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Hamptons.com
October 31, 2016

Debt Forgiveness – Reverse Mortgages And Short-Sales

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

Two issues intended to assist borrowers with mortgage indebtedness, because of their complexity can be very confusing to a borrower – starting with the terms mortgagor and mortgagee. While most consumers use the phrase when borrowing money from a bank, “I got a mortgage,” the correct phrase is, “I gave the bank a mortgage (lien) on my property in return for a loan.” The mortgagor (borrower) gives the lien to the bank (mortgagee).

The two situations addressed in this article have to do with debt forgiveness and reverse mortgages.

After the real estate crash in the first decade of the new century, many home owners found themselves in situations where they could no longer remain current in their mortgage payments, and the amount owed to the bank was more than the home was likely to sell for. While the bank had the right to foreclose, this was not a cost effective resort for the bank. During the time that the bank started the foreclosure until it prevailed in court, it could take years during which time the bank had to pay the taxes and manage the property. If successful, the market conditions being what they were, a sale of the property would still result in a price less than owed by the previous owner. These circumstances gave rise to the short-sale, subject to federal and state regulation whereby the bank would agree to accept the price that the property sold for from the borrower as satisfaction for the debt. A downside for the owner was that the amount forgiven by the bank was considered taxable income to the delinquent buyer, even though the borrower was taxed for money he didn’t receive. In order to relieve the borrower from this burden, under the Mortgage Forgiveness Debt Relief Act enacted December 20, 2007, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less, and $1 million for a married person filing a separate return.

The law applies to debt forgiven in calendar years 2007 through 2016.

The other topic covered in this article has to do with reverse mortgages. Among the federal government’s eligibility requirement is that all of the homeowners must be at least 62 years of age, and the amount received is based, among other factors, on the age of the youngest borrower. It became a practice for borrowers to leave the younger spouse off the deed in order to be eligible for higher amounts, not realizing that if the person named died, the surviving spouse had to repay the loan. A September 30, 2013 federal court decision, Bennett V. Donovan, ruled that the HUD regulation violates federal law. But it also found that the court did not have the authority to require HUD to take any particular action to remedy its error and sent the matter back to HUD to correct the problem. HUD has revised its requirements allowing the surviving spouse to remain in the home under clearly defined circumstances for loans taken out after August 4, 2014. For loans taken out after that date, the banks now have the option to delay foreclosure under clearly prescribed circumstances.

Anyone who finds themselves in any of the circumstances addressed in this article should seek legal counsel.

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LOCAL EVENTS

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Family Farm Feeding at The Green School

June 7 @ 10:00 AM - June 7 @ 12:00 PM
287 Merchants Path, Sagaponack, NY 11962
07
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21
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Hamptons Sculpture SIGHTS

June 7 @ 11:00 AM - June 21 @ 04:30 AM
Southampton Arts Center & The Bridgegardens
07
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Mini-Whale Making Workshop with UpSculpt

June 7 @ 12:00 PM - June 7 @ 04:00 PM
2539 Montauk Highway, Bridgehampton, NY 11932
07
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Amalfi’s Waterfront Party Series

June 7 @ 03:00 PM - June 7 @ 10:00 PM
Amalfi, 32 Lighthouse Rd, Hampton Bays, NY
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Decorators-Designers-Dealers (D-D-D) Sale and Auction Benefit Gala

