Wes Jones - Short Sale Specialist-Bellevue

Phantom Tax and Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Wed, 21 Jul 2010 12:40:27 GMT

Visit the IRS webpage directly.

I've been getting a lot of questions about the "Phantom Tax" when it comes to Short Sales. The question is "Am I going to have to pay taxes on the debt that is forgiven when we sold our house via short sale?". The answer is "We'll, it depends on your situation". I've provided some info directly from the IRS and your definately going want to read more about the Mortgage Forgiveness Debt Relief Act and Debt Cancellation.

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.

The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation:

What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

Is Cancellation of Debt income always taxable?
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:

Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.
Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets.
Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.
Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.

These exceptions are discussed in detail in Publication 4681.

What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

What does exclusion of income mean?
Normally, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. But the Mortgage Forgiveness Debt Relief Act allows you to exclude certain cancelled debt on your principal residence from income. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?
No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing
separately.

Does the Mortgage Forgiveness Debt Relief Act apply to debt incurred to refinance a home?
Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. For more information, including an example, see Publication 4681.

How long is this special relief in effect?
It applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012.

Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?
The maximum amount you can treat as qualified principal residence indebtedness is $2 million ($1 million if married filing separately for the tax year), at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982 and the detailed example in Publication 4681.

If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return.

Do I have to complete the entire Form 982?
No. Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.

Where can I get this form?
If you use a computer to fill out your return, check your tax-preparation software. You can also download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.

How do I know or find out how much debt was forgiven?
Your lender should send a Form 1099-C, Cancellation of Debt, by February 2, 2009. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

Can I exclude debt forgiven on my second home, credit card or car loans?
Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion. See Publication 4681 for further details.

If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?
Yes. The forgiven debt may qualify under the insolvency exclusion. Normally, you are not required to include forgiven debts in income to the extent that you are insolvent. You are insolvent when your total liabilities exceed your total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982. Publication 4681 discusses each of these exceptions and includes examples.

I lost money on the foreclosure of my home. Can I claim a loss on my tax return?
No. Losses from the sale or foreclosure of personal property are not deductible.

If I sold my home at a loss and the remaining loan is forgiven, does this constitute a cancellation of debt?
Yes. To the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. If the amount forgiven or canceled is $600 or more, the lender must generally issue Form 1099-C, Cancellation of Debt, showing the amount of debt canceled. However, you may be able to exclude part or all of this income if the debt was qualified principal residence indebtedness, you were insolvent immediately before the discharge, or if the debt was canceled in a title 11 bankruptcy case. An exclusion is also available for the cancellation of certain nonbusiness debts of a qualified individual as a result of a disaster in a Midwestern disaster area. See Form 982 for details.

If the remaining balance owed on my mortgage loan that I was personally liable for was canceled after my foreclosure, may I still exclude the canceled debt from income under the qualified principal residence exclusion, even though I no longer own my residence?
Yes, as long as the canceled debt was qualified principal residence indebtedness. See Example 2 on page 13 of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments.

Will I receive notification of cancellation of debt from my lender?
Yes. Lenders are required to send Form 1099-C, Cancellation of Debt, when they cancel any debt of $600 or more. The amount cancelled will be in box 2 of the form.

What if I disagree with the amount in box 2?
Contact your lender to work out any discrepancies and have the lender issue a corrected Form 1099-C.

How do I report the forgiveness of debt that is excluded from gross income?
(1) Check the appropriate box under line 1 on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) to indicate the type of discharge of indebtedness and enter the amount of the discharged debt excluded from gross income on line 2. Any remaining canceled debt must be included as income on your tax return.

(2) File Form 982 with your tax return.

My student loan was cancelled; will this result in taxable income?
In some cases, yes. Your student loan cancellation will not result in taxable income if you agreed to a loan provision requiring you to work in a certain profession for a specified period of time, and you fulfilled this obligation.

