Banks are Paying sellers to short sale

Mortgage DeBt Forgiveness actMay expire at the end of 2012

grayhawk listing rePortsee what homes are listing for in your area

aPril events calenDar

21455 N 81st St. 3BD/4BA 5,054 SF

This beautiful, Italian-inspired home sits on a private corner lot in the exclusive Serenity section of Grayhawk. Enter the portico to a private, enclosed courtyard w/misters and seat area. Iron & glass front door opens to an impressive foyer w/high brick lined groin ceil-ing. In din. & living room. Gourmet kitchen featuring huge island w/granite top, double subzero, Vi-king gas range, wall oven, micro, warm drawer, dishwasher, & large pantry. Floor plan boasts kit./fam. rm. w/13’ beamed ceilings, 2 pow-der rooms, office w/b-ins, 2 sec. bedrooms, & media room. The master suite has fireplace, exer-cise area, & sitting rm. Upstairs casita off courtyard has its own living room, kitchenette, bedroom, bath, & w-in closet. Back yard is a priv. resort w/custom Free form pool, fire pit w/seating area, built in bbq, 3 fire bowls, & misters.

$2,175,000

Featured Home

Current Listings

19550 N Grayhawk 3BD/3.5BA 2,652 SF

Beautiful, Tuscan Style Townhome, Dramatic Mountain and Courtyard Views, plus a private Patio and 2 Super View Balconies!!! Great floor plan with a Master suite upstairs and another master downstairs! The 3rd bedroom makes a perfect office with lots of view windows. Flowing dining and family room withcozy fireplace, which open up to the gour-met kitchen and breakfast area. Big loft upstairs which makes a great game room. Community Pool is heated year-Round, Tennis Courts, Club House, Weight/Exersize facility and 1/2 court basketball site! Re-sort Living at its Best!!!

$425,000

8434 E Windrunner This home in prestigious Talon Retreat at Grayhawk has been meticulously maintained and is not your average short sale. This home features a large kitchen, formal dining and living area and high ceilings. 1/2 of third garage bay has been con-verted to heated/cooled home office but could easily go back to full garage bay.

$380,000

21796 N 81st ST5BD/5BA 6,130 SF

Custom spec home under construction in prestigious Serenity at Gray-hawk. This single-level Spanish Colonial has tremendous curb-appeal. Huge great room, master & study on one side and 3 add. BR’s plus 2 baths split on other side along w/ a game/theater room. High ceilings in great room, master, and study along with chef’s kitchen featuring, thick granite slab counters, tumbled backsplash, w-in pantry, & double islands. Formal dining area featuring wine closet, wet bar, detached ca-sita and a 4 car garage. Back yard is large and set up for entertaining w/pool/spa, putting green, & sport court!

$2,595,000

8337 E Overlook Dr. 4BD/6BA 6,509SF

Grayhawk golf perfection! This fabulous Tuscan design sits on a north/south cul-de-sac golf course lot in the middle of Serenity at Grayhawk. Perched overlook-ing the 12th green of the Raptor course this home features 3 full bedrooms plus an office AND a casita, 6 baths, formal living and dining rooms, exercise room off master, and upgrades throughout. High 14’ ceilings through main liv-ing areas, extensive use of Canter-ra stone, 6 fireplaces, custom ceil-ing treatments, gourmet kitchen w/double sub-zeros, 2 dishwash-ers, wet bar w/wine fridge and ice maker, and double pocket doors that disappear completely into the wall. Back yard is an entertainer’s delight w/built-in misters, fire pit & separate fireplace w/seating area, pool w/raised spa, built-in BBQ, & tons of tumbled travertine decking!

$2,495,000

Sold Listings

7762 E TailspinThere is an infinite difference between homes. This home owner has done the best back yard featuring oversized patio stacked stone fountain, peb-bletec pool, built in BBQ, grass play area, all back subdivision park & private walkway. Go-ing far beyond on upgrades w/italian tile(stone), gas fireplace, raised maple oak cabinets/appli-ances, cork floors in den.

