Boston Metro North Real Estate

The Declaration of Homestead Act basically allows a homeowner to protect up to $500,000 in equity in their home against creditors.  The home must be the homeowners primary residence.  I have recently run into a situation where homeowners are stunned that creditors have filed a lien against their home, and say to me"I have a ...

Successfully closed on a short sale in Wakefield Massachusetts today. This home was a relatively easy one.  US Bank was the only lien holder and we received short sale approval in 15 days from submitting the package.  No deficiency judgments!! From the lender standpoint this was perfect, no issues no additional liens.  many ...

Definition of a short sale: A short sale of a property is where a homeowner must sell their home due to a hardship (usually financial) for less money than what is owed to the mortgage holder(s).  In a short sale the seller must get permission from the lien holder(s) to sell for less money than what is owed.   Many times their can ...

18 Jeffery Lane, Haverhill MA 01832-  Sold $160,000 2 Bed, 1.5 Bath, 1240 square feet- Townhouse Last week we were able to close on this townhouse last week.  The transaction was a short sale and required lien holder approval form the first lien holder, New York Mortgage Trust and the second lien ...

For many homeowners a short sale is the last option before foreclosure.  When a bank is considering a short sale they aren't doing it just because the seller is upside down on their home.  They are generally looking for a financial hardship to justify doing the short sale.  The hardship letter and the financial package basically ...

Another Dracut MA Short Sale Successfully Closed  Short Sales can be a complicated real estate transaction.  My Short Sale team and I just successfully closed another short sale in Dracut Massachusetts. This particular home required short sale approval from three parties.... the 1st Lien Holder, the ...

[photo:listing:15776254] • 3,328 sq. ft., 3 bath, 4 bdrm colonial - MLS® $460,000 Ayers Village, Methuen  -  Beautiful, modern colonial, set back on its own private oasis. Built in 2005 this home offers plenty of space, large eat in kitchen, many rooms with hardwoods and ...

There is a lot of confusion surrounding the tax liability in regards to the forgiveness of debt when it comes to a short sale. First off it is important to state you are concerned about the tax liability in a short sale, you should definitely talk to your accountant.  Nothing surpasses professional advice.  In 2007, President Bush ...

[photo:listing:15491888] • 985 sq. ft., 1 bath, 1 bdrm other - MLS®  - Stunning LoftJust Reduced- $79,000 Downtown, Haverhill  -  Stunning downtown loft with a one minute walk to the train station. Large windows, high ceilings and exposed bricks make this loft and ...

I find much confusion among buyers and many agents when it comes to who controls a short sale property. The mortgagor or owner of the property still owns and controls the property. What does this mean?  If an offer is tendered on a short sale property it is still up to the owner whether they choose to forward an offer or contract to ...