Are there other conditions I should know about to exclude the cancellation of student debt?
Yes, your student loan must have been made by:

(a) the federal government, or a state or local government or subdivision;

(b) a tax-exempt public benefit corporation which has control of a state, county or municipal hospital where the employees are considered public employees; or

(c) a school which has a program to encourage students to work in underserved occupations or areas, and has an agreement with one of the above to fund the program, under the direction of a governmental unit or a charitable or educational organization.

Can I exclude cancellation of credit card debt?
In some cases, yes. Nonbusiness credit card debt cancellation can be excluded from income if the cancellation occurred in a title 11 bankruptcy case, or to the extent you were insolvent just before the cancellation. See the examples in Publication 4681.

How do I know if I was insolvent?
You are insolvent when your total debts exceed the total fair market value of all of your assets. Assets include everything you own, e.g., your car, house, condominium, furniture, life insurance policies, stocks, other investments, or your pension and other retirement accounts.

How should I report the information and items needed to prove insolvency?
Use Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) to exclude canceled debt from income to the extent you were insolvent immediately before the cancellation. You were insolvent to the extent that your liabilities exceeded the fair market value of your assets immediately before the cancellation.

To claim this exclusion, you must attach Form 982 to your federal income tax return. Check box 1b on Form 982, and, on line 2, include the smaller of the amount of the debt canceled or the amount by which you were insolvent immediately prior to the cancellation. You must also reduce your tax attributes in Part II of Form 982.

My car was repossessed and I received a 1099-C; can I exclude this amount on my tax return?
Only if the cancellation happened in a title 11 bankruptcy case, or to the extent you were insolvent just before the cancellation. See Publication 4681 for examples.

Are there any publications I can read for more information?
Yes.
(1) Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals) is new and addresses in a single document the tax consequences of cancellation of debt issues.

(2) See the IRS news release IR-2008-17 with additional questions and answers on IRS.gov.

Bellevue Lake Sammamish Short Sale Home for Sale

Wed, 14 Jul 2010 14:04:52 GMT

New Short Sale listing in Bellevue. Just of West Lake Sammamish, with views of Lake Sammamish and Mt. Rainier. Minutes to I-90, 520, Microsoft, and Marymoore Park.

Wes Jones | NWTradition | (425) 577-9814

18600 NE 16th St, Bellevue, WA

Great opportunity to own Lake Samamish Views!

3BR/3BA Single Family House

offered at $509,950

Year Built	1981
Sq Footage	2,510
Bedrooms	3
Bathrooms	3 full, 0 partial
Floors	3
Parking	1 Car garage
Lot Size	11,900 sqft
HOA/Maint	$0 per month

DESCRIPTION

Lake Sammamish and Mount Rainier views from this private corner lot home nestled above the trees. Remodeled kitchen with new cabinets, granite slab, and hardwood floors. Master bedroom with 5 piece bath and walkin closet. Spacious living room with floor to ceiling windows, vaulted ceilings, and wood burning fireplace. Extra large rec / bonus room in lower level. Newer trex deck. Minutes to MSFT, Idlywood Pk on LK Samm, Marymoor Pk, shopping,& more!

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Tile floor	- Family room	- Living room
- Breakfast nook	- Refrigerator	- Stove/Oven
- Microwave	- Granite countertop	- Stainless steel appliances
- Basement	- Laundry area - inside

OTHER SPECIAL FEATURES

- Lake Sammamish Views

- Mt Rainier Views

- Private Lot

- Cul-de-sac location

- New Kitchen

- Stainless appliances

- Granite Counters

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Wes Jones

NWTradition

(425) 577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 14, 2010, 10:49am PDT

Strategic Defaults in Bellevue and Seattle. At what point do borrowers walk?

Wed, 30 Jun 2010 13:30:06 GMT

Interesting article from the Wall Street Journal this week. Watching what is happening, in Arizona, California, and Neveda is a real good indicator of what Washington State will experience down the road.

How Far Underwater Do Borrowers Sink Before Walking Away?

At what point do borrowers who owe more than their homes are worth decide to stop paying the mortgage?

A new study from economists at the Federal Reserve Board aims to answer that question. The research found that the median borrower who “strategically” defaults doesn’t walk away from the mortgage until the amount owed exceeds the value of the home by 62%.