$360,000

7362 E WingspanBANK OWNED, This home of-fers everything your buyer could want from the large rooms and well laid out floor plan to the amazing backyard which backs to the greenbelt and community park. The kitchen offers gran-ite counters, island, pantry and stainless appliances. The patio and large pool afford the perfect place to entertain.

$475,000

21655 N 74th WayCheck out this completely re-modeled Santa Barbara model on a HUGE, pie-shaped inte-rior lot in Ridgecrest at Gray-hawk. Interior upgrades include custom cabinets, granite cntrs throughout, SS appls, stone-look tile on diagonal, custom light fixtures, gorgeous drapes w/custom iron hardware, plush carpet, and travertine surrounds in all baths.

$380,000

Featured Homevisit us on the web at grayhawkre.com facebook.com/grayhawkre

7674 E. Fledgling Dr.7684 E Whistling Wind Way7651 E. Fledgling Dr

.

21378 N 78TH St.

7761 E. Overlook Dr.21661 N. 78TH St.7783 E. Fledgling Dr.

7906 E. Rose Garden Ln.7907 E. Rose Garden Ln.21051 N. 79TH Pl.

7956 E. Feathersong Ln. 7922 E. Journey Ln.20859 N. 79TH Way20763 N. 79TH Way

20802 N. Grayhawk Dr. 1076 20802 N. Grayhawk Dr. 118320802 N. Grayhawk Dr. 116620802 N. Grayhawk Dr. 104120802 N. Grayhawk Dr. 100520802 N. Grayhawk Dr. 1123 20802 N. Grayhawk Dr. 1145

8315 E. Overlook Dr.8141 E. Overlook Dr.21455 N. 81st St.8337 E. Overlook Dr.21796 N 81st St.

7949 E. Windwood Ln.7941 E. Windwood Ln.7970 E. Wingspan Way

21355 N 83RD St.8298 E. Wing Shadow Rd.8351 E. Tailfeather Dr.8262 E. Tailfeather Dr.8261 E. Wingspan Way

3 Bed / 2.5 Bath / 2,612 SF2 Bed / 2.5 Bath / 2,612 SF3 Bed / 2.5 Bath / 2,642 SF

4 Bed / 2.5 Bath / 3,759 SF

3 Bed / 2.5 Bath / 3,940 SF4 Bed / 3.5 Bath / 3,527 SF4 Bed / 2.5 Bath / 3,974 SF

4 Bed / 3.5 Bath / 3,203 SF4 Bed / 3.5 Bath / 2,916 SF3 Bed / 2 Bath / 2,730 SF

3 Bed / 3 Bath / 2,491 SF2 Bed / 2.5 Bath / 2,242 SF2 Bed / 2.5 Bath / 2,242 SF3 Bed / 3.5 Bath / 2,775 SF

3 Bed / 2 Bath / 1,954 SF3 Bed / 2.5 Bath / 2,267 SF3 Bed / 2.5 Bath / 2,267 SF3 Bed / 2 Bath / 1,954 SF4 Bed / 3.5 Bath / 2,536 SF3 Bed / 3.5 Bath / 2,185 SF 3 Bed / 2 Bath / 1,954 SF

4 Bed / 4.5 Bath / 5,000 SF5 Bed / 6 Bath / 7,393 SF3 Bed / 4 Bath/ 5,054 SF4 Bed / 6 Bath / 6,509 SF5 Bed / 5 Bath / 6,130 SF

3 Bed / 3.5 Bath / 3,232 SF4 Bed / 4.5 Bath / 3,481 SF3 Bed / 3 Bath / 3,139 SF

4 Bed / 4.5 Bath / 4,174 SF5 Bed / 4 Bath / 5,200 SF6 Bed / 5 Bath / 5,122 SF4 Bed / 4.5 Bath / 4,139 SF4 Bed /4.5 Bath / 4,248 SF

