Have you ever been in a short sale and the bank has approved the short sale and now you can’t get it closed. Welcome to how our banks are servicing the clients. I recently got into a transaction and the bank approved the sale and gave a closing date to close escrow or we would ... [Read More]
Have you ever been in a short sale and the bank has approved the short sale and now you can’t get it closed. Welcome to how our banks are servicing the clients. I recently got into a transaction and the bank approved the sale and gave a closing date to close escrow or we would have a per diem per day… that day passed and the bank didn’t close. Another week went by and the bank didn’t close. Meanwhile the buyers loan documents expired and the buyer then had to extend for a cost to them and were still not closed. You try to call the bank and the closer and their lines are full and they don’t return e-mails, very frustrating for everyone! You are at mercy of the bank…I’m recommending that you file a grievance against the bank..and one with Consumer Complaint. I doubt that anything will happen but it will make you feel better.
You’re probably up to your next by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you’ve already completed your taxes, paid your bill, or awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer’s Tax Credit.
Why? Because now, as you ... [Read More]
You’re probably up to your next by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you’ve already completed your taxes, paid your bill, or awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer’s Tax Credit.
Why? Because now, as you calculate your tax bill or refund, you can finally see in real terms just how beneficial a tax credit of up to $8,000 can be to your bottom line.
REMEMBER:
1. You don’t have to pay it back (as long as you stay in your qualified home for at least 36 months).
2. If you qualify for the credit, you can still apply it to this year’s taxes, even if you have already filed your returns, or save it for 2010 tax returns.
3. This is a true tax credit, not a deduction. If you qualify for a full credit, there will be an actual dollar-for-dollar reduction of up to $8,000 on your tax bill now or in 2010.
4. You must be in contract by April 30, 2010 and closing by June 30, 2010, so don’t wait!!!!
Why order a natural hazards report… it lessens the liability of you trying to read a map to see if the property is on a fault line or in the earthquake zone, wildands area or flooding. If you have a company do the disclosure they are now responsible for the accurate information. Most Natural Hazards companies carry ... [Read More]
Why order a natural hazards report… it lessens the liability of you trying to read a map to see if the property is on a fault line or in the earthquake zone, wildands area or flooding. If you have a company do the disclosure they are now responsible for the accurate information. Most Natural Hazards companies carry insurance in case they report incorrectly. Their job is to accurately report information contained in the government records… but remember they don’t look at parcel maps or survey maps… bottom line they assume the responsibility for accuracy not you.
If you are planning to use an FHA loan, here is some important information you need to know.A property must be FHA eligible. That means it cannot have any “health and safety issues.” Your real estate agent should be able to advise you as to which properties will not qualify. This will save you a ... [Read More]
If you are planning to use an FHA loan, here is some important information you need to know.A property must be FHA eligible. That means it cannot have any “health and safety issues.” Your real estate agent should be able to advise you as to which properties will not qualify. This will save you a lot of time and disappointment. If your agent is not sure, s/he should consult with your lender. FHA does not require a pest report or section 1 clearance unless the appraiser makes negative comments about the property that would cause the lender to want to know more information. So, if your agent knows, going into the loan process, that there is going to be a potential issue, then s/he needs to make sure that it’s possible to get a section 1 clearance or to get the repairs done prior to the appraisal process.
I was very surprised to learn that industry estimates find that half of all homeowners who lose their homes to foreclosure have no contact with their loan servicers. If you are at risk of default or already behind on your mortgage payments, I recommend that you contact your servicer at the first sign of trouble. ... [Read More]
I was very surprised to learn that industry estimates find that half of all homeowners who lose their homes to foreclosure have no contact with their loan servicers. If you are at risk of default or already behind on your mortgage payments, I recommend that you contact your servicer at the first sign of trouble. Ask to speak with someone in the home retention department.
You may be able to work out a loan modification, short-sale, or repayment plan. Servicers will ask you to explain the reasons why you can no longer make the mortgage payments. You should be honest and realistic. The servicer also will need to verify your current income, unemployment benefits (if any), household expenses, tax returns, property taxes, hazard and flood insurance premiums, and condo or HOA dues.
Whether the loan servicer requests it or not, you should include a letter authorizing the servicer to speak with your REALTOR®, another family member, or perhaps your attorney, as this can help speed up the process.
If you have any questions about this process, please don’t hesitate to contact me. I’m here to help.