The study is bad news for the mortgage industry in that it backs up the idea that a growing share of borrowers are walking away from loans. Concerns are mounting among lenders and investors that some borrowers who owe far more than their homes are worth are now choosing not to pay mortgages that they can afford.

But the silver lining here is that it suggests a rather high threshold for borrowers to walk away.

“The fact that many borrowers continue paying a substantial premium over market rents to keep their homes challenges traditional models of hyper-informed borrowers” choosing to simply walk away, the authors write. The results suggest “that borrowers face high default and transaction costs” that make strategic defaults less widespread than they might otherwise be.

The study examined borrowers in Arizona, California, Florida and Nevada who bought homes in 2006 with no money down. Nearly 80% of those borrowers had defaulted by September 2009. The authors then attempt to estimate and separate out defaults caused by job loss and other income shocks from those that had been spurred simply by negative equity.

Nearly 80% of all defaults in the sample resulted from the traditional combination of income shocks and negative equity. But for borrowers that had a loan-to-value ratio of 150%, half of all defaults were strategic defaults, driven purely by negative equity.

Most defaults are typically driven by a combination of income shock and negative equity, or what’s known as the “double-trigger” hypothesis. While borrowers who lose their jobs but have equity in their homes can sell and avoid default, those without any equity are left with fewer options.

“Borrowers do not ruthlessly exercise the default option at relatively low levels of negative equity, broadly consistent with the ‘double-trigger’ hypothesis,” the authors write. “But by the time equity falls below -50%, [half] of defaults appear to be strategic.”

(Read about a separate study released on Monday that finds that around one in five mortgage defaults could be considered “strategic.”)

Empirical evidence suggests that more borrowers may be walking away from their primary residences, but this is a much bigger problem in housing markets that saw stunning home-price gains followed by a free fall. Look to the desert suburbs of Phoenix and Las Vegas, the southwestern coast of Florida, and the far-flung exurbs of California’s San Joaquin Valley and Inland Empire.

The Fed study finds, as have others before, that borrowers are more likely to walk away from homes in states where lenders can’t sue them for a deficiency judgment. The median borrower in a state where lenders have recourse to borrowers’ assets, such as Florida or Nevada, defaults when he or she is 20 to 30 percentage points further underwater than the same borrower in a non-recourse state, such as Arizona or California.

Borrowers with higher credit scores also find it more costly to default. The median borrower with a credit score between 620 and 680 walks away when their loan-to-value ratio hits 151%, while the median borrowers with a credit score above 720 walks away with a loan-to-value ratio of 168%.

Finn Hill Bothell area Home For Sale

Sun, 13 Jun 2010 21:58:53 GMT

Finn Hill Short Sale in Bothell/Juanita. Don't miss out on this large home on a great lot!

Wes Jones | NWTradition | wes@nwtradition.com | (425) 577-9814

8324 NE 143rd St, Bothell, WA

Opportunity in Finn Hill Juanita!

4BR/2+1BA Single Family House

offered at $319,000

Year Built	1969
Sq Footage	1,680
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	8,460 sqft
HOA/Maint	$0 per month

DESCRIPTION

Great for a large family or someone that desires lots of bedrooms and space. Updated windows. Granite counters, cherry cabinets, and newer hardwood floors. Wonderful fenced backyard with a covered deck that leads the ground would be great for year round entertaining. Large backyard. A second Kitchen in the basement could be used as a mother in law apt. Large 2 car garage. Located in quiet Cul-de-sac. Short sale is being negotiated by a CDPE.

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Hardwood floor	- Family room	- Living room
- Bonus/Rec room	- Dishwasher	- Refrigerator
- Microwave	- Granite countertop	- Stainless steel appliances
- Basement	- Laundry area - inside

OTHER SPECIAL FEATURES

- Finn Hill Location

- Large Fenced Lot

- 2 Car Garage

- Newer Kitchen Cabinets, Granite Counters, and Stainless Appliances

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

(425) 577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 13, 2010, 6:22pm PDT

Renton Short Sale Home For Sale in Forest Trails, Well maintained 3 bedroom 2.5 bath

Sun, 13 Jun 2010 20:25:34 GMT

Great Renton area short sale. Well cared for home only has 1 lender. Short sale negotiations in progress and going well. Don't miss out on this great opportunity in Forrest Trails.

