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tampa bay: How to Dispute Credit Report Mistakes
- 02/12/13 11:11 PM
Here is a good article on how to dispute credit report mistakes. A mistake on your credit report (such as reporting a short sale as a foreclosure or reporting a late payment in error) can make the difference between being able to buy a house and not qualifying, or paying a higher rate on a car loan. An recent FTC study showes that 1 in 5 consumers have errors in their credit reports. Make sure you check your credit report with the 3 major reporting agencies - Equifax, Experion, and Transunion.
A Step-By-Step Guide to Disputing Credit Report Mistakes
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tampa bay: Did you know that you can buy a home with a Reverse Mortgage?
- 07/14/11 01:43 AM
I read a good article in the Wall Street Journal - Can A Retiree Get A Mortgage
A lot of people do not realize that a retiree can now use a reverse mortgage to purchase home. For some people (not everyone) this is a great solution! Lets say someone wants to retire and move to Florida, but they are on a limited budget. With a reverse mortgage (must be at least 62 years old) a buyer could purchase a home for $200,000 and put 35-45% down (approximately $80,000) and never have to make a mortgage payment for the rest of their … (2 comments)
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tampa bay: Short Sale Myth: I will have a deficiency no matter what happens
- 07/13/11 02:14 AM
Some homeowners looking to short sell their home think that they will have to repay their lender for the entire loss. It's unfortunate to see them stress out and lose sleep at night wondering how they will repay the debt.A short sale loss is usually a large bill for the average homeowner. They don't know how they will come up with that sum of money to repay the lender.The good news is that most homeowners will not have to repay the lender for the loss. Here is why:Most loans are owned or insured by Uncle Sam. Around 65-70% of all loans … (1 comments)
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tampa bay: FHA SHORT SALE - What Qualifies for a Hardship?
- 07/08/11 12:31 AM
We have a list of all of the things that FHA considers legitimate hardships for a short sale.
Click here to view the actual list from FHA. The good news is that if FHA considers something a hardship, then it is likely that most lenders agree.
Here is the list of things that FHA thinks are a legitimate hardship for a short sale.
* Death of Principal Mortgagor.
* Illness of Principal Mortgagor.
* Illness of Mortgagor's Family Member. Extraordinary medical expenses are part of the equation.
* Death of Mortgagor's Family Member. Extraordinary expenses are part … (0 comments)
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tampa bay: Can I Short Sale my home if I just bought another home to live in?
- 06/22/11 03:19 AM
This is a question that I have been hearing more frequently and the ANSWER IS YES! Let me share the following 2 scenarios:
1.) Sellers had their second child and needed a larger home and wanted to be in a better neighborhood to raise their family. They puchased a nice home in a great neighborhood and a few months later decided that a short sale was their best option in regards to their first home. They owed over $200,000 between 2 lenders and the house was worth less than $100,000. I listed the house for sale and submitted an offer of … (3 comments)
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tampa bay: Renting After A Short Sale
- 01/03/11 03:25 AM
When working with people who are thinking about short selling their home, I am asked the following question quite often:
Will I have any issues renting a home after I short sale my home?
I am in Florida where there is a high number of short sales and I haven't had 1 client have an issue renting a property. Most of the time the new landlord doesn't have any issues as long as they have a deposit and have a way to pay the rent.
My advice when renting a home is to be upfront and honest about your situation. Explain … (2 comments)
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tampa bay: Florida Short Sales: Tax Consequences and Insolvency
- 12/14/10 02:10 PM
I am one of the leading short sale agents in my area and I get asked the following question quite often:
If I short sale my home will I have to pay taxes on the debt forgiven?
Now I am not an accountant and the first thing I tell people is that they need to speak with their accountant. I will also show them where to find the IRS guidelines if they want to do their own research.
http://www.irs.gov/individuals/article/0,,id=179414,00.html
http://www.irs.gov/pub/irs-pdf/p4681.pdf
The first link discusses The Mortgage Forgiveness Debt Relief Act and Debt Cancellation. It explains how you qualify to not … (0 comments)
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tampa bay: Small Business Surge In Hiring - How Does This Impact The Housing Market?
- 12/01/10 04:18 AM
http://money.cnn.com/2010/12/01/smallbusiness/small_business_hiring_adp/index.htm
Small businesses added 54,000 jobs last month! This is a great sign for the housing market. Here in the Tampa Bay area our values have declined over 50% and are still declining. I always get asked "Has the market bottomed?" or "How much longer can it last?". My answer has always been to watch our local unemployment rate which has been over 12%. Once the unemployment rate starts dropping our housing market will start improving! We finally are starting to see some positive signs!
Steve Capen
Steve Capen & Associates - Keller Williams Realty
727-348-2211
steve.capen@gmail.com
www.stevecapen.com
www.pinellascountyshortsales.com
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Here is a good article on how to dispute credit report mistakes. A mistake on your credit report (such as reporting a short sale as a foreclosure or reporting a late payment in error) can make the difference between being able to buy a house and not qualifying, or paying a higher rate on a car loan. An recent FTC study showes that 1 in 5 consumers have errors in their credit reports. Make sure you check your credit report with the 3 major reporting agencies - Equifax, Experion, and Transunion.
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