Monday, April 30, 2007
What is a short sale?
The term "short sale" refers to a transaction where there are insufficient funds generated from the sale of the property to cover all the seller's closing costs, the payoff of existing loans and or liens of record, and the seler is not in a position to deposit funds to make up the shortage (difference). An existing lien holder that agrees to a short sale will typically take the sellers proceeds after payment of the costs of sale, as approved by that lien holder.
Dealing with high prices for homes
I feel that the housing boom has done some serious harm. Prices have inflated so greatly that first-time home buyers (like me) are doomed. I'm in my late twenties, I make an honest $43,000 a year and I have excellent credit. But buying a home seems completely out of reach. What is the future for first-time home buyers?Answer: There might be no future — at least where you live today. Sometimes the only answer is to move, either farther from the urban center where you live now or away from expensive cities entirely.Of course, you may have other options. There are federal, state and local programs that encourage first-time home buyers, offering low-interest loans and other subsidies. A visit to the National Council of State Housing Agencies at http://www.ncsha.org can get you started looking for programs that might help you.But if homeownership is important to you and you can't swing it where you are now, then you need to explore other options. There are still plenty of areas, particularly in the Midwest and the South, where you can buy a decent home for $125,000 or less. The National Assn. of Realtors' median home price survey, available at http://www.realtor.org , can help you narrow down the possibilities.
Taking a loan so mom can buy a home is a bad idea
My mom keeps hinting that I should help her buy a house. Here's the situation: I live at home with my mom, brother and loser stepdad. My mom's credit isn't fabulous so she wants to have me apply for the loan and she and her husband would pay for it.
The catch is that he's a bit of a deadbeat, and my mom may eventually file for a divorce. I'm not worried about not making the mortgage payment. My mom and I could cover that on our own. If I take out a loan and put her on the deed, can he get half of the house if they divorce? What other things can go wrong here?Answer: Other than just about everything, you mean?What your stepfather could get depends on a number of factors, including how you structure this arrangement and what state you live in. In community property states, such as California, assets acquired during marriage generally are considered joint assets. In other states, "equitable-distribution" principles are used in divorce cases, and a judge could decide the house is fair game. Even if divorce weren't a factor in this equation, your mother's bad credit is. If she hasn't paid her bills in the recent past, what makes you think she'll keep her end of the deal now? Unless you can cover every mortgage payment entirely on your own, you shouldn't even consider this arrangement. You might not be able to pull it off, even if for some reason you decided to proceed. If you want a lender to consider only your credit history — and not your mother's — then typically only your income would be used to determine how much of a loan you can get. What's especially troublesome, though, is that your mother would bring up this scheme at all. She wants to use you and your good credit to pull off something she can't accomplish financially on her own. .
The catch is that he's a bit of a deadbeat, and my mom may eventually file for a divorce. I'm not worried about not making the mortgage payment. My mom and I could cover that on our own. If I take out a loan and put her on the deed, can he get half of the house if they divorce? What other things can go wrong here?Answer: Other than just about everything, you mean?What your stepfather could get depends on a number of factors, including how you structure this arrangement and what state you live in. In community property states, such as California, assets acquired during marriage generally are considered joint assets. In other states, "equitable-distribution" principles are used in divorce cases, and a judge could decide the house is fair game. Even if divorce weren't a factor in this equation, your mother's bad credit is. If she hasn't paid her bills in the recent past, what makes you think she'll keep her end of the deal now? Unless you can cover every mortgage payment entirely on your own, you shouldn't even consider this arrangement. You might not be able to pull it off, even if for some reason you decided to proceed. If you want a lender to consider only your credit history — and not your mother's — then typically only your income would be used to determine how much of a loan you can get. What's especially troublesome, though, is that your mother would bring up this scheme at all. She wants to use you and your good credit to pull off something she can't accomplish financially on her own. .
Monday, April 23, 2007
free market analysis of your home townhome
if you ever need a free home market analysis of your home or townhome you can contact me at'
626 818 4742
626 818 4742
Friday, April 20, 2007
rent
Did you know that rents are on the rise, stop renting and take advantage of the low interest rates. stop renting and stop paying someone elses rent and pay your own investment.
Tuesday, April 10, 2007
First time homebuyers
Did you know that the
The City of Baldwin Park offers a Housing Assistance program to low-moderate income first time homebuyers. If you are thinking of purchasing a home in the City of Baldwin Park, consider the Silent Second Program. It provides a loan that funds the difference between the purchase price of the home and the first mortgage. The homebuyer is required to put a 1.5% down payment.
The City of Baldwin Park offers a Housing Assistance program to low-moderate income first time homebuyers. If you are thinking of purchasing a home in the City of Baldwin Park, consider the Silent Second Program. It provides a loan that funds the difference between the purchase price of the home and the first mortgage. The homebuyer is required to put a 1.5% down payment.
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