Wes Jones | NWTradition | wes@nwtradition.com | (425) 577-9814

19803 133rd Ave SE, Renton, WA

Well cared for home in convenient Forest Trails Community

3BR/2+1BA Single Family House

offered at $239,000

Year Built	1985
Sq Footage	1,760
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	7,000 sqft
HOA/Maint	$0 per month

DESCRIPTION

A private, fully fenced yard with patio and awesome gardens. Main floor boasts a spacious living room with brick fireplace, large dining room with vaulted ceilings, a 1/2 bath, and roomy kitchen with eating space connected to the family room. Large 2 car garage which accesses to the utility room. Upper level offers 3 bedrooms including master with walk in closet and bath. Additional bath completes the upstairs.

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Laundry area - inside

OTHER SPECIAL FEATURES

- Well cared for short sale opportunity

- Home is being negotiated by a CDPE

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

(425) 577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 13, 2010, 5:06pm PDT

What is the CDPE Advanced Network?

Wed, 09 Jun 2010 12:44:15 GMT

CDPE Advanced members are agents who have committed to understanding and providing foreclosure avoidance solutions to homeowner facing financial hardship.

Through advanced resources, coaching, and networking, CDPE Advanced members have taken a leadership role in turning the housing crisis around. It is my personal goal to bring the best solutions to each individual homeowner.

Why do we stand out?

Industry Updates:CDPE advanced agents have acces to regular industry updates from the distressed property Institue, an industry organization dedicated to educating real estate agents on how to effectively serve homeowners in distress. The institute works closely with the federal government and lending institutions to help shape policy. Because fo this affiliation, CDPE Advanced agents are the first to know about new programs or policy chnages that directly affect the homeowners we serve, and have plans to help our clients see those benefits.

Due to their enhanced resources and current information, CDPE Advanced agents typcially close up to 90 percent of short sale transactions.

The CDPE Advance Network: CDPE Advanced agents are also involved in a network of top agents nationwide who also specialize in assisting distressed homeowners. This provides information on what is happening on the front lines, what banks and buyers are looking for, which foreclosure-avoidance tactics are working and which ones aren't. Properties facing foreclosure require a strategic approach, and CDPE Advanced Members know the strategies that succeed.

"Betweent the exclusive market information and the CDPE Advanced network of agent communication, I can offer you the most relevant and effective solutions".

Renton Short Sale Single Home for Sale in the Glencoe neighborhood

Tue, 08 Jun 2010 22:10:58 GMT

Renton area short sale home for sale. Just around the corner from Newcastle, Wa in the Glencoe neighborhood. For a virtual tour, www.1822Glencoe.com.

Wes Jones | NWTradition | wes@nwtradition.com | 425-577-9814

1822 Whitman Ct NE, Renton, WA

4BR/2+1BA Single Family House

offered at $289,950

Year Built	1969
Sq Footage	1,730
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	8,045 sqft
HOA/Maint	$0 per month

DESCRIPTION

Well maintained cul-de-sac home in desirable Glencoe neighborhood. New interior and exterior paint, newer roof, newer garden shed, fully renovated family room & 1/2 bath on lower level. Large fully fenced rear yard with play toy and sandbox-a perfect place for kids to safely play. Large rear deck with access from dining room-great for entertaining and BBQ'ing. Additional den or bedroom area in lower level. Separate enclosed utility room in garage with shower and room for more storage.

see additional photos below

PROPERTY FEATURES

- Fireplace	- Family room	- Living room
- Bonus/Rec room	- Breakfast nook	- Dishwasher
- Refrigerator	- Microwave	- Washer
- Dryer	- Yard

OTHER SPECIAL FEATURES

- Additional Bathroom & Storage in Garage Area

- Almost Newcastle Location

- www.1822Glencoe.com

- Well Maintained Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 1	Photo 11
Photo 2	Photo 12
Photo 7	Photo 13
Photo 6	Photo 4
Photo 9	Photo 3
Photo 8	Photo 10

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

425-577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 5, 2010, 12:35pm PDT

Riverfront Short Sale in Issaquah, Amazing Property, One of a Kind

Tue, 08 Jun 2010 22:07:15 GMT

Great Riverfront Short Sale in Issaquah!