462889347273784723992

4713161

469869045736524695971

469962846513784696755

4669526468604846375444702853

4696902458531446758364714794472724147036954721063

47115264040384467208347043264724325

471484447056804673146

47201874553789464933947031814703782

$499,500 $490,000 $550,000

$785,000

$874,500 $899,000 - Pending$700,000 - Sold

$589,900 $490,000 - Sold$640,000 - Sold

$469,000 $499,000 $500,000 $695,000

$269,900 $320,000 $324,800 $344,900 $395,000 $409,900 $425,000

$1,695,000 $1,850,000 $2,175,000 $2,495,000 $2,595,000

$849,000 $879,000 $599,000 - Pending

$1,675,000 $1,850,000 $1,900,000 $1,100,000 - Pending$1,199,000 - Pending

8224 E Angel Spirit Dr.8176 E Angel Dr.8206 E. Gilded Perch Dr.8201 E. Hoverland Rd.

8168 E. Beardsley Rd.

20234 N 86TH St.

20338 N. 84TH Way

19550 N. Grayhawk Dr. 10728434 E. Windrunner Dr.19550 N. Grayhawk Dr. 111019550 N. Grayhawk Dr. 206319514 N. 84TH St.8446 E. Havasupai Dr.

19550 N. Grayhawk Dr. 105919550 N. Grayhawk Dr. 100719550 N. Grayhawk Dr. 106419550 N, Grayhawk Dr. 106919550 N. Grayhawk Dr. 105219550 N. Grayhawk Dr. 1101 19550 N. Grayhawk Dr. 112319550 N. Grayhawk Dr. 105419550 N. Grayhawk Dr. 1099

19475 N. Grayhawk Dr. 211419475 N. Grayhawk Dr. 108319475 N. Grayhawk Dr. 212919475 N. Grayhawk Dr. 113519475 N. Grayhawk Dr. 105619475 N. Grayhawk Dr. 104319475 N. Grayhawk Dr. 105519475 N. Grayhawk Dr. 106119475 N. Grayhawk Dr. 208619475 N. Grayhawk Dr. 200919475 N. grayhawk Dr. 107019475 N. Grayhawk Dr. 1115

20750 N. 87TH St. 200620750 N. 87TH St. 200320750 N. 87TH St. 2125

3 Bed / 2 Bath / 2,306 SF3 Bed / 2 Bath / 2,306 SF3 Bed /2.5 Bath / 2,612 SF2 Bed / 2.5 Bath / 2,612 SF

3 Bed / 2 Bath / 2,004 SF

4 Bed / 3.5 Bath / 3,352 SF

4 Bed / 3.5 Bath / 3,212 SF

2 Bed / 2.5 Bath / 1,837 SF4 Bed / 2.5 Bath / 2,957 SF3 Bed / 3.5 Bath / 2,652 SF3 Bed / 2 Bath / 1,795 SF4 Bed / 2.5 Bath / 2,967 SF3 Bed / 3 Bath / 2,141 SF

2 Bed / 2.5 Bath / 1,837 SF2 Bed /2.5 Bath / 1,656 SF2 Bed / 2.5 Bath / 1,837 SF2 Bed / 2.5 Bath / 1,837 SF2 Bed / 2.5 Bath / 1,837 SF3 Bed /3.5 Bath / 2,623 SF2 Bed / 2 Bath / 1,752 SF2 Bed / 2.5 Bath / 1,6963 Bed / 2 Bath / 1,834 SF

3 Bed / 2 Bath / 1,810 SF2 Bed / 2.5 Bath / 1,666 SF2 Bed / 2 Bath / 1,810 SF2 Bed / 2.5 Bath / 1,666 SF3 Bed / 2 Bath / 1,752 SF3 Bed / 2 Bath / 1,920 SF3 Bed / 2 Bath / 1,920 SF3 Bed / 2 Bath / 1,920 SF2 Bed / 2 Bath / 1,275 SF2 Bed / 2 Bath / 1,329 SF2 Bed / 3 Bath / 1,600 SF2 Bed / 2.5 Bath / 1,666 SF

