How about this, a foreclosure can hurt you if you ever need a security clearance for a job, whereas a short sale will not matter. On a short sale you can buy a house after two years and in some cases will only effect your credit report about 50 points. In some cases the bank [...]
Category: "Residential"
Mortgage Forgiveness Debt Relief Will Expire this year
The mortgage debt relief act of 2007 says that a homeowner has the right to have forgiven debt cancelled for tax purposes. Meaning the amount that your bank writes off during the short sale process cannot be taxed as income. Normally on forgiven debt the bank is required to issue a 1099-c, “cancellation of debt” [...]
Rates will stay down through 2014
The Federal Reserve met yesterday and decided to keep the federal funds rate at .25% through the end of 2014. A testament to the current state of the economy and its short term potential growth. This is the rate in which banks lend money to each other but is also a key tool in the [...]
Interest Rates drop Under 4%
Data released by Freddie Mac shows the new rate for a 30 year fixed rate mortgage edged down to 3.98%, the second lowest reading in history and adjustable rate mortgages are at a new low. The Freddie Mac survey shows 15 year mortgages at 3.30% and a 5 year adjustable rate mortgage coming in at [...]
New law to protect homeowners goes into effect
The new law also know as AB 284 passed the assembly in May and went into effect October 1, 2011. Basically what this law does is protect home owners from “Robo Signing”, inaccurate and fraudulently executed documents filed by lender, trustees and servicers. It also increases criminal penalties where “Robo Signing” has occurred and also creates [...]
Your home will go up 1.1% over the next 4 years
Home prices will go up 1.1% over the next five years, that is according to Pulsenomics LLC who conducted a home price expectation survey of 111 experts including economists, real estate experts, investment and market stategists. It is expected home prices will go down 2.53% this year, about .13% next year and then some modest gains the [...]
“Why would anybody want to buy your home?”
Why did you buy it? Take a hard look at the positives and negatives of your home. There are certain search parameters that buyers are looking for and backing to a busy street or in the flight path of the airport are not two of them that buyers are real keen on. It is all [...]
Loan Modification, “Yea Right”
Imagine millions of trains on a head on collison course with each other, this represents the magnitude of homeowners facing foreclosure over the the last 5 years. The government had to get some of these trains off of the track, they did it under a program called HAMP (Home affordable modification program). Also known as the [...]
Your bank just stopped negotiating with you, why?
You have been in an exhaustive negotiation with your bank trying to get a short sale done on your home. And then for no apparent reason the bank takes a hard stance on their price and pretty much says take or leave it, “what happened”? Well one explanation could be is they have insurance on [...]
Cheaper to Buy than to Rent?
Right now in 72% of the largest cities in the United States it is cheaper to buy a 2 bedroom home than to rent one. Going back to the great depression, the rules of supply and demand usually force a flood of sellers to rent than to buy once a market collapse takes place. Right [...]