Wes Jones | NWTradition | wes@nwtradition.com | 425-577-9814

33512 SE 126th St, Issaquah, WA

Privacy and seclusion on the river Issquah, only minutes from the City!

2BR/1BA Single Family House

offered at $289,000

Year Built	1963
Sq Footage	1,100
Bedrooms	2
Bathrooms	1 full, 0 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	14,216 sqft
HOA/Maint	$0 per month

DESCRIPTION

The privacy of rural life on the river, only 2 miles from I-90. Minutes to North Bend & Issaquah, and a quick drive to Downtown Seattle and Bellevue. Perched on the Snoqualmie river w/ 66' of river bed frontage, you've finally found the seclusion you've been looking for. Recent updates include gorgeous hardwoods,crown molding, baseboards, and new paint. An expansive 400 sq ft deck overlooks the yard & river. Newer windows & glass sliders give you the feeling of an outdoor living space,indoors.

see additional photos below

PROPERTY FEATURES

- Fireplace	- Hardwood floor	- Tile floor
- Family room	- Living room	- Breakfast nook
- Stove/Oven	- Laundry area - inside	- Balcony, Deck, or Patio

OTHER SPECIAL FEATURES

- River Front Property

- Salmon swiming upstream

- Miles or trails for hiking

- Private Locatation on a Dead End Road

- Minutes to I-90 and the City

- Short Sale Opportunity

ADDITIONAL PHOTOS

Yard & River	Chicken Coop & SHed
Photo 3	Raging River
Fish for salmon on your b	Patio
	kictchen
dining room	Living Area
Living Area	Bedroom
Office/Bed	Photo 1
Bathroom

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

425-577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 5, 2010, 12:36pm PDT

Bellevue Short Sale Condo,Oasis Condos Bellevue, Downtown Bellevue Short Sale

Tue, 08 Jun 2010 22:03:52 GMT

This is one of the best Condo's in the entire complex! Don't miss out on this poolside condo only 1/2 a mile 405 and Overlooking Downtown Bellevue.

Wes Jones | NWTradition | wes@nwtradition.com | 425-577-9814

680 122nd Ave NE #113, Bellevue, WA

Former Model Poolside Condo for Sale in the Oasis.

1BR/1BA Condo

offered at $198,000

Year Built	1968
Sq Footage	752
Bedrooms	1
Bathrooms	1 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	68,240 sqft
HOA/Maint	$0 per month

DESCRIPTION

If these pictures look framiliar then they probably are...this is the model unit that was photographed and marketed for the entire condo complex! Located in the Oasis Condominiums, this model unit has the upgraded modern finishes you have come to expect. Off your ground floor gated patio is the pool and gym. You can also access this condo via the pool area and gate rather than entering through the front building entrance. Smaller building of 13 condos. High end finishes & 1/2 mile from 405.

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- Walk-in closet
- Hardwood floor	- Tile floor	- Breakfast nook
- Dishwasher	- Stove/Oven	- Microwave
- Granite countertop	- Stainless steel appliances	- Laundry area - inside

COMMUNITY FEATURES

- Clubhouse	- Fitness center	- Swimming pool(s)
- Sauna/Spa

OTHER SPECIAL FEATURES

- Main Floor Condo

- Can access through the pool area w/o going through the building

- High end, Modern Finishes

- Main floor patio opens to the pool

- Short Sale Opportunity

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

425-577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 6, 2010, 5:17pm PDT

Monroe Short Sale-FHA Pre Approved Short Sale in Lords Lake

Tue, 08 Jun 2010 21:56:45 GMT

This is an FHA Approved Short Sale! We can close in up to 30 days. No need for bank approval as we already have it. Ask about our approved rehab financing for this property! This property is located in the wonderful neighborhood of Lords Lake, in Monroe.

