Question by i w: Refinance: mortgage is 280K property value is only 230K. Do you know anyone who can refinance this?
The mortgage resets in another 2 months and the payment will go up about $ 500. Is their any plan to refinance this mortgage???
Best answer:
Answer by ritu w
Here is an excellent site with some wonderful options 4 U. Check it out……..http://lnk.in/56f2
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Question by MightyMoose: What are the tax implications of taking a lender-approved loss on my home?
We recently moved for family and employment reasons from Phoenix, AZ, to San Antonio, TX. We have only owned our home in Phoenix for two years, and in that time, it’s value has decreased by at least $ 80k. We have been offered the option of a “short sale” by our lender, but I don’t know what the tax implications of that are. What would we end up paying in taxes if we had a “debt forgiveness” of $ 50k from our lender?
Best answer:
Answer by Elsa D
You simply have to pay the income tax for your state and the IRS for that amount. They give you a 1099
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Question by : When you refinance your mortgage do “they” require a down payment?
We are going through a broker. When you refinance your mortgage, do they request a “down payment” toward that as if it were a new mortgage? We live in Canada. The housing market is still pretty strong.
Best answer:
Answer by Karen
Mortgages are granted based on a loan to value ratio. Presumably you have had your mortgage for a while and you how a pretty good value there, so no you would not have to make another down payment. However! You will be required to pay closing costs all over again, including getting an appraisal and anything else the lender wants to see. So before you sign on the dotted line, calculate how fast you will be able to get your money back (the closing costs), founded on how long you believe you will stay in the house. Most populate don’t stay in a house past 5-7 years. Good luck.
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Question by : Who paying closing costs on a lender owned home?
Would it be the bank selling that home or the buyer? Or just does it take a tough negotiator to make the bank pay?
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Answer by Chrys
You do…the bank is going to pay NOTHING…they don’t negotiate either. You buy foreclosed you buy what you see, and what the bank wants.
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