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.
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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.
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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.
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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!
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