Wes Jones | NWTradition | wes@nwtradition.com | 425-577-9814

16146 Follis Ct SE, Monroe, WA

Pre Approved FHA Short Sale-Renovation Financing Approved!

4BR/2+1BA Single Family House

offered at $222,000

Year Built	1998
Sq Footage	1,822
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	7,405 sqft
HOA/Maint	$0 per month

DESCRIPTION

Welcome home to the fabulous neighborhood of Lords Lake in the Freyelands. Great cul-de-sac location with the detached garages out back. Fireplace, vaulted ceilings, family room & living room, plus all 4 bedrooms upstairs. Just minutes from the freeways makes this a great commute to Seattle or Everett. Near schools, parks, lords lake, and miles of trails. Cosmetic touches will go a long way.

Call la for specific pricing instructions.

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Hardwood floor	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

OTHER SPECIAL FEATURES

- http://www.WesternWashingtonShortSales.com

- Pre Approved FHA Short Sale, can close in 45 days

- Renovation FHA financing Approved

- Lords Lake Community

- Mintues to shopping, freeway, and Schools

ADDITIONAL PHOTOS

Photo 1

Photo 2

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

425-577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 6, 2010, 5:57pm PDT

What is your home price in Seattle Washington? Is my house value Underwater in Bellevue?

Tue, 08 Jun 2010 21:47:19 GMT

Is your home underwater? is your house worth less than what you paid for it? Use this tool below to gauge how the market is trending and find out how much homes are ACTUALLY selling for, not just an automated value or guestimate.

Are you afraid your property is Under Water in Seattle?

http://www.YourCurrentHomePrice.com is the best customized real estate report for all of Western Washington!

Are you afraid your home is Under Water?

Do you need to move and can't sell your house for what you paid for it?

Just curious what your home may be worth it today's market?

Are you wondering if the real estate market has stabelized in Bellevue, Seattle, and the rest of King and Snohomish County?

Just go to http://www.YourCurrentHomePrice.com and find out all of the details.

If you believe your home is underwater,and you're interested in your options,click here for detailed short sale infomoration and foreclosure avoidance options.

Click Here

Brought to you by Top Producer Systems

Hafa Explained on video Bellevue, Seattle, and King/Snohomish/Pierce

Tue, 20 Apr 2010 12:49:58 GMT

Spend 2 Minutes watching a video on the Governments new foreclosure alternative program, Hafa.

To find out if you Qualify for Hafa, click Here.

How Much is My Home Worth? Am I underwater?

Mon, 15 Mar 2010 02:35:09 GMT

Not sure how much your home is worht? Are you curious if you're underwater with your mortgage? Do you need to move and can't afford to pay to close? Or are you just curious what homes are selling for in your neighborhood?

These are all tough questions facing many potential sellers today.

A Market Snapshot will give you real time MLS (Multiple Listing Service) data from the Northwest MLS. The Market Snapshot can be utilized by buyers, sellers, and those who want to be informed with real time MLS data of a particular area.

It’s a great tool to find out what price homes are actually selling for compared to their listing prices. It can also tell you how many homes are for sale in your zip code, or a radius around your house. Think of an instant Comparative Market Analysis (CMA) of your property or area of Real Estate interest.

If you want to know what homes are selling for in your neighborhood and what your home may sell for, visit www.YourCurrentHomePrice.com today for your free subscription!

Bellevue Short Sale Success Story!

Wed, 10 Mar 2010 17:44:33 GMT

Many purchasers shy away from Short Sales in Bellevue, Wa due to the very length of time it could take to close. They often take long time or never close at all because the listing agent hasn't properly been trained. If you're buyers agent knows the right questions to ask, you will learn quickly if it is an opportunity worth pursuing.

