Pre approval loan letters

This is an essential first step to shopping for a home. Realtors will even ask for a pre approval letter to begin the process. It simply confirms that you are qualified to buy.  Although you will not be utilizing that particular lender services, a pre approval letter proves that you are credit worthy for a

How can I transfer the property title.

Transferring ownership of a property requires the buyer to obtain a deed. A new deed will need to be executed and recorded. The seller and buyer can jointly change this at their county clerks office for a small fee. The document you want to use to change the deed is called a “Quit Claim Deed”.

Transferring the title of a home

The buyer or the bank can transfer the title. Lenders normally complete this automatically at no cost. Otherwise recording it can be done at the county court house for less than $50 in most areas.  What is more important than the “Title” is the “Deed”. Title companies do not hold the Deed to any property, the

Underwater Mortgage strategy

Improve your selling situation.  Transferring your assumable mortgage is a better solution for people with negative equity.  Here are 4 things you no longer have to do if you have an underwater mortgage. Wait it out –  For some properties it could take decades to recover the amount of negative equity the housing crisis caused.

The Big Underwater Mortgage Misconception.

Its about time we correct the underwater mortgage misconception.   Yes, negative equity, or being upside down means  the market value of the home has fallen below the mortgage balance owed.   There is however one misconception to correct about this.  Most believe the person who is buying the home is underwater, but truly it’s

Release of Liability letter

An important part of the assumption package is the release of liability document. This protects the seller and is available for “All” assumable mortgages.  The Federal Housing Commissioner approved this March 20, 1990. See for yourself here. Without a release of liability the bank might have the right to collect the balance due if the

Divorce Solution – A Foreclosure and short sale alternative that preserve credit ratings and minmizes financial losses

There is only one solution thus far for underwater mortgages that, preserves the homeowners credit rating, prevents financial Loss &  gives full release of Liability. Take advantage of +13 Million home owners are underwater and find it a challenge to get out of their home without either taking a financial loss or damaging their

Why shouldn’t I short sale my property? Disadvantages

Deficiency Judgements – A lender could file for a deficiency judgment to demand you pay the difference between the short sale amount and the entire mortgage balance you owe on the property. Taxable Income – You could be taxed on the amount forgiven. The IRS views forgiven debt as taxable income.  Only your primary residence

Why would a person assume a underwater mortgage

Yes, unless a seller has the cash to cover the difference between what their house will sell for and what they owe, they may feel pretty much stuck. Buyers though in a declining market, find  many benefits to bailing them out. In fact it may be the smartest financial move they have ever done. There are several factors

A deed-in-lieu transaction. What do you get for it?

In March of 2013 Fannie Mae and Freddie Mac homeowners with hardships were offered an opportunity to turn over the house keys and erase their debt if they were not delinquent and only had 1  loan on the property. Loans with 2nd and 3rd mortgages could not qualify. Many may not have recognized what they