Meltdown 101: Why banks' struggles have worsened - Yahoo! News
I found this article interesting, it verifies many of my concerns about the bailouts.... "There not working!" It also raises the question did we create zombie companies? We know we can't ignore the problem, we need to modify the strategy with dealing with the banks. Mr. Obama said recently that the economic recovery is not a true recovery until unemployment is under control. I think its not a true recovery until we get the banks under control and regulated. If we do not regulate lending practices we will be in real estate market with artificially inflated assets. We will pay more for housing then what it they are truly worth and eventually end up in the same situation again. Giving money to banks is part of the solution but it will not completely solve the problem. We need the Obama administration to crack the whip and get them to start selling these assets at a discount. This will trigger a massive real estate recovery and slowly and banks will eventually see profits in the billions, just how they like it. This will also help the average Joe be able buy a house and live the American dream within there means. A testament to this will be the tax credit, that created multiple offers for property during a recession. People want to buy, we just need help!! Citi group reported a profit last quarter and mainly because a better housing market. So maybe helping main street first is the answer and then wall street will profit! www.jmsrealestate.net
Saturday, August 29, 2009
Wednesday, August 19, 2009
Mortgage Forgiveness Debt Relief Act 0f 2007
when a lender decides to forgive all or a portion of a borrower's debt and accept less, the forgiven amount is considered as income for the borrower and is liable to be taxed. This was a problem for borrowers facing foreclosure and did a short sale. Mortgage Forgiveness Debt Relief Act 0f 2007 was introduced in Congress on September 25, 2007, and became law on December 20, 2007.This act offered relief to homeowners who would formerly owe taxes on forgiven mortgage debt after facing foreclosure. The act extends such relief for three years, applying to debts discharged in calendar year 2007 through 2009. (With the Emergency Economic Stabilization Act of 2008, this tax relief was extended another three years, covering debts discharged through calendar year 2012.) This makes it easier to perform a short sale, it allows you and the bank to negotiate a better deal. I would still advise a borrower considering a short sale to consult with a tax accountant or CPA. There are provision to the bill and not everyone qualifies, for example rental properties are excluded from obtaining relief. Always consult with the appropriate professionals. www.jmsrealestate.net
Sunday, August 9, 2009
Thinking About Buying A Real Estate Property or Home in Downey, Compton, Bellflower, Cerritos, Lynwood, Lakewood, Artesia or Norwalk?
Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. The goal of this page is to provide you with detailed information to assist you in making an intelligent and informed decision. Remember, if you have any questions about the process, we're only a phone call or email away!
Search for A Home with our free search tool
Recent Home Sales in the area you're interested in can help you negotiate the best purchase price.
Home Buying Advice will give you a guide when shopping for your new home.
Real Estate Q&A will answer all of your home buying questions.
Interest Rates are at historic lows, find out what your rates may be.
Payment Calculator helps you figure out how much house you can afford.
Useful Home Buying Tools on our website are free, come try them.
If you are looking to buy real estate in Downey, Compton, Bellflower, Lynwood, Lakewood, Artesia, Cerritos, Norwalk and nearby Los Angeles suburb cities, call me Jose Sarabia at 562-843-6031 or visit my website at : http://www.jmsrealestate.net/
Search for A Home with our free search tool
Recent Home Sales in the area you're interested in can help you negotiate the best purchase price.
Home Buying Advice will give you a guide when shopping for your new home.
Real Estate Q&A will answer all of your home buying questions.
Interest Rates are at historic lows, find out what your rates may be.
Payment Calculator helps you figure out how much house you can afford.
Useful Home Buying Tools on our website are free, come try them.
If you are looking to buy real estate in Downey, Compton, Bellflower, Lynwood, Lakewood, Artesia, Cerritos, Norwalk and nearby Los Angeles suburb cities, call me Jose Sarabia at 562-843-6031 or visit my website at : http://www.jmsrealestate.net/
Are You Selling Real Estate Property or Home in Downey, Compton, Bellflower, Cerritos, Lynwood, Lakewood, Artesia & Norwalk?
