Even if you have a property lost due to foreclosure or short sale and you might feel relief from being out from under your mortgage obligation, the cancelled amount must be included in your income tax reporting depending on circumstances.
Having low mortgage interest rates can be a drawback if the total interest and property taxes paid are below the amount paid for a standard deduction. If you plan a little you may be able to improve your situation at least every other year. Anyone that keeps tabs on their taxes knows that you can […]
Everyone knows that if you pre-pay your mortgage you can save a lot of money in interest and you will also build equity faster. Even though mortgage rates are low right now, they are still higher than what you can earn in a savings account. If you have a little extra money, then pre-paying your […]
It is no longer unusual to meet someone in your area who has had a foreclosure, short sale or bankruptcy. The recession has taken a toll on home owners across the country, as well as owners of Northern Virginia real estate. The big question on these people’s minds is, “When will I be able to qualify for a mortgage loan again?” The answer varies, because it depends on the financial route that has been chosen.
If you are looking for homes for sale in northern Virginia, consider purchasing one for an investment. Rental homes offer a high return on investment without the instability of stock market fluctuations, and are considered and IDEAL investment in this economy. The “IDEAL” acronym above illustrates the major advantages of investing in rental properties: Income […]
Fairfax VA – A homeowner – we’ll give him the alias Peter – recently asked me a question about foreclosures. Peter, who was facing foreclosure himself, asked, “I am six months behind on my mortgage payments. I just got the tax bill for 2010 in the mail. Should I pay it?” Peter asked me what […]
Fairfax VA – I recently wrote a post about how banks will lose more money through a foreclosure than a short sale. In fact, a recent study by Boston Consulting Group showed that a lender will net 20% more money on a short sale versus a foreclosure. The reason for this is because short sales […]
Fairfax VA -Recently I read a book by former real estate agent Robert Ringer. The book addressed the power of persistence in ensuring success. He told a story about phoning a call center and I’d like to share it with you. When he called, the first person told him that he wouldn’t be able to […]
Fairfax VA -Individuals facing foreclosure might wonder if it’s best to do a deed-in-lieu of foreclosure and just give their home back to their lender. A deed-in-lieu does have its benefits – for the lender that is. Lenders like them because it speeds up the foreclosure process. After all, a deed-in-lieu is basically like pleading […]
Thinking about a short sale, but can’t pay your homeowner’s association dues? Fairfax VA – Many people think that if they have any unpaid homeowner’s association dues, they are ineligible for a Fairfax short sale. This is not true. Typically, when you short sell your home, your lender will pay the association dues for you. […]