If you're a buyer wanting to target a short sale, I not only list them, I know how to qualify them for my clients to find out if its a distressed property worth pursuing. Call me if you are interested in learning more.

On a positive note, after 3 months of hard work, I was able to negotiate short sale approval on this Bellevue Property in Lake Hills, just blocks away from the new Lake Hills Shopping Center and Public Library. The owner couldn't be more excited and the buyer is getting a great deal, its a win win.

Approved Bellevue Short Sale-a Success!

Wes Jones

www.WesternWashingtonShortSales.com

Wes@NWTradition.com

425-577-9814

Tax Credit Extension

Tue, 10 Nov 2009 15:55:41 GMT

Tax Credit Extension Update FAQ

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible first time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

Thanks for stopping by!

Wes Jones
NWTradition

www.WesternWashingtonShortSales.com

Question: I am a first time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Mortgage Modifications | Short Sales Bellevue, King County

Mon, 02 Nov 2009 08:23:39 GMT

The Truth About Mortgage Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I’ve prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply provide your information below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call me today.

Wes Jones
425-577-9814

Options and Solutions in Seattle, Wa

Options and Solutions

Thank you for visiting this site and taking the first step toward finding answers. I appreciate what it has taken for you to come here, and commend your efforts to get the facts about your situation. The current real estate environment can be frustrating, with misinformation and conflicting plans for how to proceed.

As a licensed real estate broker, what I often see in troubled homeowners is a belief that they are alone with their challenges. Regrettably, over 70% of homeowners in foreclosure proceed without ANY visible assistance. This is not acceptable for the communities I serve.

That's why I've developed this site: to ensure you get the valuable resources that can reduce your financial strain and change your life for the better. As a CDPE I know the options for homeowners in foreclosure or delinquent on their mortgages, and I can send you a report detailing this information, prepared just for you.

Simply enter your information below and click "Send." I hope that you will review this information carefully, so that your next steps are the right steps toward a real solution.

Let me help you evaluate your options and get back on track to a solid, stable future.

Foreclosure Vs. Short Sale in Washington State

Foreclosure Vs. Short Sale

As a Certified Distressed Property Expert, I have devoted my career to helping homeowners who face difficult situations, taking them from uncertainty to resolution. Lately I've found a lot of conflicting information going around, especially concerning short sales, which you should know about.

A short sale occurs when a lender accepts the selling price of a home, even if it is less than the full amount owed on the mortgage. For particular homeowners, this can be the best option to foreclosure. Yet, I still hear people suggest that short sales are basically the same as foreclosure.

This is absolutely wrong!

You need to have the CORRECT information. That’s why I'm glad you're here. To help, I’ve prepared a free report—just for you—that compares the realities of foreclosures and short sales side-by-side. Simply provide your information below, and I'll send you this report.

If you have any additional concerns about this issue, or your circumstances are urgent, please feel free to give me a call. I can help you evaluate your options and get you back on track to a secure financial future.

Wes Jones 425-577-9814

Seatlle Short Sale Information | Myths About Short Sales in Bellevue, Seattle, King, Snohomish, and Pierce Counties

7 Short Sale Myths

There are millions of homeowners just like you who are looking for answers and don’t know what to do. You’re not alone and you’re in the right place.

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Despite my best efforts, there’s still an overwhelming amount of misinformation about the options available, especially short sales.

To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, I’ve prepared a free report just for you - please fill out the information below to receive your free report. This report will clarify the following myths:

The Bank Would Rather Foreclose Than Bother With A Short Sale
You Must Be Behind On Your Mortgage To Negotiate A Short Sale
There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
Listing My Home As A Short Sale Is An Embarrassment
Short Sales Are Impossible And Never Get Approved
Banks Are Waiting On A Bailout And Not Accepting Short Sales
Buyers Are Not Interested In Short Sale Properties

These ideas are potentially harmful to homeowners seeking real solutions. I hope you’ll review this information for yourself or share it with a homeowner in need.

In these times, we all need to know the truth to know how to get back on track.

If you have any additional concerns about this issue, or your circumstances are urgent, please give me a call.

