When a senior has a mortgage, a common problem might be whether to prepay the mortgage or save their cash reserves. The benefits of prepaying a mortgage come at the end of the mortgage. A senior might not live out the 20 years to see the benefit of prepaying a mortgage. It might be best to save cash reserves rather than prepay a mortgage.
A Lease Purchase or Rent to Own deal might be ideal for someone who is recovering from a foreclosure. After a foreclosure, you won't be able to get a loan. If you can find a seller who is willing to give you financing, a lease purchase deal could be a great option for a buyer trying to recover from a foreclosure.
Market News for Passover/Easter Week on the Ilyce Glink Show April 17, 2011 Tax returns are due tomorrow, April 18, although the way electronic returns are pouring in, I'm thinking many people still believe the due date was the 15th. Lines are open to take your questions about foreclosures, short sales or any other real estate and personal finance questions you may have. It was a big week for financials. The Dow ended up down 38 points and we averted a government shutdown. We saw competing budget plans from Paul Ryan and President Obama introduced. We need to cut expenses, but where? Get more information and links at Ilyce's blog.
Even though lenders may handle these payments through the establishment of an escrow account, the responsibility to calculate and pay property taxes falls to homeowner. Before signing off on a mortgage, always look at the documents because the responsibility to calculate and pay property taxes falls to homeowner. In the case of an escrow shortage, it's still the case that responsibility to calculate and pay property taxes falls to homeowner.
Last week's Department of Housing and Urban Development (HUD) ruling may prevent reverse mortgage foreclosure. AARP Foundation Litigation filed a formal challenge to a 2008 rule change on behalf of three surviving spouses of reverse mortgage borrowers, and the new HUD ruling may prevent reverse mortgage foreclosure. Seniors have been experiencing foreclosures but a new HUD ruling may prevent reverse mortgage foreclosure going forward.
Whether you are the listing agent or the homeowner, a closing cost estimate needed by lender for short sale. A bank asset manager will often be unable to give an approval without the closing cost estimate needed by lender for short sale. Mortgage lenders today are required to come pretty close to the closing cost estimate needed by lender for short sale.
There are a number of instances where a short sale better than a foreclosure. A short sale will have less of an impact on your credit history than a short sale, which can make a short sale better than a foreclosure as an option for getting out of your home. You can buy another property sooner if you do a short sale better than a foreclosure. To do a short sale, one needs two things, a buyer and a willing lender. If you can get those, a short sale better than a foreclosure.
Survive and Thrive in the New Economy on the Ilyce Glink Show April 10, 2011 Today we welcome special guest Liz Weston, the most read personal finance columnist on the Internet. She has written a new book called The 10 Commandments of Money: Survive and Thrive in the New Economy. We'll also talk about the fluctuating unemployment numbers and what effect that's having on the markets. Plus, all the latest news in real estate: what will happen once the mortgage interest deduction is taken away? Get more information and links at Ilyce's blog.
Whether you have been unemployed recently or not, lenders will probably require W2 for proof of employment for mortgage application. The two-year rule is generally for self-employed people, but lenders will probably require w2 for proof of employment for mortgage application. Good credit is important, as well as a large down payment but lenders will probably require w2 for proof of employment for mortgage application.
It can be a major benefit in the short term but relocation assistance after short sale taxable to former homeowner. This program is also known by the name "cash for keys" and this relocation assistance after short sale taxabale to former homeowner. It goes on Line 21 on Form 1040 when claiming relocation assistance after short sale taxable to former homeowner. Most of the relocation assistance payments have been in the range of $1,000 to $3,000, depending on the price of the property.