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36 Barkers Island Road, Southampton
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  • So many fun events this weekend! ⁠
⁠
Check out the top Hamptons events this weekend!⁠
⁠
🎸 22nd Annual Battle of the Bands⁠
📅 Friday, June 6 | 8PM–11:30PM⁠
📍 Ponquogue Beach, 280 Dune Rd, Hampton Bays⁠
🎶 Five local high school bands compete for great prizes!⁠
📸 Photo: Rob Rich/SocietyAllure.com ©2024⁠
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🛋️ Decorators-Designers-Dealers (D-D-D) Sale & Auction Benefit Gala⁠
📅 Saturday, June 7 | 4PM⁠
📍 36 Barkers Island Rd, Southampton⁠
✨ Silent & wine auctions + high-end home furnishings amid a summer cocktail party.⁠
⁠
🎨 Magical Thinking Exhibition⁠
📅 Saturday, June 7 | 6PM⁠
📍 Keyes Art, 45 Main St, Sag Harbor⁠
🌌 A stunning show exploring the extraordinary through realism.⁠
⁠
🌅 Second Annual Sunset Soirée for Brain Cancer⁠
📅 Saturday, June 7 | 5PM–9PM⁠
📍 Private Estate, East Hampton⁠
💜 Enjoy sunset views and raise awareness for an important cause.⁠
⁠
🐋 Mini-Whale Workshop with UpSculpt⁠
📅 Saturday, June 7 | 12PM–4PM⁠
📍 Bridgehampton Museum, 2539 Montauk Hwy⁠
♻️ Transform marine debris into art while learning about conservation and local history.⁠
⁠
🎧 Amalfi’s Waterfront Party Series⁠
📅 Saturday, June 7 | 3PM–10PM⁠
📍 Amalfi, 32 Lighthouse Rd, Hampton Bays⁠
🍸 Food, cocktails, and DJ sets with a waterfront view.⁠
⁠
🎬 Tony Gilroy In Conversation⁠
📅 Sunday, June 8 | 2PM⁠
📍 Southampton Playhouse, 43 Hill St⁠
🎥 A deep dive into the filmmaker’s suspenseful storytelling—including Andor.⁠
⁠
💃 Gipsy Kings Live at Canoe Place⁠
📅 Sunday, June 8 | 7PM⁠
📍 Canoe Place Inn, 239 E Montauk Hwy, Hampton Bays⁠
🎶 End your weekend with legendary music and energy!⁠
⁠
🌟 Tony Awards Screening & Red Carpet at Guild Hall⁠
📅 Sunday, June 8 | 8PM⁠
📍 Guild Hall, 158 Main St, East Hampton⁠
🎭 Watch the 78th Tony Awards LIVE from Radio City in red carpet style!⁠
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#hamptonsevents #battleofthebands #tonyawards #eastendart #hamptonssummer2025 #livemusic #artexhibition #fundraiserevent #guildhall #canoeplace #sagharbor #easthampton #southampton #hamptonbays
  • 7 Lee Lane, Wainscott, NY 11975⁠
Saunders Exclusive: $8,875,000⁠
@hamptonsrealestate⁠
@vinceinthehamptons⁠
@paramountdevelopmentgroup⁠
⁠
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Ready for immediate occupancy and fully furnished. Stunning new construction from renowned Hamptons Paramount Development Group, South of the Highway in Wainscott.⁠
⁠
Sited on a flag lot off the end of a cul-de-sac and surrounded by scenic easement, this brand-new home has 7,366 +/- sq. ft. of living space on 3 levels with 7 bedrooms, 7.5 baths, an attached 2-car garage, and heated saltwater pool with an optional pool house.⁠
⁠
Seamless luxury inside and out is woven together for enviable entertaining and everyday, effortless comfort. Interiors are bright and inviting, filled with natural light throughout the contemporary open-concept floorplan.⁠
⁠
The elevated primary suite has its own private balcony and a luxe bath. Additional bedrooms are spacious and comfortable, sure to impress your friends and guests.⁠
⁠
Ready for everyday luxury living, the finished lower level includes a home gym, 2 bedrooms, a full bath, a recreation room, and sauna.⁠
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Easy indoor-outdoor living awaits as you dine al fresco in the backyard with an outdoor kitchen, lounge in the sun by the 20’x40′ heated, saltwater pool and wash off after a day at the beach with an outdoor shower.⁠
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Positioned perfectly just off the iconic Georgica Pond and surrounding estates, plus the world-class ocean beaches and the countless charms of Wainscott Village.⁠
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#newconstruction #hamptons #luxuryrealestate #wainscott #hamptonsrealestate
  • The reopening of the Sunset Theater marks a new chapter for a historically cherished cultural venue in Westhampton Beach, originally built in 1927. After what Founder and Managing Director Inge Debyser described as an extensive three-year renovation, the beloved movie theater officially reopened its doors at 2 Brook Road on Friday, April 25.⁠