If you are thinking of selling your home, chances are you're caught up in a mass of emotions. You may be looking forward to moving up to a new home or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new and exciting adventures. Remember, we are here to help you with any of your needs.
Find Your Home’s Value with our free evaluation tool.
Recent Home Sales in your area can help or hurt your selling price.
Free Home Selling Advice for you and your family to consider.
Real Estate Q&A in easy to understand language.
If you have real estate property in Downey, Compton, Bellflower, Lynwood, Lakewood, Artesia, Cerritos, Norwalk and nearby Los Angeles suburb cities, call me Jose Sarabia at 562-843-6031 or visit my website at : http://www.jmsrealestate.net/
Find Your Home’s Value with our free evaluation tool.
Recent Home Sales in your area can help or hurt your selling price.
Free Home Selling Advice for you and your family to consider.
Real Estate Q&A in easy to understand language.
If you have real estate property in Downey, Compton, Bellflower, Lynwood, Lakewood, Artesia, Cerritos, Norwalk and nearby Los Angeles suburb cities, call me Jose Sarabia at 562-843-6031 or visit my website at : http://www.jmsrealestate.net/
Short Sale Real Estate Properties & Homes Foreclosure
What is a Short Sale?
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.
•Homeowner: How will a Short Sale affect me?
•Homeowner: What are my rights during a Short Sale?
•Buyer: Can I take advantage of a Short Sale?
•Buyer: What can I expect when buying a Short Sale property?
How will a Short Sale Affect me?
This is somewhat of a gray area. It doesn't have to have any negative impact on the owners credit score as long as the owner continues to make the mortgage payments on time. If you miss payments at anytime during the loan term these will show up on your credit report and can lower your credit score dramatically. Of course, one of the main factors in evaluating a loan application is the borrowers past history with making payments on time. So, keep those payments on schedule! The short sale, if handled correctly, should not result in a major black mark on your credit.
What are my rights during a Short Sale?
Your rights as a home owner during a short sale differs from jurisdiction to jurisdiction. That's why it is important to work with you lender and an experienced realtor to help you through this difficult time.
Can I take advantage of a Short Sale?
Short sale real estate properties are bought and sold everyday throughout the country. A savvy buyer can pick up some great deals for a new home or as an investment property. However, there are risks and pitfalls associated with buying a short sale property. Let an experienced realtor guide you through this potentially lucrative transaction.
What can I expect when buying a Short Sale property?
If you make an offer on a short sale property, be prepared to wait. Banks are notorious for taking as long as several months to respond to short sale offers. We have the experience to manuever through the paperwork and waiting game associated with buying a short sale property. Let an experienced realtor be your partner in your next short sale transaction.
If you would like a free consultation about a Short Sale Property in Downey, Compton, Bellflower, Lynwood, Lakewood, Artesia, Cerritos, Norwalk and nearby Los Angeles suburb cities, call me Jose Sarabia at 562-843-6031 or visit my website at : http://www.jmsrealestate.net/
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.
•Homeowner: How will a Short Sale affect me?
•Homeowner: What are my rights during a Short Sale?
•Buyer: Can I take advantage of a Short Sale?
•Buyer: What can I expect when buying a Short Sale property?
How will a Short Sale Affect me?
This is somewhat of a gray area. It doesn't have to have any negative impact on the owners credit score as long as the owner continues to make the mortgage payments on time. If you miss payments at anytime during the loan term these will show up on your credit report and can lower your credit score dramatically. Of course, one of the main factors in evaluating a loan application is the borrowers past history with making payments on time. So, keep those payments on schedule! The short sale, if handled correctly, should not result in a major black mark on your credit.
What are my rights during a Short Sale?
Your rights as a home owner during a short sale differs from jurisdiction to jurisdiction. That's why it is important to work with you lender and an experienced realtor to help you through this difficult time.
Can I take advantage of a Short Sale?
Short sale real estate properties are bought and sold everyday throughout the country. A savvy buyer can pick up some great deals for a new home or as an investment property. However, there are risks and pitfalls associated with buying a short sale property. Let an experienced realtor guide you through this potentially lucrative transaction.
