Some financial assistance is for educational purposes and cannot be used to qualify a borrower for a mortgage loan. Other types of financial assistance such as disability or unemployment is another matter. A borrower using disability or other financial assistance would need to prove that they have been receiving the financial benefits for at least …
Category Archives: Top Questions
Ball and Chain Housing Crisis
I believe that the housing crisis is acting as a ball and chain on the general economy. An alarming 25% of the homeowners in the united states owe more on their mortgages than their homes are worth. America has way too many borrowers losing their homes to short sales that take months to complete and …
Choosing a Listing Agent
I am not surprised to see different agents come up with different estimates of value, but there really shouldn’t be more than a 3-7% variable. A 20% differential you have described is definite cause for concern. Review each of the presentations. Are two of the presentations closer in value than the third one? Are the …
What About Tax On Short Sale Debt Relief?
The mortgage debt relief act is set to expire at the end of 2012.Prior to 2007 the IRS considered forgiven debt on ones primary residence as taxable income. For example, If you owed $100,000.00 on your residence and sold it short of the full amount owed; say for $80,000.00, the difference, $20,000.00 was considered taxable …
Unrecorded Boundary Line Adjustment
If you are paying cash for the property you can go ahead and close the escrow and record the boundary line adjustment after the county has approved it. No problem. Just make sure that you have a written agreement with your new neighbor and a written legal description drawn up by a civil engineer. I …
Is There Money To Be Made By The Little Guy?
There’s a reason that investors have dominated the market for the last 2-3 years. Its because they are making money. A “seasoned” investor doesn’t have to wait for the bottom of the market before jumping in because he knows how to make money in any market. Its all about the profit margin. An investor has …
