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When can I apply for a new home loan after completing a short sale on my property?

admin — Thu, 12 Jan 2012 04:12:58 +0000

Because of significantly reduced income as a result of unemployment, we’re closing on our house as a short sale on Dec 15 after 4 months of missed payments. Fortunately, we have a loving family that we will be living with until we stabilize. My credit score is now 709, 703, and 660. Should I expect it to drop much further? What is the wait time on approval for a conventional home loan after a short sale?

Your credit scores are already lower then that with the missed payments.

They shoudl drop another 200 points.

Is it legal in California for the bank to enter your home and take your property after trustee sale but withou?

admin — Sat, 07 Jan 2012 05:01:04 +0000

On Monday there was a trustee sale – I was in the process of moving but without notice, on Friday someone came, changed the locks and took the remainder of my property. The company (Safeguard Properties) said they had an order from Citibank to clear and secure the property. They took my property to the dump. I had not abandoned the property. What is my recource.

The trustee sale was your notice.

But, Citibank may have still acted improperly. Talk to a lawyer. There are a lot of lawyers suing banks these days.

depreciating home to protest property value in texas?

admin — Mon, 30 May 2011 19:25:57 +0000

If we are comparing sales of houses in the neighbourhood and comparing houses of different ages can we depreciate our house if it is older? This is for finding the market value for property tax purposes.

You could conceivably depreciate the structure only, as the land will always appreciate in value. However, your best bet is to access your county GIS and compare square footage values of all of the homes in your neighborhood. Look for glaring differences, and use that to your advantage. Worked for me.

What would be the best resources for selling a mobile home without the property in Dickson Tennessee(Cumb Fce)

admin — Tue, 17 May 2011 12:34:15 +0000

I have a mobile home for sale in Cumberland Furnace I want to sell however I live out of state , What is the best resource since there is no land?

Craigslist.

Purchasing a resale mobile home, does on have to pay sales tax as well as property tax? Live in PA. TY!?

admin — Tue, 18 Jan 2011 23:57:02 +0000

If the state of PA has a State Sales Tax, then yes you have to pay sales tax. Every state I have ever lived in or bought something in (regardless of its’ size), you have to pay sales tax if that state has one. New Hampshire is the one state I have lived in that didn’t have Sales Tax. Lucky ducks…

what happens to my parents property if they go into a nursing home?

admin — Sun, 09 Jan 2011 05:11:38 +0000

my mum is going to have to go into a nursing home but me (her son) my wife (her carer) and our son live in her home (was my dads till he died) what happens to the home? can we still live there? i know a debt against the property will rack up as she will be classed as having enough capital because she owns the home but will they force sale or will we just pay ‘rent’ to them or something? thanks in advance.
i am in the UK, sorry should have mentioned that.

why can’t your mom just transfer over house’s deed over to you? then you have the option of continue living in your home ,rent it out and move into an apartment or sell it

home sales – why is this preferred………..?

admin — Sat, 20 Nov 2010 00:00:46 +0000

while buying home or property ,

why does the seller always prefer cash instead of checks..
yankjas..
in that case if the buyer still insist to give a check since he is taking a loan, how to handle this situation so that i am safe and dont get faked..

Because Checks can take days to clear and can bounce meaning they didn’t have the funds to buy the house, they can be faked, and by the time you have handed over the deed or transferred the deed over they have the deed and you don’t have your money.

What is the most appropriate home loan for an investment property, 10% down payment, sale price of < 100k? TY.?

admin — Thu, 18 Nov 2010 01:54:49 +0000

For an investment property? 100% down is the most appropriate, especially for a property that inexpensive.

Remember that at 5% on $90k, in the first 5 years of your loan, you’ll be paying around $28,000 in interest. Over the life of a 30 year loan, you’ll be paying over $107,000 in interest. That really drags down your ROI.

Home Loan rules for property sale between blood relation?

admin — Tue, 16 Nov 2010 04:45:42 +0000

I want to sale my current flat to my younger brother as i wish to buy new one near by my office.

I am having Home loan on current flat and want to apply for fresh loan to purchase new flat. My Younger brother has good income through salary and eligible to purchase my flat by taking home loan against my property.

We had approached one bank for My brothers loan and received sanction as well. Problem occures when bank rejected his application stating transaction between Blood relation is not acceptable.

Request if any one has experienced similar case and advise if any bank accept such transaction and disburse amount to my current bank to clear my outstanding.

That is weird. Normally they do not care unless it is a short sale, in that case, no, it is perceived as mortgage fraud.

Has anyone brought a home through the annual property tax sale?

admin — Sun, 14 Nov 2010 07:10:06 +0000

And did they/you get to keep it after the first year? I don’t mean were you successful at bidding, what I mean is did you get the title of the home?

In Ohio they have what are known as Sheriff’s sales which are sales of property that people have not paid their real estate taxes on. I assume that these are the same things. But laws vary from state to state, so this may not be relevant to your situation. But the rules are as follows: You must purchase the property in full within 30 days after the bid (yes a mortgage is a purchase in full), a successful bid must be at 2/3 of the appraised value of the home. That is pretty much how it works in Ohio, if you get the bid and come up with the financing the place is yours. However, the home is purchased "as is" and you are not allowed inside of it until after the purchase so buyer beware.