@sunset.theater.whb⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#sunsettheater #hamptons #westhamptonbeach #movies #film
  • Kicking off Memorial Day weekend, The HUB—short for Health, Unity, and Beauty—launched its summer season with an impressive soirée on Friday. ⁠
⁠
Founders Michael Catalano and Toni DeMauro, along with creative and event leads Alex Vinash and Billy Folchetti, welcomed 300 Hamptonites into the magic of their bold new project.⁠
@hub_hamptons⁠
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Check out the full gallery at Hamptons.com (Link in Bio)⁠
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📸: Rob Rich/SocietyAllure.com⁠
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#hamptons #thehub #fashion #recreation #bridgehampton
  • Check out the Top Hamptons Events This Weekend!⁠
⁠
🍻 Back to the Bays x Kidd Squid: Brew for the Bay Release Party!⁠
📅 Friday, May 30, 2025⁠
🕓 5pm
📍 Kidd Squid Brewery, 11 Spring St, Sag Harbor, NY⁠
⁠
Join us as we toast to conservation! 🌊🍺 Proceeds support marine restoration through @ccemarine Back to the Bays Initiative.⁠
⁠
🔗 [Click Link in Bio for Event Info]⁠
⁠
🎶 Sunset Serenades: A Hamptons Summer Celebration⁠
📅 Fri, May 30th -31st
🕖 7pm⁠
📍 Various Hamptons Venues⁠
⁠
An intimate concert featuring TH·FM’s Salon Orchestra, soprano Greer Lyle & more — conducted by Logan Souther. 🌅🎻⁠
⁠
🔗 [Click Link in Bio for Event Info]⁠
⁠
🏆 Celebrate Local Legends: Howard & Kenny Wood⁠
📅 Fri, May 30, 2025⁠
🕔 5pm⁠
📍 The Clubhouse, 174 Daniels Hole Rd, East Hampton, NY⁠
⁠
Join the party honoring Suffolk County Hall of Fame icons! 🎉⁠
⁠
🔗 [Click Link in Bio for Event Info]⁠
⁠
🍍 Talkhouse Encore Launch Party⁠
📅 Sat, May 31, 2025⁠
🕒 3pm – 6pm⁠
📍 The Stephen Talkhouse, Amagansett, NY⁠
⁠
FREE entry, tequila pineapple cocktails, music, bites & giveaways! 🍹🎶⁠
⁠
🔗 [Click Link in Bio for Event Info]⁠
⁠
🧱 CMEE’s 8th Annual Block Party⁠
📅 Sat, May 31, 2025⁠
🕙 10am – 12pm⁠
📍 CMEE, Bridgehampton, NY⁠
⁠
A FREE morning of crafts, rockets, chalk art & summer camp samplings! 👧🧒🎨⁠
⁠
🔗 [Click Link in Bio for Event Info]⁠
⁠
😂 Saturday Night Comedy at Sticks X Stones⁠
📅 Sat, May 31, 2025⁠
🕗 8pm⁠
📍 Sticks and Stones Comedy Club, Southampton, NY⁠
⁠
NYC’s top comedy club talent hits the Hamptons! 🎤🤣⁠
⁠
🔗 [Click Link in Bio for Event Info]⁠
⁠
🎬 Sunset Theater: Karate Kid: Legends⁠
📅 Opens Fri, May 30, 2025⁠
🕐 Various Times⁠
📍 Sunset Theater, Westhampton Beach, NY⁠
⁠
Don’t miss the latest chapter in the Karate Kid saga! 🥋⁠
⁠
🔗 [Click Link in Bio for Event Info]⁠
⁠
🍰 Afternoon Tea at The Baker House 1650⁠
📅 Sun, June 1, 2025⁠
🕝 1:30pm – 4pm⁠
📍 181 Main St, East Hampton, NY⁠
⁠
Enjoy champagne, sweets & elegant tea service in a historic setting. ☕🍾⁠
⁠
🔗 [Click Link in Bio for Event Info]⁠
⁠
Check out more events at Hamptons.com⁠
⁠
#hamptons #weekend⁠
  • Nearly two years after its debut, El Verano offers a taste of upscale Mexican cuisine in a setting inspired by the charm of vacation summer homes in Mexico. Customers enter a vibrant space filled with beautiful greenery and colorful decor as they enjoy dishes rooted in the heritage of acclaimed chef Julian Medina.⁠
⁠
Medina grew up in Mexico City, where his love for cooking first began. In pursuit of his career, he moved to New York City, where he graduated from the French Culinary Institute. Noticing a lack of refined Mexican dining in Southampton, Medina created El Verano to bring the bold flavors of his roots to the area. Blending Mexican coastal charm with rich culinary traditions, El Verano brings something new to the Southampton dining scene.⁠
⁠
Medina shared some of his signature dishes, journey through the cooking field, and highlighted El Verano’s fresh and locally sourced ingredients that shape each creation.⁠
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Read the interview at Hamptons.com (Link in Bio)⁠
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#elverano #dining #southampton #mexicancuisine
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