Orlando Real Estate Voice, Short Sale Expert & Specialist

Orlando Florida Real Estate Windermere’s Butler Chain of Lakes

One of the best places to live in the Orlando area is in the Southwest area of Orange county. In Windermere Florida on the Butler chain of Lakes. You’ll love the canal that connects eleven lakes known as the Butler Chain of Lakes comprised of Lake Down, Little Lake Down, Wauseon Bay, Lake Butler, Lake Louise, Lake Isleworth, Lake Chase, Lake Pocket, Lake Tibet, Lake Sheen, and Fish Lake. The most popular types of boats to navigate the chain are ski boats, pontoon boats, and bass fishing boats. Some popular neighborhoods on the shores of Lake Butler include Isleworth, Lake Butler Sound, and Chain du Lac.

Did you know that Windermere Florida is a sister city of Windermere England? In England Windermere is known as the Lake District and it would make sense that Windermere Florida is a sister city as it is also set amidst the Butler Chain of Lakes.

Real Estate has historically been more valuable by lakefront settings and Windermere Florida is no exception. Lots starting at a million dollars and up are not unusual especially for the Butler Chain of Lakes if you can find anymore.

Thanks to the surrounding Butler Chain of Lakes the lakefront lifestyle is a top choice for the Windermere home buyers.

If you are interested in finding out more about living on the Windermere Butler Chain of Lakes please feel free to give me a call. 407-580-7011 or visit my website at http://www.JerrySellsOrlando.com or http://OrlandoShortSaleExpert.com

Borrowers Name: _________________________ DOB _________

Borrower #2: ____________________________________

Social Security Number: B#1: ____________ B#2: ____________

Loan Number: _____________________________________

Lender Name: ________________________________________

Lender Phone: _______________________________________

Loan #2 Number: __________________________________________

Lender #2 Name: ____________________________________

Lender #2 Phone: _________________________________________

Subject Property Address: ____________________________

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Borrower Mailing Add: _____________________________

Borrower Phone Associated with Loan: __________________________Lender #1 Short Sale Package List: __________________________

__ Lender #2 Short Sale Package List: _______________________

__ 1. Most recent mortgage statement or coupon

__ 2. Copy of any letters you have received from your lender regarding delinquency

__ 3. Current proof of income (two recent pay stubs from each person on the mortgage)

__ 4. Two most recent tax returns (1040 Form, only first two pages)

__ 5. Two most recent bank statements (all accounts: checking, savings, etc.)

__ 6. Freddie Mac Borrower Financial Information form or one provided by your lender.

__ 7. Handwritten Hardship Letter

__ 8. Listing Agreement

__ 9. Signed Sales Contract

__ 10. Estimated HUD -1

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden,  or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales

Documentation In File:

Below is a Short Sale Info. Sheet that may be helpful in regards to preparing for your short sale.

SHORT SALE INFO SHEET

1. First and foremost I would always recommend anyone considering a short sale in the Orlando area to talk to your tax advisor first.

2. I posted in my FAQ’s on short sales the following:

Is the seller going to get hit with a tax bill or a 1099 if you do a short sale?

Upon successfully closing a short sale, lenders will always report a loss to the IRS and issue a 1099. However, the Mortgage Forgiveness Act of 2007 was signed into law on 12-20-07 and is now official, effectively getting rid of the question “will I be taxed on the Short Sale”. Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was potentially taxable income to the borrower.

This was the subject of much media attention and led to many questions and concerns from Sellers wondering whether or not they were going to get “hit with taxes” on the Short Sale.
The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009.
This will effectively put an end to the question from Sellers… will I be taxed on the Short Sale discount. The definitive answer (at least until the end of 2009) is NO!

For a copy of the Mortgage Forgiveness Debt Relief Act of 2007, go to:
http://www.govtrack.us/congress/bill.xpd?bill=h110-3648 or http://www.whitehouse.gov/news/releases/2007/12/20071220-6.html

However, I would like to amend that statement and say talk to your tax advisor or attorney, I recently met with an attorney and got a clarification on this law. It was his understanding that this rule only applies to homeowners that occupy the residence and this is and has been their principal residence for the last 2 out of 5 years. YES, your principle residence and you must have lived in for the last 2 years.

I also understand that if you took a Heloc loan or an equity loan and it was not used on and for the home you also may get taxed on this amount even if it’s your primary residence. In other word if you took out a Heloc loan for $50,000 and spent it on a boat. Sorry, you have to pay the tax consequence on this amount if the bank eliminates this debt.

The bottom line here is that only Acquisition funding can be forgiven by the Mortgage Forgiveness Debt Relief Act of 2007.

3. Foreclosure, Deed in Lieu and Short Sales are all treated the same in regards to taxes.

Summary: Any cancellation of debt is a taxable event except for any acquisition funding for your primary residence that you’ve lived in for the last 2 years. Everything else is taxable.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as ashort sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.