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

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

Real estate time lines

Time is your most valuable asset.   We all know this, but we continue to rely on services that have a long sales cycle.  How many of us have missed out on a buying opportunity because of the time lost trying to coordinate the process? There are in most cases 20-30 different people involved in a sale

Hammering away at real estate boundaries

To our fellow home owners who cant sell in this market. Dont give up. Keep hammering away.  You may be surprised to hear there are organizations concerned about your plight. At first you asked “Who is responsible?” Now its better to just ask “Who can help?”  Companies like educate the market on how to bypass all seller and buyer cost. It is a decades old

Mortgage assumption protection

Knowing how to protect yourself from a fraudulent mortgage assumption is important. Don’t pay your mortgage payments to anyone other than your lender or loan servicer. Make sure the person who assumes the loan “records” your name with the trust company that holds the mortgage. If the person you are assuming the loan from doesn’t

Facilitating the sale smoothly

Assumable Real estate transactions certainly can save lots of dough, but there are some good reasons to have your realtor facilitate the sale.  Since it is a financial investment you may want to know that it does not cover things un-attached to the “dwelling”. Also, inspections for termites, asbestos, structural damage, mold, septic tank and

Resurrecting assumable loans

For a while, Banks were overwhelmed with short sales and foreclosures that hurt their balance sheet.  Now that we have climbed out of that hole most home values are rising.  Some however continue to decrease across the nation.  This has become an ugly cycle that needs serious correction.  Reviving the assumable mortgage market makes more