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Note: Questions have been edited for clarity
and brevity.
While a short sale is a negative
on your credit report, because of the deficiency (paying less than you
owe)- it's not as bad as a foreclosure.
There is life after a short
sale. Just continue to pay bills on time for 1 to 2 years and
lenders will begin to look favorably at you again.
Note: Even
if a lender accepts less than what you owe, the Internal
Revenue Service considers the amount forgiven as income. (Consult a tax
professional for further explanation).
You can do it yourself by
checking recent sales in your county public recorder or assessors
office.
Make sure homes are similar in
square footage, number of bedrooms, baths, construction and location.
You can also check with private
companies who supply this service on the Internet without you having to
leave the comfort of your home.
For more info. Click Here!
The top home improvements with
the best
ROI (Return on Investment) is
1. Kitchen Remodel (84.8%)
2. Bathroom Remodel (82.3%)
3. Bedroom Remodel (77.5%)
Note: These are under average
market conditions. Each homeowner should check their local area to see
what's the most popular improvements.
Yes, check out The US Department
of Housing and Urban Development's (HUD) Section 203K rehabilitation
loan program.
It's designed to help with the
rehabilitation of houses with one to four units that are more than one
year old.
For more information: Click Here!
For a checklist of suggestions Click Here!
Usually when interest rates fall
1.5 percent below your current mortgage interest rate.
Also if you expect to keep your
home for at least three or four years, then refinancing is worthwhile
as a general rule.
For more information Click
Here!
Because of the
depressed home sales market, many home sellers are unable to sell their
homes for what they owe.
A short sale is when the lender agrees to accept less
than what the home is worth.
For example if you owe $200,000 on your home but the
most a qualified buyer will offer is $150,000 and your lender agrees to
it, that's a short sale.
Consult a qualified tax advisor for any tax issues
this may cause. A short sale takes more time and involves more
paperwork and other steps than a normal sale. So prepare yourself and
make sure you have competent real estate advisors to guide you.
They both
offer advantages and disadvantages. The home equity loan offers a fixed
payback schedule to the homeowner. Offering you less temptation to over
extend yourself.
The
home equity line of credit allows you to use your home as a source of
funds up to your credit limit. Most home equity lines of credit have a
variable interest rate, which can get the undisciplined homeowner into
financial trouble if not careful.
Consult
a trusted financial advisor for additional help to which is best for
your individual needs.
The
best way is to try and get a referral from someone you trust.
The
next best way is to get at least 3 estimates making sure to check
references, experience and reputation (Better Business Bureau).
Never
pay more than half the cost of the job up front.
Maintaining
the cosmetic elements, the curb appeal appearance and landscaping also
helps.
Predatory
lending is the act of persuading or tricking borrowers to agree
to extremely risky and punishing loan terms. To Learn More Click Here!
What
organization should I contact if I think I've been a victim of
predatory lending? Click
Here!
Have a question concerning your
home or homeownership? Click
Here!
Mortgage
Recycling Secrets - Hidden secrets your mortgage lender hope you never
discover. Save thousands off your current mortgage Free Report Here!
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