Ilyce Glink Show Notes: Credit; Texas Consumer Complaint Center; Taylor Bean & Whitaker update; How to Profit From Foreclosure early bird special with discount; VA loan modification; loan modification hell; Clark Howard fill-in tomorrow.
Foreclosure or Short Sale? Which is better for the homeowner and the lender? A homeowner is underwater on her rental property mortgage and wonders if her lender will come after her for the deficiency if she walks away from her rental property mortgage. Lenders are processing so many foreclosures and short sales right now, that it's not likely a lender will spend the money to come after her for the deficiency. Most lenders would also prefer to have the borrower sell the home in a short sale rather than go through the hassle of a foreclosure. The lender can usually get more money through a short sale than they can by putting the homeowner through a foreclosure.
What makes a good credit score? What makes a bad credit score? How do you improve your credit score? Opening new lines of credit, using all of your available credit, making late payments, or not paying in full can all lower your credit score. The easiest ways to improve your credit score include keeping your credit accounts open for a long time, not opening new credit, having different kinds of credit account, and making your payments on time. Ilyce Glink shows how a credit score can be dropped very quickly, but it takes a long time to build up a good credit score. However, it is possible to improve your credit score over time.
IRA penalties for early withdrawals can be avoided. You can withdraw up to $10,000 from an IRA without paying a penalty. But the withdrawal can't be for more than $10,000, there can be IRA penalties for withdrawal. First time home buyers can withdraw money for their down payments without penalty if they are over the age of 59 1/2. However, IRA penalties for withdrawals will be triggered if you withdraw more than $10,000 or you are under the age of 59 1/2. First-time home buyers may want to take advantage of the IRA withdrawal rules, even if they have to pay taxes.
Will the $8,000 first time home buyer tax credit be extended? This and other questions about the first time home buyer tax credit are on the minds of home buyers as they try to figure out the best deal in the housing market. Should a daughter buy a house from her parents or should she use a quit claim deed? There are income restrictions and rules against buying from relatives under the first time home buyer tax credit regulations. How long do first time home buyers have left to find a house before the deadline to take advantage of the first time home buyer tax credit?
Should you pay your spouse's mortgage debt after his or her death? If your name was not on the mortgage, the lender cannot hold you personally responsible for your spouse's mortgage. Your spouse's estate will will be responsible for settling the mortgage debts after his or her death. However, you cannot keep living in the house without paying the mortgage. You must pay your spouse's mortgage after his or her death if you want to stay in the house.
A first time home buyer wonders what questions he and his wife should be asking when looking at a new development of townhomes. All buyers want to go to the table prepared, but first time home buyers need to be especially careful to do their research. Here as some new home buying tips you should consider.New developments require special consideration when thinking about buying, as a first time home buyer or otherwise. You must look at the value of the other properties, when it will be fully developed and what you expect out of your new home. It might be helpful for first time home buyers to work with an agent who has experience with new developments.
Taylor Bean & Whitaker Mortgage Company Update September 1, 2009. In this post, highlights from our conversation with the director of mortgage supervision from the Georgia Department of Revenue and with a spokesperson from Bank of American about the 100,000+ loans it acquired from Taylor Bean & Whitaker. We've also posted online a Taylor Bean & Whitaker customer welcome from Cenlar, one of several servicers assigned to pick up Taylor Bean & Whitaker mortgages. We also have a new directive from Fannie Mae that was posted today, plus answers to many of your questions and postings. Also, there's a link to all of the other Taylor Bean & Whitaker stories we've published.
Taylor Bean and Whitaker Mortgage Company update for September 1, 2009. In Georgia, real estate property tax bills are due today. Thousands of Taylor Bean & Whitaker Mortgage Company customers have not had their homeowners insurance premiums paid in two months. Here is the latest information from Sandra Sheley, director of mortgage supervision with the Georgia Department of Banking and Finance. Story contains additional article links, resources, phone numbers, and websites for more information.
Since Taylor Bean & Whitaker Mortgage Company shut its doors on August 5, 2009, hundreds of thousands of customers have not understood what is happening. We have information for those customers whose loans were not picked up by Bank of America but by CENLAR. This information is from the CENLAR website as well as from the Georgia Department of Banking and Finance. Check back frequently, as we will be updating the information as often as possible.
