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James Edward Schroeder III

James Schroeder’s Legal Guides

33 total

  • Renters, Short Sales and Evictions

    Renters and Short Sales I recently received a call from a real estate agent who was working on a short sale and frantically explained that the seller forgot to tell her there was a renter in the house. She found herself with 30 days to close the deal and the renter had a leas...

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  • Deed in Lieu - Short Sale 101

    What is a Deed in Lieu and what do I need to do to be considered for this type of foreclosure relief?

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  • Short Sale and the IRS

    Will I owe taxes to the IRS if I do a Short Sale? You will likely get a 1099 for the transaction but there is an exemption for homeowners who sell their principle residence - until the end of 2013.

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  • What is a Short Sale?

    What is a short sale? What are some of the implications of a short sale?

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  • Short Sale 101

    What is a Short Sale? A short sale is a term used to describe a transaction in Real Estate when a lender or lenders accept a lower payoff amount than what is owed on a property, in order to avoid a costly foreclosure procedure and further loss. Short sales are frequently the be...

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  • How Long Do I have to wait to Buy after a Short Sale or Deed in Lieu of Foreclosure

    One of the most important questions I get from prospective short sellers is, How long until we can purchase a house again? As lawyers are prone to answer questions, It depends. Below is a rough outline of the most common scenarios regarding getting back into the home ownership g...

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  • Short Sale: How Long from Lender Approval do I have to Close?

    There are many potential choke points in the short sale pipeline but the most frustrating of all is near the end. Once the lenders sign off on a deal to sell the house the buyer will typically have 30 days to close the deal. Most lenders will extend this another 15-30 days but so...

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  • Managing Short Sale Expectations

    Kevin Post, Business Editor for my local paper, the Atlantic City Press, wrote an article for today's Sunday edition you can find it here. The article reported that people are LESS satisfied with the process of buying and selling a home. That makes my head spin for several reaso...

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  • Why do a short sale instead of waiting for the foreclosure grim reaper?

    We are learning that some of the largest lenders are taking more of a shine to short sales as an alternative to proceeding with foreclosure. That is good news for distressed homeowners who have a lot to lose in a foreclosure, including a death-blow to their credit and the prosp...

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  • Why Do Short Sales take so long?

    Two frequent questions about short sales are: Why does it take so long? What are you doing while I am waiting on pin and needles to see whether this is going to go through? The answer is about 25-50 hours of work in most cases. Here is a general break down. 20-30 Phone Calls to...

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