Short Sale and Real Estate Taxes
Whey you go out and buy real estate, you should make sure you understand the process of buying a home and surround yourself with a competent real estate attorney, real estate agent and mortgage broker or lender. You should do that and more if you decide to move forward and buy a short sale home or…
Short Sale Process Halted Due To Tax Lien
A short sale purchase can be derailed by many issues: a lender that refuses to cooperate, a seller that refuses to submit information to his or her lender, a problem with the title to the home, a contractor lien placed on the home, and even a tax lien placed on the home. Some of these issues can be…
Short Sale Process Problems Arise When Contractor Liens Home
Short sales, foreclosures and other purchases of real estate can always lead to problems. One risk in buying a home in foreclosure or from a seller in a short sale is that the seller or the bank owner had work done on the property and the contractor never gets paid. The contractor, in this case a…
Contractor's Liens and Foreclosures
Worried about contractor's liens? When you buy a foreclosure, check to see if there are any contractor's liens against the property that have survived the foreclosure. Often, the lender will wipe out all other subordinate liens, including contractor's liens, in the foreclosure process. But in some…
How Does Negative Information Affect Your Credit Score?
Your credit score is determined by looking at a combination of information from credit cards, available credit, payment history, and other financial information. Negative information like bankruptcies and liens can drastically lower your credit score, but the information won't stay there forever…
What Kind of Accounts are on Your Credit File?
Ever wonder what magical formula credit reporting bureaus use to figure out your credit score? It's not random, certain accounts are on your credit file and other accounts aren't. Things like utility payments and gambling debts aren't on your credit history, but anything from a financial institution…
Homeowners Struggling With A Second Mortgage Get Some Help
Homeowners with a second mortgage may qualify for some additional relief with the Second Lien Program under the Making Home Affordable Program.
The Treasury Department estimates that up to 50 percent of at-risk mortgages currently have second mortgages. The Second Lien program may potentially reduce…
Second Mortgage Assistance Announced By Obama Administration
I find it extraordinary how much government intervention there has been into the housing market and helping homeowners. If only this would happen for those of us with crushing student loan debt at a 6.8 percent interest rate...
But I digress...
The Obama administration announced today assistance for…
Use Quit Claim Deed To Retain Property After Divorce
Should you add your future spouse's name to property you bought prior to your marriage? If you add your future spouse's name to your house deed or title, that gives your future spouse some ownership of your house. If the marriage ends in divorce, you may ask your spouse to sign a quit claim deed…
Selling Home Could Affect Medicaid
When you hold the title to a home it's considered your asset and Medicaid will take that into account when determining your benefits. What can you do to avoid Medicaid putting a lien on a home that you own but don't live in? How can you ensure that a family member can continue to live there and…
Property Lien Destroys Home Sale
When you buy a home you hope that the title insurance company will find all liens against the property in doing the title search. When you discover a lien on your home after closing, it could unravel the sale. To protect yourself it's critical to have the right kind of title insurance, to protect…
Bank May Put Lien On Home For Bad Auto Loan
If you fail to make payments on an auto loan it's possible for the auto lender to try to recover the money you owe on the car in other ways. The bank can put a lien on your home if you owe them money for another debt such as an auto loan. The lien remains on the home until you repay the auto loan…
Refinancing Difficult With Lien
When you want to refinance a mortgage you should have a clear title to your property - there should be no lienholders. If someone holds a lien to your property it means that you owe them money and your property is collateral for your debt. Before refinancing you'll need to take care of this lien…
Foreclosure Affects Neighbor's Lien On Foreclosed Property
What's the effect of a foreclosure on a property lien? If you have a lien on a property and the bank forecloses do you lose your claim to that property? It depends on your state's laws regarding liens and foreclosure. The mortgage lender also has a lien on the property and once the property is sold…
ThinkGlink Radio Show for Dec 28, 2008
This week on the Ilyce Glink Show, Ilyce talked about taxes and tax changes for 2008. She also ran down the numbers that defined 2008 economically. She took questions on how to get an income tax lien removed (taxes had been paid on time), how to prevent a bonus from being taxed at 42 percent, what…
Short Sale Buyer May Lose Money
In a short sale, a bank agrees to let a homeowner sell a home for less than what the homeowner owes the bank on the mortgage. But what happens when a short sale falls through -- when the home seller changes his mind at the last minute? The short sale buyer may lose money on an uncompleted short…
Creditors Collect Assets Owned By Incarcerated Debtors
Can a creditor put a lien on your house or property if you're in jail? If a creditor is able to get a judgment against a debtor, the creditor can go after assets owned by the debtor: bank accounts, cars and real estate. Whether you're incarcerated does not matter, but most states have time limits…
IRS Announces Help For Homeowners In Financial Trouble
The U.S. Internal Revenue Service just announced that it will allow homeowners to apply to make their mortgage loan the primary lien against their homes and if they have a tax lien on the home as well, it can become the secondary lien.
A lien is a claim that another party has on your property. Your…
A divorced woman wants to make sure the property she's buying from her ex-husband does not have any outstanding liens. Liens may include mortgage loans and home equity lines of credit or HELOCs. An attorney can also help sort out whether there are any outstanding liens and ensure that the title is…
Lien Protects Personal Loan For Home Financing
If you're considering lending money to someone for help with home financing, is a lien on the property the best choice? By placing a lien on the home, or obtaining a mortgage from the home buyer, you can protect your loan during times of uncertainty. When the loan is repaid in full, the lien will be…
Missing Second Mortgage Payments Could Lead To Foreclosure
Because a second mortgage is a lien, missing second mortgage payments could lead to foreclosure. When the home sells, the owner will not get any proceeds until the lenders for both loans have been paid off. If you cannot afford your second mortgage, you can try to work with your lender or a credit…
Contractor Files Lien To Get Payment For Work On Home In Foreclosure
Can a contractor collect payment from a mortgage company that owes for work on a fire-damaged home that has since been foreclosed on. The contractor nearly finished the work and then the mortgage company foreclosed on the home and halted payment to the contractor. Can the contractor file a lien to…
A short sale means that the buyer is offering less than what is owed on the existing mortgages. The funds in the deal will be "short" the amount needed to pay off all of the lenders and closing costs. To complete a short sale transaction, all lenders must agree to accept less than what they are…
Second Mortgage Lender May Cause Short Sale To Fail
When you're selling a home and you have two mortgages, you have to work with both mortgage lenders. Your mortgage lenders are among the parties who negotiate a short sale. If one of the lenders who negotiates the short sale does not agree, the short sale may not occur. Second lien holders such as…
Lien Stalls Real Estate Contract
A husband says his wife has a pending sales contract her home and her ex-husband's divorce attorney has placed a lien on the home for attorney's fees. The husband wants to know how to deal with the lien, which is a claim to the property. The best be would be talking to the couple's real estate…
