Sentences with phrase «mortgage after the short sale»
If your lender forgives the balance of your mortgage after the short sale, you may not be out of the woods yet.
https://turbotax.intuit.com/
Hi Sandra — Yes I do not believe any of this short sale time lines have changed about getting a mortgage after a short sale or foreclosure since the article was published.
The sellers will still need to pay back the rest of their mortgage after the short sale is complete.
Getting a mortgage after a short sale or foreclosure is one of the most common questions I get.
Scott you would probably be best served by speaking with a portfolio lender in order to get a mortgage after your short sale.
About the Author: The above Real Estate information on Getting a mortgage after a short sale was provided by Bill Gassett, a Nationally recognized leader in his field.
Check with an experienced Murrieta short sale expert on available options you have when it comes to applying for a new mortgage after a short sale.
Getting a mortgage after a short sale or foreclosure is one of the most common questions I get.
There are a lot of misconceptions that are floating around when it comes to being able to get a mortgage after a short sale or foreclosure.
Hi Sandra — Yes I do not believe any of this short sale time lines have changed about getting a mortgage after a short sale or foreclosure since the article was published.
Many private lenders follow the Fannie Mae rules for extending mortgages after a short sale.
Not exact matches
The FHA allows applicants to apply for mortgages three years after a short sale.
Can you get an FHA mortgage after a lender has taken a loss on a short sale?
Borrowers who wish to qualify for an FHA - insured mortgage after a foreclosure, short sale or bankruptcy in 2014 should refer to Mortgagee Letter 2013 - 26 for more information.
NO waiting period after a foreclosure for an FHA Loan if you had NO late payments on ANY mortgage or consumer debt in the 12 - months proceeding the short - sale AND it was NOT a strategic short sale.
Does anyone have experience getting a mortgage after bankruptcy and / or a foreclosure or short sale process?
While a foreclosure looks slightly worse, with the time and effort you have to put in to keep you home in sale ready condition, the potential pitfalls of owing the balance of the mortgage anyway after the short sale, as well as the potential tax consequences, it might be worth it to simply let the home go into foreclosure and walk away.
Using conventional lending guidelines, some consumers may obtain a Fannie Mae backed mortgage a short 24 months after the close of their short sale with 10 % down payment.
I introduced a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy.
It is never a smart decision to go for a mortgage loan immediately after you have faced a foreclosure, short sale or bankruptcy.
i went to get my taxes prepared and my accountant said from everything he's read that after a short sale, the mortgage debt relief act only applies to the federal govt..
All homeowners with FHA case numbers assigned after Aug. 25th of 2013 that have gone through a bankruptcy, short sale, foreclosure, loan mod or a deed - in - lieu can now apply and potentially get approved for an FHA mortgage.
We have lenders that will allow you to purchase a home after short sale right away if you were not delinquent on the mortgage during the short sale process and the short sale didn't have an FHA loan.
There are two major factors when determining when you can purchase again after a short sale: 1) were you current on your monthly mortgage payments all the way up to transfer of title / deed?
So in short, a prospective homeowner can buy after short sale with FHA right away (and VA) if there are no late payments and other nuanced conditions are met, after one year using the FHA Back to Work program and after 3 years if there are late payments on the mortgage and / or installment debt and qualifications aren't met for the previous two options.
What happens if you close on a short sale (no deficiency) where last mortgage payment was not made (all prior were) but the closing is on the 20th day after payment due?
As it was just simply way too much house and not what we wanted for ourselves anyway (and, actually, being stuck with the entire, very expensive mortgage payment was not an option), we opted to strategically default and put it on the market as a short sale after being denied a loan modification that might've made it affordable for us to stay.
Aside from the negotiation of the dollar amounts the short sale attorney should also be looking to eliminate the possibility the lender can come back after you in the future for any remaining mortgage balance.
After a short sale, both the lender and usually the seller are free from the responsibility of the mortgage.
