February 2010
How A FEW Are Profiting HUGELY From A Government Sweetheart Deal
February 17, 2010 by Financemyhome · Leave a Comment
If you haven’t been getting much success with a modification and wonder why-maybe this video will help explain things. As an agent who works really hard to keep people in their homes FIRST, I found this very upsetting. I can tell you many many people who would have stayed in their homes, albeit at a reduced payment if they had some payment relief. Instead, lenders foreclosed or forced a short sale and ultimately lost a lot more than the interest differential. It is sad to think that even one family might have had to leave their home because of a profit incentive that encourages it. Here is the video: http://www.thinkbigworksmall.com/mypage/archive/1/29027
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What Happens When They Come For YOU
February 17, 2010 by Financemyhome · Leave a Comment
While this posts title is just a play on the TV show COPS, it is possible that if you sell a home short or have a foreclosure that results in a loss, that the lender could pursue a deficiency judgement. In MN, they are doing this more often. The LAST thing I am giving anyone is tax or legal advice. Just be aware of the fact in MN, lenders can choose how they foreclosure. A judicial foreclosure can result in pursuing a deficiency vs a foreclosure by advertisement. There are resources like http://www.HOCM.org which provide Minnesota consumers with information and possibly assistance with trying to figure out options and repercussions. Research the Mortgage Tax Forgiveness Act of 2007, extended in 2009 until the end of 2012. Also call the IRS at 1800-829-1040 or visit them online at IRS.gov
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Items Necessary to Submit a Short Sale Package
February 17, 2010 by Financemyhome · Leave a Comment
Just because you owe more than your home is worth does not mean that you will be eligible to do a short sale. The key is being able to show that you qualify based on a acceptable hardship. The lender needs you to explain your situation in a hardship letter. With that, there are items they will need. These items include the following: A financial statement showing what your current assets are and what your expenses happen to be, A couple of recent paystubs if you are employed that show your year to date income, all pages of your bank statements, your two most recent signed tax returns, asset statements like 401K & IRA’s, and a list of any other liens that encumber the property title such as back real estate taxes, second mortgages, third mortgages, and IRS tax liens that are recorded against title.
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Minnesota Deficiency Judgements Due To Mortgage Defaults Appear To Be Increasing!! Be Careful!
February 11, 2010 by Financemyhome · Leave a Comment
I recently read an article about the banks pursuing judgements after a short sale or foreclosure. The Minnesota home ownership center is FANTASTIC. They have lots of great information. Here is the link to their article:
Minnesota Home Ownership Center: Sued – After A Foreclosure
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Open Source Documents-Unbelievable Resources-Find YOUR topic of Interest
February 2, 2010 by Financemyhome · Leave a Comment
If you’ve never visited http://www.Archive.org, you are missing a wonderful site. From this site, you will find many resources that are out of copyright and you can download and use them as you wish. You will find all the classics and some fun things as well. Just for fun, I have the download of a book called “Little Gardens” which is a book about setting up a garden on a city lot. This is just one of the MANY fun things you’ll find. You can download and watch old music, movies, and cartoons as well. Plan to spend some time on the site should you decide to visit, as it is very cool. Click here to download the book Little Gardens
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