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 [...]
Post Tagged with: "Reno Short Sales"
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” [...]
How Soon Can I Purchase After a Short Sale?
Over the last four years many home owners have short sold their home for various reasons. For those home owners that short sold their home, your wait time can be as long as 7-years from the completion date of the short sale before you are eligible for a mortgage loan. Conventional, FHA, and VA loans [...]
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 [...]
Washoe County Foreclosure Stats January 2011
To get a better understanding of where we were and where we are going in the foreclosure market, Ticor Title Company started tracking Foreclosure trends in Washoe County in 2007. In the foreclosure trend line, Ticor shows the total recordings for each month of Notices of Default, Notice of Sale, and Trustee Deeds. A Notice of Default is the beginning [...]
Reno Median Prices December 2010
Take a look at the chart below and you can see that the values over the past year are down by another 3.4% from November 2009. The current median price is $169,000 compared to $175,000 just 12 months ago. Just a little off from the October 2005 high of $360,000. In my opinion this is [...]
