Dear Friends,
Many have asked:
HOW LONG DO I WAIT TO BUY AFTER LOSING MY HOME?
Answer: The waiting period to buy a home after losing your existing home depends on your circumstance. Well, you already knew that, right?!? So here are a few different scenarios, but calling me now for a full review is the best method. My number is (832) 341 - 3066. Here is some information until we speak...
Fannie Mae revised its guidelines and now addresses separate waiting periods depending on the type of foreclosure. Moreover, if you have documented extenuating circumstances, this will have a direct bearing on the number of years you will have to wait to get a conventional or government (FHA, VA, etc.) loan.
Who or what is Fannie Mae?
The entity that holds great power in the conventional and FHA markets is Fannie Mae. They are America's largest mortgage buyer, a private corporation, which buys mortgage loans in the secondary market. The secondary market is where bank buy and sell loans amongst themselves for a profit. Because Fannie Mae would end up with the properties back if borrowers default, Fannie Mae has a strong interest in setting forth stable, realistic guidelines to lessen the chance a borrower will go into foreclosure. Unlike what we experienced the last five years of lending.
So what are Documented Extenuating Circumstances? Here is an example of what Fannie Mae may allow for extenuating circumstances, of course this list is a suggestion. Call me now and let's look at your scenario.
•Death (not yours, of course)
•Illness
•Job Transfer
•Accident Resulting in Severe Injury
Generally, extenuating circumstances are things that happen beyond your control, which dramatically affect your ability to continue making timely payments on your mortgage. With documented extenuating circumstances, the waiting period is less than without documentation.
Here are a few suggestions on the waiting Period to Buy After Foreclosure:
•Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
•Buying After a Foreclosure With Extenuating Circumstances
The waiting period is 3 years up to 7 years.
•Buying After After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
•Buying After a Deed-in-Lieu of Foreclosure With Extenuating Circumstances
The waiting period is 2 years up to 7 years.
•Buying After a Short Sale
The waiting period is 2 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. They want to promote you staying current on your payments while the home is on the market as a short sale which benefits you and the bank.
Fannie Mae and lenders are constantly updating with new guidelines. The above policies are in effect for loan applications submitted after August 1, 2008, please call me now to get you back on the path to home ownership!
Kind Regards
Namaste
Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Friday, May 7, 2010
Wednesday, April 21, 2010
First Time Home Buyers
Dear Friends,
There is WONDERFUL NEWS for First Time Home Buyers! First of all if you don't already know, the Tax Credit will expire June 30, 2010. Contact me now to get into escrow by April 30th so you beat the deadline!
Here are the latest First Time Home Buyer stats:
This information was brought to you in part from Brian and Steve of ThinkBigWorkSmall.
There is WONDERFUL NEWS for First Time Home Buyers! First of all if you don't already know, the Tax Credit will expire June 30, 2010. Contact me now to get into escrow by April 30th so you beat the deadline!
Here are the latest First Time Home Buyer stats:
- 42% of the market is First Time Home Buyers
- Between the ages of 25 to 30
- The foreclosure wave was set to accelerate in March
- Affordability
- Tired of paying rent
- Tax Credit
This information was brought to you in part from Brian and Steve of ThinkBigWorkSmall.
Friday, April 16, 2010
NO MORE STATE TAX ON FORGIVEN DEBT
Updated April 30, 2010
Dear Friends;
WONDERFUL NEWS!!!!
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law April 12, 2010, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principle residence. It includes both first and second trust deeds. It also included a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness’ tax consequences, go to Senate Bill 401 www.leginfo.ca.gov. I always want you to have the latest information and tools to help your family succeed. Contact me today to learn what I can do for you!
Kind Regards,
Mia Myeshia “MY” Harris
REALTOR®/Sr. Loan Officer
HomesWithMy
Se Habla Espanol.
NINGÚN IMPUESTO DE ESTADO MÁS SOBRE LA DEUDA PERDONADO
Estimado propietarios;
Propietarios de angustiados ya no tienen que pagar impuesto sobre la renta del estado de California sobre la deuda perdonada en una venta corta, la exclusión o la modificación de préstamo. Promulgado en el derecho, el 12 de abril de 2010, Senado Bill 401 alinea generalmente tratamiento de impuestos de California de ingresos de alivio de deuda de hipoteca con la ley federal. Para la deuda perdonada por un préstamo asegurado por una "residencia principal calificado", los prestatarios ahora quedarán exentos de ambas consecuencias de impuesto sobre la renta federales y estatales. La exención federal existente es de endeudamiento hasta 2 millones de dólares, mientras que la nueva exención de California es para endeudamiento hasta $ 800,000 y perdonado deuda hasta $ 500.000.