With the The Mortgage Forgiveness Debt Relief Act you may not have to pay any taxes on the forgiven amount shown on your 1099 after the short sale of your primary residence.
On December 16th of 2009, HUD gave that clarity with Mortgagee Letter 09 - 52 which allows a people to buy a home after a short sale if «they were current on their mortgage and other installment debts at the time of the short sale of their previously owned property, and the proceeds from the short sale serve as payment in full.»
We're considering putting our rental up for short sale but after reading the feedback (our mortgage is through Countrywide) I'm having doubts it will work out.
If you have a 2nd mortgage on the property, the benefit is that you can potentially settle the debt entirely in the short sale vs having the debt remain after a foreclosure.
Lastly, buyers who are current and have not defaulted on their mortgage may purchase a new home the day after the short sale has closed escrow.
Versus again, your mortgage loan will appear as settled or paid in full on your credit report after a short sale.
On the one deal I did find that we partnered with an investor, a reverse mortgage short sale, the mail box was flooded with almost 3 dozen cards & letters from the foreclosure listing, so there are a lot of companies going after distressed properties here.
Even after you come to agreement with the seller to buy a short - sale property, the seller's lender (or lenders, if there is more than one mortgage) still has to approve the sale.
Soon after, nearly every seller Smith worked with was forced to either abandon the sale or lose tens — or hundreds — of thousands of dollars in a short sale because they were upside down on their mortgages.
It's important to know not just the federal rules but what's going on in your state, Thompson says, because a variety of state statutes have been enacted to address foreclosure processing improprieties, taxation of mortgage debt forgiveness, and liability for deficiency balances after a short sale or foreclosure.
Because of this distinction, sellers who are already in default on a mortgage and do not have the resources to pay off a separate promissory note after a short sale might be better off letting the lender foreclose, he says.
After your house gets an offer Sidney sends that offer to your mortgage lender along with your short sale package.
If you applied for a short sale due to extenuating circumstances, you can reapply for a new Fannie Mae mortgage 2 years after the short sale, with appropriate documentation of the extenuating circumstances.
Comments Off on Florida Foreclosure Defense: California's Jackmon Case — Suing Bank for Failed Modification Agreement — Claiming the Lender Breached a Contract After Deal Was Made to Lower Mortgage Payments Tags: Bank of America Foreclosures, BofA Foreclosures, Broward Real Estate, Florida Real Estate Foreclosures, Foreclosure defense attorney, foreclosure defenses, Foreclosure Fraud, Foreclosure Help, Foreclosure Settlement, Short Sale Counseling, Short Sales, strategic default, Underwater Mortgage, Wrongful Foreclosure
Comments Off on Florida Short Sales and Florida Foreclosure Defense Deadline for Tax Benefits is Now December 31, 2013 After Fiscal Cliff Legislation Signed Into Law Today Tags: Bank of America Foreclosures, BofA Foreclosures, Deficiency Judgments, Florida Real Estate Foreclosures, Foreclosure Help, Foreclosure Settlement, House foreclosure, Mortgage foreclosure, Short Sale Counseling, Underwater Mortgage
This was the federal law that allowed Florida home owners as well as home owners across the country to legally exclude from their income taxes any amount that was forgiven by the bank (on principal residences) after a mortgage loan modification, short sale, or from a foreclosure.
That often happened after the collateral was sold after a foreclosure, deed - in - lieu, or short sale, and write - downs were sometimes included as part of a mortgage modification as well.
In other words you can get a mortgage quicker after a short sale than a foreclosure.
Remember that a short sale may impact your credit, so you should only consider a short sale after you've explored all of our mortgage assistance options.
There are two major factors when determining when you can purchase again after a short sale: 1) were you current on your monthly mortgage payments all the way up to transfer of title / deed?
With the The Mortgage Forgiveness Debt Relief Act you may not have to pay any taxes on the forgiven amount shown on your 1099 after the short sale of your primary residence.