Wes Jones

Wes@NWTradition.com

www.WesternWashingtonShortSales.com

425-577-9814

Short Sale Vs. Deed-In-Lieu

Short Sale & Deed-In-Lieu

Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. This is great news for homeowners facing financial distress.

To help you understand more about these two options, I’ve prepared a free report just for you, called ‘Short Sale & Deed-in-Lieu: Dignified Solutions.’ To receive your free report, please provide your information in the fields below.

I hope you’ll review these options carefully and pass this information along to those who may need it. I commend your efforts to finding a solution to the difficult financial situation that you or someone you know is currently facing. Providing the best advice and information in your time of need is my priority.

Let me help you evaluate your options and get you back on track to a secure financial future.

Your First Steps To Avoid Foreclosure in Seattle, Bellevue, King County, and Beyond.

Your First Steps

In today’s market, 1 in 7 homeowners is having trouble paying the mortgage. More than 70% of these homeowners proceed without seeking assistance or getting the facts. Many do not even realize that foreclosure is a process, and that there is time to make decisions that may result in a better outcome.

You are not alone. Millions of other homeowners nationwide are in the same circumstances. To assist you, I’ve prepared a free report outlining the first steps a homeowner should take when facing a foreclosure.

Fill out your information below for this free report. Don’t hesitate. Get back on track today!

Strategic Defaults are NOT Strategic-Don't Walk Away Washington

Walking Away Is NOT The Answer in Seattle and Washington

You may have heard that a “strategic default” can be an appropriate and even beneficial reaction to an upside-down mortgage or impending foreclosure. While this idea is widespread, the truth is that default is never an easy road to choose, and rarely ever strategic.

Unfortunately, the ramifications of a “strategic default” are rarely explained, leaving many homeowners stranded on an island of misinformation. To assist you, I’ve prepared a free report outlining the myths and misrepresentations of strategic defaults.

Fill out your information below for this free report. Don’t hesitate. Get the facts today!

Avoiding Mortgage Modification Fraud in Bellevue, Seattle, and Washington State

Avoiding Mortgage Modification Fraud

I Am A Broker Against Mortgage Fraud!

The last thing struggling homeowners need is to be victimized by fraud. Sadly, some people are preying on those who need help the most. Today, the real estate industry is the newest, biggest target for predatory schemes. In fact, the U.S. Attorney General, Eric Holder, stated that mortgage fraud cases are 400 percent higher than they were five years ago.

With nearly 1 in 6 homeowners unable to pay their mortgages, understand that you are not alone. Knowing your legitimate foreclosure-avoidance options is the best way to fight this terrible trend.

The report on this site will tell you how to avoid mortgage fraud schemes, as well as what solutions are available to you. Enter your information below and get the facts now!

Understanding HAFA in Washington

Understanding HAFA

New Help Has Arrived!

The rising number of foreclosures in this country is simply too big to ignore. That is why a government-backed program has been released that aims at streamlining foreclosure avoidance options.

Short sales and deeds-in-lieu are dignified solutions to foreclosure, and now the government is making them easier, quicker and more accessible through the Home Affordable Foreclosure Alternatives Program, or HAFA.

With one in six homeowners struggling to make mortgage payments, you are not alone, and there are options available. With the free report provided here, find out if you qualify for the HAFA Program. Simply fill out your information below to get started on your new chapter of financial stability.

Please read this report to learn the facts, and contact me to begin your journey to a solid, stable tomorrow.

Government Program Surveys for Bellevue, Seattle, and Washington

Government Program Surveys

Are You Eligible?

The government programs currently available to homeowners can be valuable resources, but only if you know which ones are right for your situation.

That’s why I’ve created this free resource that lets you find out which programs you’re eligible for. Read the descriptions for each program to see which one fits your situation, then fill out the corresponding survey to see if you are eligible.

Find out now if you are eligible!

The good news is that programs exist for a variety of situations, and even more options are available beyond those programs. As a CDPE-designated agent, I can provide all of your possibilities and help you get moving toward a solution.