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June 2010 Blog Posts (6)

Foreclosure vs. Short Sale = Lose vs. Lose

Foreclosure is one of two ways to unload your burden, but with that you may be stuck with a balance owed if your property does not 'auction' for enough to cover your balance. Even if the mortgage lender 'forgives' the balance owed, THE IRS WILL NOT. The IRS counts any monies owed but forgiven as Reportable Income. Ask me how I know? Been There! Had I not had my Form 1099 in 2002 proving that my townhome sold for enough to cover the balance, the agent…


Added by Dianne McNair on June 23, 2010 at 4:54pm — No Comments

75% of modified home loans will redefault

75% of modified home loans will redefault

by Les Christie

Most borrowers who have had their mortgages modified through a government-sponsored program will redefault within 12 months, according to a report released Wednesday.

Between 65% and 75% of loans that are modified through the Home Affordable Modification Program but not backed by the federal government are likely to go bad, according…

Added by BBT Real Estate Group on June 21, 2010 at 9:05am — No Comments

After foreclosure: How long until you can buy again?

After foreclosure: How long until you can buy again?

by Les Christie

Walking away from a mortgage you can still afford to pay has consequences; everyone knows that. Your credit score is shot and it can be impossible to get credit.

Some homeowners, no doubt, believe that the credit score hit is worth getting out from a deeply underwater mortgage. They may owe, say, $500,000 when their house value is only valued at… Continue

Added by BBT Real Estate Group on June 16, 2010 at 8:00am — No Comments

Short Sales can Benefit Everyone

Stop Pre-foreclosure Fears with Short Sales

by Real Estate Zoo

Are you behind on your mortgage payments? Can’t catch up with the bills no matter what you do? Is the bank sending you letters that say your home loan is in pre-foreclosure? Don’t panic. Many people across the country are going through the same situation right now.… Continue

Added by Short Sale Guru on June 15, 2010 at 8:43am — No Comments

The best time to sell your house

The best time to sell your house

The housing market's seasonal swings are just one of the factors you'll want to take into account when you pick your the time of year to sell your home.

Everything has a season – including selling your house. Listing at the right moment could mean more money in your pocket.

Traditionally, spring is the hottest season for real estate. Sales peak in April and May…

Added by BBT Real Estate Group on June 7, 2010 at 10:00am — No Comments

Should you rent or buy?

Should you rent or buy?

Is it better to buy or rent in Omaha, Neb.?

If you guessed buy, you'd be wrong. According to the new Trulia Rent vs. Buy index, it makes more fiscal sense to rent in this farm city due to the huge gap between rental and purchase prices.

Until recently, the perennial real estate question of…

Added by BBT Real Estate Group on June 3, 2010 at 7:20am — No Comments

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