What can I expect when buying a Short Sale property?
If you make an offer on a short sale property, be prepared to wait. Banks are notorious for taking as long as several months to respond to short sale offers. We have the experience to manuever through the paperwork and waiting game associated with buying a short sale property. Let an experienced realtor be your partner in your next short sale transaction.
If you would like a free consultation about a Short Sale Property in Downey, Compton, Bellflower, Lynwood, Lakewood, Artesia, Cerritos, Norwalk and nearby Los Angeles suburb cities, call me Jose Sarabia at 562-843-6031 or visit my website at : http://www.jmsrealestate.net/
Short Sale Info for Downey, Compton, Bellflower, Cerritos, Lynwood, Lakewood, Artesia & Norwalk
What is a Short Sale?
It is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
What are the Benefits of a Short Sale?
You will retain dignity in knowing that you sold your home. There are no mortgage payments to make during the process, unless you choose to make them.
How can Aestus Realty help me?
We can put your Short Sale proprety on the market quickly and get you results fast. Because we know the cities of Downey, Bellflower, Cerritos and surrounding areas so well, we have the local knowledge to get you the best possible outcome... selling your home and avoid foreclosure.
Don't wait to call us.
Your difficult situation will not improve or go away on its own. Take control of your real estate dilemma and let us help you. Call us today at 562-843-6031 for a no obligation consultation.
What's the difference between foreclosure & short sale?
Foreclosure is the worst available option to resolve your mortgage problems. A short sale is a popular option for homeowners to sell your home for less than what you owe your lender. Experts advise pursuing this option the minute you realize that you are falling behind in your payments and most likely won’t be able to catch up. The longer you wait and the greater the amount you are behind, the less likely it becomes that your lender will be willing to discuss a short sale.
Can I do this alone?
Facing foreclosure is a scary thing, and having a real estate agent to help you with your short sale is invaluable. Don’t just get any real estate agent to help you! We've had lots of short sale experience, and it makes all the difference. We know who to talk to, when to talk to them, and how to handle all the paperwork to get the deal done.
If you have real estate property in Downey, Compton, Bellflower, Lynwood, Lakewood, Artesia, Cerritos, Norwalk and nearby Los Angeles suburb cities, call me Jose Sarabia at 562-843-6031 or visit my website at : http://www.jmsrealestate.net/
It is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
What are the Benefits of a Short Sale?
You will retain dignity in knowing that you sold your home. There are no mortgage payments to make during the process, unless you choose to make them.
How can Aestus Realty help me?
We can put your Short Sale proprety on the market quickly and get you results fast. Because we know the cities of Downey, Bellflower, Cerritos and surrounding areas so well, we have the local knowledge to get you the best possible outcome... selling your home and avoid foreclosure.
Don't wait to call us.
Your difficult situation will not improve or go away on its own. Take control of your real estate dilemma and let us help you. Call us today at 562-843-6031 for a no obligation consultation.
What's the difference between foreclosure & short sale?
Foreclosure is the worst available option to resolve your mortgage problems. A short sale is a popular option for homeowners to sell your home for less than what you owe your lender. Experts advise pursuing this option the minute you realize that you are falling behind in your payments and most likely won’t be able to catch up. The longer you wait and the greater the amount you are behind, the less likely it becomes that your lender will be willing to discuss a short sale.
Can I do this alone?
Facing foreclosure is a scary thing, and having a real estate agent to help you with your short sale is invaluable. Don’t just get any real estate agent to help you! We've had lots of short sale experience, and it makes all the difference. We know who to talk to, when to talk to them, and how to handle all the paperwork to get the deal done.
If you have real estate property in Downey, Compton, Bellflower, Lynwood, Lakewood, Artesia, Cerritos, Norwalk and nearby Los Angeles suburb cities, call me Jose Sarabia at 562-843-6031 or visit my website at : http://www.jmsrealestate.net/
Subscribe to:
Posts (Atom)