Question by Penny76: Has anyone been able to get a Fannie Mae loan modification?
My mortgage is current and always has been. I believe I meet all the requirements for a loan mod. I have applied through my credit union twice and have been turned down twice. Obama made it sound like everyone that met making home affordable requirements could get one! Do I need to skip a payment? I’m barely making it from paycheck to paycheck!
Best answer:
Answer by Rebecca
Then you are over extending and need to sell and buy a home you CAN afford. The Credit Union surely gave you a reason for the denial for TWICE already. Don’t ruin your credit by skipping payments then finding out you still do NOT qualify.
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Question by Dave: Foreclosure Prevention Methods – Can the owner do a short sale on their own property?
If some lenders are willing to take less from an outside investor, approved would they consider doing this directly from the owner? Possibly taking less for the home and refinancing it for the owner?
We have not started foreclosure. In the last 6 months we have negotiated missing one payment and repaying another over 6 months. The mortgage has not been 1×30 as of recently, ask but was 1×30 about 6 months ago.
Forgot to mention, visit yes we would like to keep the house and there is about 10-15% equity. Selling would not work, since hard prepay is very high, plus agent fees and other fess.
Best answer:
Answer by DJ B
No, they want what you promised to pay. They aren’t in the charitable business. If you default, it’s foreclosure. You could consider deed in lieu of foreclosure, but some companies aren’t accepting that. They want their money. Keep in mind as well, they could file a personal judgment lien or file a 1099 with the IRS for the balance if the property sells for less than the mortgage balance. If you need help call this number 888-995-HELP. It is a HUD approved counseling service that may be able to help you.
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Question by gianinni: Best way (affordable) to purchase a home?
My girlfriend and I are both 56 years young and neither of us have ever purchased a home…What is the best way for us to go? Our present landlord has offered to sell us the house and we are seriously thinking about it. I thought asking all you fine people for advice would be the best place to start…thank you.
Best answer:
Answer by alterfemego
I suggest you contact several local lenders to see what you qualify to purchase. Each lender will have different programs and you need to select the one that best suits your financial situation. You could write an offer on your own, treatment or have a Realtor help you. Or hire an attorney.
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Mortgage Rates: Italy's Election May Have Positive Results on Loan Rates
Current FHA 30 year fixed mortgage interest rates are as low as 3.250%, pharm FHA 15 year fixed mortgage rates are as low as 2.750% and FHA 5/1 ARM loan rates are as low as 2.250%. While FHA loans are especially popular with first time home buyers because …
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Raising FHA's Game
However, like it or not, the FHA may have averted an even steeper decline in housing prices and higher mortgage rates had it not stepped in during the crisis when private capital evaporated from the market. Recent Congressional testimony by Julia …
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Question by BP: Tax implications for cash purchase of second home for family member?
My mother just inherited a large amount of money from her father’s death. She has offered to finance a home for me, information pills as my credit is a little screwed up from my ex-wife. I can afford the house and I’ve done all the research I know to find. She is paying cash and she and I will be entering into a mortgage contract. My question is this: what are the tax implications for her in the state of WI (property tax, more about income tax, viagra etc…)? Thanks for your help!
Best answer:
Answer by Bash Limpbutt’s Oozing Cyst©
1. She buys the house for cash.
2. She sells it to you with an owner carry mortgage at market rates. All backed up by a standard mortgage contract. Just as if it was a loan from a bank.
3. She records the mortgage or trust deed to protect her security interest. Just like the bank would.
4. You make regular monthly payments on the mortgage, just as you would if it was a bank loan.
5. You deduct the property taxes and mortgage interest that you paid. Since this is an owner carry, you show mom’s name, address and SSN on Schedule A.
6. Moms reports the interest on her tax return on Schedule B, showing your name and SSN as payer.
No worries, it’s done all the time. Steps 5 and 6 are the only significant differences from a commercial loan.
Oh, yeah, one other point. Since you bought it from your mother, you do NOT claim the First Time Home Buyer credit. You could still claim the credit if YOU bought the home from the seller and mom only provided the mortgage money. This is also common practice, and in fact is how my dad and brother financed my brother’s first home.
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Housing Commission: Reverse Mortgages and Alternatives Must Remain …
Despite the hold placed on the fixed rate standard reverse mortgage product under FHA's insurance program, visit web other products remain available and additional products will be needed, the report states. The report was received by housing stakeholders and …
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FHA Official: More Reverse Mortgage Change Coming by August
Despite the suspension of the Standard fixed-rate product coming in April, the Federal Housing Administration (FHA) expects to make additional changes to its reverse mortgage program by August of this year. These changes will arrive regardless of …
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FHA to Halt Fixed Rate Standard Reverse Mortgage Starting April 1
“To help sustain the program as a viable financial resource for aging homeowners, the HECM Fixed Rate Saver will be the only pricing option available to borrowers who seek a fixed interest rate mortgage,” FHA stated. “Using the HECM Fixed Rate Saver …
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