Endeudamiento "Residencia principal calificado" se define como la deuda contraída en adquirir, construir o mejorar sustancialmente de una residencia de principio. Incluye ambos hechos de confianza primera y segunda. También incluyó un préstamo de refinanciación en la medida en que los fondos se utilizaron para un préstamo anterior que se han clasificado de recompensa.
Los impuestos se aplican a las deudas despedidas entre 2009 y 2012. Californianos que ya han presentado sus declaraciones de impuestos de 2009 pueden reclamar la exención mediante la presentación de una enmienda de X de formulario 540.
Sin embargo, los contribuyentes que no califican para las exenciones anteriormente (por ejemplo, segunda casa o propiedad de alquiler) pueden ser exentos en virtud de otras disposiciones. En particular, los contribuyentes que están en bancarrota están exentos de impuesto sobre la renta del alivio de deuda. Además, los contribuyentes que son insolventes están exentos de impuesto sobre la renta del alivio de deuda en la medida de sus pasivos a corto plazo superan activos corrientes.
Para obtener más información sobre las consecuencias de fiscales de hipoteca perdón, vaya al Senado Bill 401 www.leginfo.ca.gov. Siempre quiero que tenga la última información y herramientas para ayudar a su familia de éxito. Llamarme hoy para aprender lo que puedo hacer para usted!
Atentamente
Myeshia "MY" Harris
Inmobiliaria® / Sr. Loan Officer
HomesWithMy
Dear Friends;
WONDERFUL NEWS!!!!
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law April 12, 2010, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principle residence. It includes both first and second trust deeds. It also included a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness’ tax consequences, go to Senate Bill 401 www.leginfo.ca.gov. I always want you to have the latest information and tools to help your family succeed. Contact me today to learn what I can do for you!
Kind Regards,
Mia Myeshia “MY” Harris
REALTOR®/Sr. Loan Officer
HomesWithMy
Se Habla Espanol.
NINGÚN IMPUESTO DE ESTADO MÁS SOBRE LA DEUDA PERDONADO
Estimado propietarios;
Propietarios de angustiados ya no tienen que pagar impuesto sobre la renta del estado de California sobre la deuda perdonada en una venta corta, la exclusión o la modificación de préstamo. Promulgado en el derecho, el 12 de abril de 2010, Senado Bill 401 alinea generalmente tratamiento de impuestos de California de ingresos de alivio de deuda de hipoteca con la ley federal. Para la deuda perdonada por un préstamo asegurado por una "residencia principal calificado", los prestatarios ahora quedarán exentos de ambas consecuencias de impuesto sobre la renta federales y estatales. La exención federal existente es de endeudamiento hasta 2 millones de dólares, mientras que la nueva exención de California es para endeudamiento hasta $ 800,000 y perdonado deuda hasta $ 500.000.
Endeudamiento "Residencia principal calificado" se define como la deuda contraída en adquirir, construir o mejorar sustancialmente de una residencia de principio. Incluye ambos hechos de confianza primera y segunda. También incluyó un préstamo de refinanciación en la medida en que los fondos se utilizaron para un préstamo anterior que se han clasificado de recompensa.
Los impuestos se aplican a las deudas despedidas entre 2009 y 2012. Californianos que ya han presentado sus declaraciones de impuestos de 2009 pueden reclamar la exención mediante la presentación de una enmienda de X de formulario 540.
Sin embargo, los contribuyentes que no califican para las exenciones anteriormente (por ejemplo, segunda casa o propiedad de alquiler) pueden ser exentos en virtud de otras disposiciones. En particular, los contribuyentes que están en bancarrota están exentos de impuesto sobre la renta del alivio de deuda. Además, los contribuyentes que son insolventes están exentos de impuesto sobre la renta del alivio de deuda en la medida de sus pasivos a corto plazo superan activos corrientes.
Para obtener más información sobre las consecuencias de fiscales de hipoteca perdón, vaya al Senado Bill 401 www.leginfo.ca.gov. Siempre quiero que tenga la última información y herramientas para ayudar a su familia de éxito. Llamarme hoy para aprender lo que puedo hacer para usted!
Atentamente
Myeshia "MY" Harris
Inmobiliaria® / Sr. Loan Officer
HomesWithMy
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