If you purchase a foreclosed property, that decision can be a great financial decision. The investment can pay off if you buy the right property, at the right time and in the right location but you need to make sound financial decisions.
US Senator Johnny Isakson, R-Ga., introduced legislation that would expand the first-time home buyer tax credit to include all home buyers, and increase the credit the $15,000. The legislation proposed by Isakson to increase the home buyer tax credit also removes income limits and closing deadlines.
Prepaying your mortgage may not be right for you. For some homeowners, they can refinance once, twice or many times during the time they own a home. If they are about to retire, they certainly have financial choices and decisions to make. One of the choices might be to ensure that they are debt free for retirement. For some people, having more money to spend is better than being debt free. This reader believes he will outlive the term of his loan so he shouldn't worry about the debt. He doesn't need to be debt free. He can borrow today, spend today and have someone else worry about the debt later.
When money is tight, you might be unable to prepay your mortgage. But at other times, you can cut years of the length of your mortgage by making small prepayments. If you are retired and need cash in hand, making loan prepayments may not be right for you. If you need to borrow at rates higher than your current mortgage, you shouldn't. This reader was able to manage his finances and his mortgage loan and over time was able to pay off his mortgage loan early.
To obtain the $8,000 federal income tax credit this year, you must be a first time home buyer. If you aren't a first time home buyer but have not owned a home during the last three years, you may qualify. If you are married, the restriction on owning a home may subject you and your spouse to the restriction. You must purchase the home this year or until December 1, 2009. You will also be subject to certain income limits or you will not qualify for the tax credit.
President Obama's Making Home Affordable Program attempts to assist homeowners in default or late in their mortgage payments. It also is intended to assist people that may have difficulty paying their mortgage payments. For some unemployment, medical expenses, the economic crisis, the housing crisis, among other factors have created a situation that requires homeowners to seek help with their lenders. However, there are lots of scams out there to hurt people. Even in bankruptcy, you can get hurt. Make sure you seek help from a HUD certified housing counselor.
For some, buying a fixer-upper and trying to flip it or refinance it is still the name of the game. But once you have fixed it, you need to find financing. You can try to refinance the home. Or you can try to get a conforming loan along with a home equity loan or line of credit (HELOC). You may have options, but you need to find the right lender. You need to make sure that the home has enough equity to refinance and that the appraisal of the home meets or exceeds the amount required to refinance the property.
RealtyTrac released today the May 2009 foreclosure numbers. Nevada tops the ratings with 1 in every 64 housing units receiving a foreclosure filing, m...
RealtyTrac, the leading online marketplace for foreclosure properties released its May 2009 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 321,480 U.S. properties during the month, a decrease of 6 percent from the previous month but an increase of nearly 18 percent from May 2008. The report also shows that one in every 398 U.S. housing units received a foreclosure filing in May.
New scams are popping up this Spring like daisies. According to the Federal Bureau of Investigation (FBI), a new scam is making the rounds, and it is targeting ethnic business owners, particularly those of Asian descent. If you get a telephone call where the person at the other end sounds like he or she has your personal or business information, and threatens you, get as much information as you can, and then call your local FBI office.
