nassau county: What Sellers should know about Long Island Short Sales
- 03/11/09 04:17 AM
If you are considering selling your Long Island home as a short sale, there is certain information you will need to have. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it. Here are some tips and strategies for homeowners that may be facing a short sale. 1. Hire a qualified … (3 comments)
nassau county: Big Break For First Time Homebuyers!
- 03/09/09 04:16 AM
While in office, President Bush signed the Economic Recovery Act of 2008 which provides a $7,500 Homebuyer Tax Credit that will be available for qualified purchases between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan). The IRS has issued a new Form 5405, First-Time Homebuyer Credit to incorporate provisions from the recently enacted American Recovery and Reinvestment Act. Under the new law, qualifying taxpayers who buy a home this year before December 1 can claim up to $8,000, or $4,000 for married individuals filing separately, on either … (3 comments)
If you are considering selling your Long Island home as a short sale, there is certain information you will need to have. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it. Here are some tips and strategies for homeowners that may be facing a short sale.;)
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