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Hamptons.com
October 31, 2016

Debt Forgiveness – Reverse Mortgages And Short-Sales

John A. ViterittibyJohn 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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Art Talents Collide: Susan Rosenberg To Talk About New Book On Trisha Brown

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  • Chef’s Spotlight: Casual Luxury, Jean-Georges at Topping Rose House

Topping Rose House, nestled in the heart of Bridgehampton, is a beacon of sophistication and culinary excellence in the Hamptons. This iconic destination has earned its reputation as a bastion of luxury and style, making it a must-visit for locals and visitors alike seeking an unforgettable dining experience.

At the helm of Jean-George at Topping Rose House’s kitchen is French celebrity chef Jean-Georges Vongerichten—a culinary maestro whose talents have garnered widespread acclaim. The chef’s specialty lies in crafting a menu that harmonizes the finest local ingredients with a global perspective. This fusion of flavors and techniques results in dishes that are not only visually stunning but also explode with taste. @toppingrosehouse

Read the full article at Hamptons.com (Link in Bio)
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#dining #hamptons #luxury #toppingrosehouse #bridgehampton
  • Discover Hamptons History with East Hampton Historical Society’s Guided Tours

We all know that September is the best month in the Hamptons. The summer renters have mostly gone (we’ll miss you!). The weather practically demands that you go out for a walk. Maybe you’ve been too busy at the beach or planning activities for the kids, but now that it’s September, take a stroll, stretch your legs, and explore the rich, beautiful history around the Hamptons.

The East Hampton Historical Society is hosting Guided Walking Tours around the Hamptons all September long, so stay a while and listen.

I love walking tours not just because of the guides, who are great storytellers, but the company and conversations sparked with other attendees. We’re the kind of people you’ll see, hands on hips, squinting to read the well-worn plaque on a historical monument. The people who read those brown signs, who pick up and read the local leaflets at a museum or hotel lobby.  @easthampton_histsoc

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#hamptons #history #guidedtour #walking #discoverhamptons
  • Real Estate with Diane Saatchi: The One That Got Away

When most people think back to the one that got away, they think about relationships.

I think about real estate.

After 35 years of selling real estate, I’ve seen more instances of homebuyers and sellers getting fixated on the one that got away than you’d think. For buyers, it could be that perfect three-bedroom waterfront cottage that was snapped up the day after they viewed it.

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HamptonsFilm, the home of the Hamptons International Film Festival (HIFF), announced today a handful of additional Spotlight selections, which include Jennifer Esposito’s FRESH KILLS, Andrew Haigh’s ALL OF US STRANGERS, George C. Wolfe’s RUSTIN, and Jonathan Glazer’s THE ZONE OF INTEREST. The 31st annual edition of HIFF will take place October 5-12, 2023, with in-person screenings and events across the Hamptons.

“This year’s Signature programming and Spotlight films include a diverse array of powerful and thought-provoking titles,” said HamptonsFilm Artistic Director David Nugent. “We feel it is important to feature projects that are not only compelling but also socially impactful and capable of sparking a dialogue among our audiences.” @hamptonsfilm

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  • Canoe Place Inn Welcomes Yacht Hampton to Canoe Place Marina

Yacht Hampton has docked at the Canoe Place Marina on the Shinnecock Canal. Canoe Place Inn & Cottages has been reimagined as a luxurious haven of hospitality, and now, with the arrival of Yacht Hampton, the historic Inn embarks on a prestigious new voyage.

Yacht Hampton is renowned for its expansive fleet and unrivaled service, offering a rich variety of opportunities for excursions in the waters surrounding the Hamptons. Enthusiasts can now indulge in the luxury boating/yachting lifestyle safely without the hassle and prohibitive costs that come with ownership. @canoeplace

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If you can allow yourself to believe it, September in the Hamptons is without a doubt the best month to be here. The traffic has subsided, the parking restrictions have come to an end, and the weather is the kind of weather you wish summer was: not too hot, but definitely still hot enough to go to the beach and enjoy the sunshine, and a lot less humid. September in the Hamptons is simply awesome.

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