2 Bed / 2 Bath / 1,356 SF2 Bed / 2 Bath / 1,343 SF3 Bed / 2 Bath / 1,825 SF

4707020471989746671604696321

4651002

4689923

4640292

470886944677504652126472184546695114658877

472189546905894697888472584846846364677123471339646998564669771

447791846287234728134468758347157434716562450487946827494704269469717947227404709955

471401947213424721319

$449,900 $493,250 $520,000 $399,900 - Pending

$343,159 - Sold

$850,000

$630,000 - Pending

$324,950 $425,000 $425,000 $385,000 - Pending$449,900 - Pending$370,000 - Sold

$315,000 $334,900$345,000 $350,000 $374,500 $474,900 $385,000 - Pending$290,000 - Sold$400,000 - Sold

$309,000 $314,900 $320,000 $322,900 $350,000 $359,900 $389,000 $595,000 $224,000 - Pending$244,900 - Pending$339,000 - Pending$297,500 - Sold

$259,900 $269,900 $349,900

Banks Are Paying Sellers to Short Sale

Short sales and foreclosure sales are still dominating the residential real estate transactions in the Valley of the Sun. As a seller, a short sale can be a distressing process due to the complicated nature of the negotiations. There are two rules everyone in this situation should adhere to:

• Always use a Real Estate Professional to negotiate on your behalf. Never go it alone!

• Always take advantage of any incentive program your bank is offering. Be informed!

Some major banks are offering very enticing programs for short sellers that you don’t want to miss out on. Bank of America, Citibank, Chase Bank, Wells Fargo and Ocwen will actually pay the seller anywhere from $3,000 to $35,000 depending on the qualifications of the program.

It may seem odd that the banks would actually pay you to short sale but there are many reasons for this. A short sale guarantees the bank will have a buyer where a foreclosure does anything but. And foreclosed homes are often mistreated or fall into disrepair, which costs the bank quite a bit more money than a short sale does.

If you’re in a distressed property right now and are considering your options for short sale, deed in lieu of foreclosure or just walking away, remember that a short sale is always the best choice if you can stay in the house while the negotiations take place.

In addition a short sale has a much lighter impact on credit scores and will not affect credit as long as a foreclosure does. There is no perfect option for homeowners stuck with an upside down property, but having the bank put money in your pocket for completing a sale sounds mighty appealing, doesn’t it?

April Events CalendarHalos & HandbagsGrayhawk Golf Club, April 9480-502-1800 | grayhawkgolf.comThis is a must-attend event for all fashionistas and hand-bags collectors! Join ABC 15’s Smart Shopper Daphne Munro and the Boys & Girls Clubs of Greater Scotts-dale for a fabulous afternoon of fashion, food and fun at the 3rd annual Halos & Handbags luncheon, auction and fashion show at the beautiful Grayhawk Golf Club in Scottsdale. From clutches to carryalls and from vintage to designer, event attendees will have the opportunity to bid on more than 100 unique gift items and handbags. Enjoy a sophisticated afternoon browsing through some of the most stylish handbags available from top national and local designers.

Original TasteScottsdale Waterfront, April 14th 480-420-3270 | theoriginaltaste.comMembers of Executive Council 70 bring more than 35 years of experience hosting the Valley’s premiere food & wine taste event to the Scottsdale Waterfront. Combining more than 40 of the Valley’s best restau-rants, 70 wines from across the world, live entertain-ment and a scene you will not want to miss, this is not your average taste. This is THE ORIGINAL TASTE.Proceeds from the Original Taste benefit the Phoenix Children’s Hospital Foundation, Boys & Girls Clubs of Greater Scottsdale and Executive Council Charities.

