegas Homeowners Unable To Make Their Mortgage Payments Today

September 8, 2012

What can you do when you cannot afford the mortgage payment and your house cannot be sold to meet the balance owed?

For thousands of Las Vegas homeowners unable to make their mortgage payments today, there is an alternative to foreclosure that can lead to a much more positive financial outcome.

One of the leading solutions to stop foreclosure today is a short sale. See: Las Vegas Foreclosure vs Short Sale Report.

In a short sale, the lender agrees to accept the sale amount, even if it ...

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How To Raise Your Credit Score 100 Points in 45 Days

September 4, 2012

Did you know that paying a collection account can actually reduce your score? Why? Credit scoring software reviews credit reports for each account’s date of last activity to determine the impact it will have on the overall credit score.

When payment is made on a collection account, collection agencies update credit bureaus to reflect the account status as “Paid Collection”. When this happens, the date of last activity becomes more ...

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New Guidelines Streamline Short Sale Processes to Prevent Foreclosures and Help Communities Stabilize

August 25, 2012

WASHINGTON, DC – This week Fannie Mae (FNMA/OTC) announced that it will implement new short sale guidelines for servicers to follow as part of the Federal Housing Finance Agency’s Servicing Alignment Initiative. The new guidelines streamline documentation requirements, waive deficiencies for borrowers that successfully complete a short sale and set standard payments for subordinate lien holders. In addition, all servicers will have the authority to approve and complete short sale...

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10 Facts The IRS Wants You To Know About Mortgage Debt Forgiveness...

July 5, 2012

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.

Here are 10 facts the IRS wants you to know about mortgage debt forgiveness.

1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.

2. The limit is $1 mi...

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