Mortgage and Trends
Mortgage information and current trends. This category covers Mortgage Applications, Delinquency; Foreclosure; Pre-foreclosure; Loan Modification and Short Sale Trends.
If the housing market was normal before you can be assured it will be a very long time before we return to that.
New FHA guidelines were issued on January 15 that is the best news yet to Short Sale Investors.
Sounds like things might be loosening up a bit? But Fannie Mae guidelines don't seem to be so consistent with this focus.
Most people understand that whenever there is a foreclosure or a Short Sale there may be tax consequences to the owner. Many times there will be a 1099, debt forgiveness or debt cancellation. This leaves them wondering as to how they are going to deal with all of that tax debt. The Mortgage Debt Relief Act of 2007 and the IRS tax Code – specifically publication 4681 – give homeowners and Investors guidance on how they can deal with potential tax issues after foreclosure or after Short Sales.
Did you know that the tax credit for home buyers is extended for those in the military? Armed service, intelligence service and foreign service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes – to May 1, 20ll.
As a real estate investor, I am involved in many
short sale flips. I negotiate the debt, buy and then
resell the property for a cash profit in a double
close.
A credit for current homeowners who purchase a new main residence between November 7 and April 30, 2010 was included in the bill President Obama signed into law last Saturday.
A $6,500 credit was added for other primary-home purchasers and raised qualifying income limits.
A homeowner received a Lis Pendens from a bank he didn't remember signing papers with. All of his mortgage statements came from another bank so he had questions.
Foreclosure activity slowed in Cape Coral-Fort Myers and Naples-Marco Island in the third quarter.
A report by RealtyTrac in Irvine, Calif., shows 13,206 foreclosure-related filings in Cape Coral-Fort Myers from July to September — or one for every 27 households. That was down 5.19 percent from the second quarter and down 2.19 percent from the third quarter in 2008.
In Naples-Marco Island, there were 2,997 filings last quarter, down 15.65 percent from the second quarter and down 4.49 percent from a year ago.
The report tracks notices of default, scheduled auctions and bank repossessions. New foreclosure cases are only part of the total.
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