Document Shredding Event Scottsdale Rd/Grayhawk (Near Basha’s), April 16480-312-2594 | cabernethy@scottsdaleaz.govEvent to benefit Scottsdale Explorers and presented by the Scottsdale Police Dept. Shredding: Don’t be a po-tential victim of Identity Theft. Bring personal documents to be shredded on site! (Suggested donation of $2 per box.) Drug Collection: Bring expired and/or unwanted over the counter and prescription drugs (pills/tablets) in zip lock bags. Discard the pill bottles yourself. Bring only the medica-tion. Liquid medications in original contain-ers will be accepted, also. Officers from the Scottsdale Police Department will collect and properly dispose of them. (Free)

Scottsdale Culinary Festival Scottsdale Civic Center Park, April 17-22 480-945-7193 | scottsdaleculinaryfestival.org If you love great food, fine wine and boutique brews, the Scottsdale Culinary Festival is a must-do on your itiner-ary. This six-day celebration of the culinary arts has some-thing for everyone, from exquisite multi-course meals and wine-and-chocolate pairings to the Great Arizona Picnic, featuring guest appearances by Adam Richman of “Man v. Food” and Andrew Zimmerman of “Bizarre Foods.”

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20750 N. 87TH St. 106220750 N. 87TH St. 100220750 N. 87TH St. 105020750 N. 87TH St. 214220750 N. 87TH St. 212620750 N. 87TH St. 200520750 N. 87TH St. 112320750 N. 87TH St. 100620750 N. 87TH St. 200420750 N. 87TH St. 212720750 N. 87TH St. 212120750 N. 87TH St. 114020750 N. 87TH St. 205920750 N. 87TH St. 213120750 N. 87TH St. 108420750 N. 87TH St. 112420750 N. 87TH St. 1130

20100 N. 78TH Pl. 100720100 N. 78TH Pl. 114520100 N. 78TH Pl. 121220100 N. 78TH Pl. 119920100 N. 78TH Pl. 321120100 N. 78TH Pl. 101820100 N. 78TH Pl. 309220100 N. 78TH Pl. 107820100 N. 78TH Pl. 2025

19700 N. 76TH St. 215619700 N. 76TH St. 119719700 N. 76TH St. 208219700 N. 76TH St. 117019700 N. 76TH St. 111319700 N. 76TH St. 203519700 N. 76TH St. 200719700 N. 76TH St. 116719700 N 76TH St. 1193

7644 E Thunderhawk Rd.7682 E. Wingtip Way7697 E. Quill Ln. 7673 E. Quill Ln.

19777 N. 76TH St. 111119777 N. 76TH St. 329919777 N. 76TH St. 117219777 N. 76TH St. 110319777 N. 76TH St. 113719777 N. 76TH St. 117419777 N. 76TH St. 213319777 N. 76TH St. 1207

3 Bed / 2 Bath / 1,715 SF3 Bed / 2 Bath / Builder SF 3 Bed / 2 Bath / 1,715 SF2 Bed / 1.75 Bath / 1,356 SF2 Bed / 2 Bath / 1,343 SF3 Bed / 2 Bath / 1,893 SF2 Bed / 2.5 Bath / 1,810 SF2 Bed / 2.5 Bath / 1,810 SF2 Bed / 2 Bath / 1,356 SF2 Bed / 2 Bath / 1,343 SF2 Bed / 2 Bath / 1,356 SF3 Bed / 2 Bath / 1,736 SF3 Bed / 2 Bath / 1,893 SF3 Bed / 2 Bath / 1,893 SF2 Bed / 2.5 Bath / 1,810 SF2 Bed / 2.5 Bath / 1,810 SF2 Bed / 2 Bath / 1,810 SF

1 Bed / 1 Bath / 798 SF1 Bed / 1 Bath / 798 SF2 Bed / 2 Bath / 1,116 SF2 Bed / 2 Bath / 1,116 SF2 Bed / 2 Bath / 1,116 SF1 Bed / 1 Bath / 798 SF1 Bed / 1 Bath / 798 SF1 Bed / 1 Bath / 904 SF1 Bed / 1 Bath / 942 SF

