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Mortgage Articles
Attention Short Sellers: Short Sell Now or Forever Hold Your PropertyWhen you Short Sale selling your home, it sometimes comes with a tax negative. The amount of debt that your bank forgives used to be taxed as income. The George Bush Tax Relief of 2007 waives that tax until the end of next year. If your upside down, now is the time to sell with no tax penalties. If you wait until after the relief expires, you may have to own your home until it is paid off. For example, you bought a home for $230,000 that is now worth only $155,000. If you pay on your home for the next 10 years your balance will have only gone down to about $150,000. Assuming that your home doesn't lose more value, it will take over 10 years to even attempt to sell it. At that price it still wouldn't cover Realtor expenses. Your government has given this offering of a tax break and it is important that you take advantage of it. If you have never missed a payment on your home, thats a plus. Banks are accepting short sales regardless of payment history. Not only that, some lenders do not consider short selling your previous property while not missing a payment a default. That means you might even qualify to buy a new home next door for $150,000 without the 10 year wait. If you are worried about a deficiency judgment, that can also be avoided too if you know how. Attention short sellers: Sell now before it is too late. CLICK HERE TO REQUEST FREE INFORMATION USING OUR QUICK FORM
Question: Where Is My Government Bailout? Answer: First Time Homebuyer Tax Credit!With the headlines reading of the multi-billion dollars in bank bailouts many people are wondering how they can receive their fair share. While the majority of bailout money is going to support the banking industry, there is a way for many Americans to get a generous tax credit up to $8000 for buying their first home. A first time homebuyer is defined as not owning a home in the last 3 years only. You may be thinking it's not a good time to buy a home in this economy. You would be wrong though. Home prices in Phoenix, AZ are down more than 50% from the not to distant bubble peak and rates at historic lows. The affordability index is near an all time high. To qualify for a home is not as difficult as one might think. The process to apply is painless, credit scores do not have to be perfect, job history only needs to be relatively stable, and most often there is no upfront cost or obligation to consult with a qualified mortgage expert. So what about the tax credit? It is based on the purchase price of the home at a level of 10% up to $8000 total tax credit. If you buy a home more expensive than $80,000 you may qualify for the maximum amount. The tax credit is NOT a loan! You will receive the money when you complete the following year's tax returns and it does not require any repayment. During the boom of the past few years, everyone was screaming buy, but don't be mistaken right NOW is the once in a generation opportunity. For those that thought they were missing out a few years back, now is the time to pat yourself on the back and congratulate yourself for your patience. Your government bailout is waiting! CLICK HERE TO REQUEST FREE INFORMATION USING OUR QUICK FORM
Obama Housing BailoutIn Arizona, is there a better plan than the Obama Housing Bailout? The "short" answer is yes! The long answer is the short refinance. Under the Obama plan, only a certain number of households will qualify, and it is only a 5 year patch. After the Obama plan, you may still be upside down and your payment can still adjust after the initial set up - kind of like the adjustable rates that started this housing mess. With the short refinance, the goal is to negotiate with the current mortgage company to accept a payoff under the current appraised value. With this payoff, the homeowner is able to get a new 30 year fixed rate mortgage. This will insure that the payment is not going to change because of the interest rate. Is this better than an Obama Bailout? You bet! The new loan amount has to be lower than appraised value and you get a 30 year fixed rate mortgage - two things the Obama plan does not guarantee. Most mortgage lenders are not familiar with this type of transaction. The more consumers that demand the best possible solution - the short refinance, the quicker it will catch on. For banks that took bailout money, now is the time to pass that bailout to the homeowner - where it belongs. CLICK HERE TO REQUEST FREE INFORMATION USING OUR QUICK FORM
Short Refinancing in ArizonaPhoenix Arizona is one of the hardest hit housing markets in the country. Many homeowners have an upside down mortgage or negative equity or facing foreclosure. Our feverish launch upward in values is having a Newtonian equal and opposite effect right now. Whole neighborhoods are going vacant to foreclosures, and homeowners are finding that even though they have been making their payments they owe more than their home is worth. With interest rates coming down to historic levels, these homeowners usually cannot even take advantage of these historic rates because most lenders won’t even consider them for a new loan. So to add insult to injury, an upside down homeowner can’t even lower their payment to cope with these tough economic times. Is there a solution? |
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