2 Bed / 2 Bath / 1,403 SF3 Bed / 2 Bath / 1,729 SF3 Bed / 2 Bath / 1,843 SF3 Bed / 2 Bath / 1,729 SF3 Bed / 2 Bath / 1,729 SF2 Bed / 2 Bath / 1,729 SF3 Bed / 2 Bath / 1,843 SF3 bed / 2 Bath / 1,729 SF2 Bed / 2 Bath / 1,863 SF

3 Bed / 3 Bath / 2,596 SF4 Bed / 3 Bath / 2,519 SF3 Bed / 2 Bath / 2,412 SF 3 Bed / 2.5 Bath / 2,319 SF

2 Bed / 2.5 Bath / 1,273 SF3 Bed / 3 Bath / 1,438 SF2 Bed / 2.5 Bath / 1,273 SF2 Bed / 2.5 Bath / 1,286 SF2 Bed / 2.5 Bath / 1,273 SF3 Bed / 2.5 Bath / 1,492 SF2 Bed / 2 Bath / 1,222 SF3 Bed / 2 Bath / 1,492 SF

46299764719059469120146788944518596470096746752044700933470095246054184700925468332546869254719049432808945229334636779

472052947170464631593468266846318104707598470589547106584679545

472851847138364668753472698746934494571873467082447104244711475

4720295466132047030854684906

46757564645869469949045491764693751466516646512094618610

$352,500 $389,900 $405,000 $265,000 - Pending$269,900 - Pending$349,900 - Pending$364,900 - Pending$364,900 - Pending$269,900 - Sold$269,900 - Sold$269,900 - Sold$285,000 - Sold$302,000 - Sold$344,900 - Sold$364,900 - Sold$364,900 - Sold$364,900 - Sold

$75,000 $109,900 $125,000 $129,900 $135,000 $94,000 - Sold$97,000 - Sold$97,000 - Sold$110,000 - Sold

$224,000 $249,000 $249,900 $265,000 $270,000 $202,112 – Pending$229,900 - Pending$269,900 - Pending$285,000 - Pending

$405,000 $409,900 $469,900 $349,900 - Pending

$139,900 $179,000 $285,000 $121,900 - Pending$154,900 - Pending$215,000 - Pending$129,000 - Sold$161,000 - Sold

19777 N. 76TH St. 229619777 N. 76TH St. 3315

7411 E Thunderhawk Rd.7412 E. Quill Ln.7621 E. Phantom Way7497 E. Buteo Dr.

7646 E. Rose Garden Ln.

20121 N. 76TH St. 2015 20121 N. 76TH St. 200720121 N. 76TH St. 203320121 N. 76TH St. 202620121 N. 76TH St. 204620121 N. 76TH St. 1038

7818 E. Nestling Way7776 E. Tailspin Ln.7839 E. Nestling Way7813 E. Journey Ln.

21256 N. 74TH Pl.21215 N. 75TH St.7535 E Rose Garden Ln.

7208 E Wingspan Way7391 E. Wingspan Way 7217 E Rustling Pass E7337 E. Tailfeather Dr.7306 E. Wingspan Way

7336 E. Overlook Dr. 7349 E. Gallego Ln.

7432 E. Rusting Pass7403 E Rustling Pass

20063 N 83RD Pl.

3 Bed / 2 Bath / 1,324 SF2 Bed / 2 Bath / 1,149 SF

5 Bed / 2.5 Bath / 3,705 SF6 Bed / 3 Bath / 4,025 SF5 Bed / 2.5 Bath / 3,705 SF5 Bed / 4 Bath / 3,705 SF

5 Bed / 3 Bath / 3,081 SF

2 Bed / 2 Bath / 1,322 SF2 Bed / 2 Bath / 1,854 SF 2 Bed / 2 Bath / 1,322 SF2 Bed / 2 Bath / 1,585 SF3 Bed / 2 Bath / 1,854 SF 3 Bed / 2 Bath / 1,585 SF

4 Bed / 2.5 Bath / 2,602 SF4 Bed / 2.5 Bath / 2,440 SF4 Bed / 2 Bath / 1,813 SF4 Bed / 2 Bath / 1,989 SF

5 Bed / 3.5 Bath / 3,841SF5 Bed / 3.5 Bath / 3,871 SF4 Bed / 2 Bath / 2,533 SF

5Bed / 3 Bath / 2,880 SF4 Bed / 4 Bath / 3,489 SF4 Bed / 3 Bath / 2,579 SF5 Bed / 3 Bath / 2,880 SF5 Bed / 3 Bath / 2,880 SF

4 Bed / 3 Bath / 2,463 SF4 Bed / 3 Bath / 2,463 SF

4 Bed/ 3 Bath / 2,660 SF4 Bed / 2 Bath / 2,223 SF

3 Bed / 2.5 Bath / 2,864 SF

46750024675924

4707930460565047121304663839

4702243

469744846640404690890468928146916994706269

4720536466523346849614676828

468598447205834707193

47080674672129472268146955584636256

46623474675927

47064254712801

4723576

$162,000 - Sold$164,900 – Sold

$575,000 $604,900 $615,000 $595,000 - Sold

$475,000

$225,000 $319,000 $197,000 - Sold$200,000 - Sold$215,000 - Sold$224,000 - Sold

$385,000 $390,000 $250,000 - Sold$324,500 - Sold

$675,000 $699,000 $470,000 - Pending

$404,000 $460,000 $460,000 $419,900 - Pending$420,000 - Sold

$325,000 $420,000 - Sold

$392,500 $430,000

$749,000

• Purchases and Re nances• Conven� onal• FHA,VA, & USDA Rural Housing• Jumbo and Super Jumbo• Fannie Mae Homepath• Non-Warrantable Condos

One of the largest top independent full service mortgage lenders off ering services including :

Julia WalkerSenior Mortgage Consultant

NMLS # 168956FIMC Corp#2289

9376 E. Bahia Drive Suite D-107Sco sdale, Arizona 85260

Ph 480-515-3181 | Fax 480-212-4939juliaw@fairwaymc.com | facebook.com/FairwayMortgage

This information is not intended to be an indication of loan quali�ication� loan appro�al or a commitment to lend. �ther limitations may apply.

“Serving for over 15 years!”

Julie Walker V2.indd 1 3/15/2012 6:19:27 AM

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Debt Forgiveness ActMay Expire in 2012

Loan modifications, short sales and foreclosures offer homeowners who are in distressed properties a few options to get a move on from a difficult situation.

In some instances, a loan modification can act as a bridge for a homeowner who is trying to get out from under an overwhelming mortgage payment and also avoid selling or vacating the property.

For others, foreclosure was unfortunately the only option, especially when the housing bubble burst for millions of homeowners in 2007. 5 years ago, Real Estate Professionals who specialized in short sales were sometimes hard to find and most loan modification options hadn’t even been dreamed up yet by banks and the Federal government. Homes were going into foreclosure so quickly that many families were unwittingly subjecting themselves to huge tax bills. The reason being that before ‘07, any mortgage debt not paid by the time a home was repossessed by the servicing bank, was counted as income.

For example, a family with a combined income of $120,000 who had a $400,000 debt left on a house they walked away from now had over $500,000 in potentially taxable income and had been bumped to a much higher tax bracket in the process. Many were shocked to when Uncle Sam hit them with a jaw dropping tax bill, post foreclosure.

The Mortgage Debt Relief Act of 2007 changed all that and forgave that tax burden completely, but now it’s in jeopardy of expiring by the end of 2012. This could potentially affect short sellers as well. Given the fact that the length of time required to complete a short sale started today could easily extend in to 2013, the options for underwater borrowers looking to unload their mal-investment are now very muddled.

There’s no telling whether the Mortgage Debt Relief Act will expire, but the fact that it’s a possibility is a game changer in the short sale market right now.

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An Equal Opportunity company | Equal Housing Opportunity | Each office is independently owned and operated | Legal 2100 N. Pima Road, Suite 100. Scottsdale, AZ 85255 | Office: 480.269.GHRE (4473) | Fax: 480.335.8578 | info@grayhawkre.com