Things To Do About an Upside-Down Mortgage
The decline in home values in many regions of the nation because 2006 has left many homeowners that bought homes or refinanced in 2003 through 2007 with a mortgage balance that is higher than the current value of the house….
What's a Short Sale Contingency?
Short sales are set up to ease a house sale once the mortgage balance is greater than the house is worth. Hence, the homeowner could owe more money to the bank than the house would yield. In a short sale,…
What's Rent?
The house on the cul-de-sac includes a”For Sale or Rent” sign on the front lawn. Even though you can pay monthly lease, your previous credit problems make it unlikely that a creditor will approve you for a mortgage. You determine…
What Are the Guidelines on Closing an FHA Loan?
To close on an FHA-insured mortgage loan, homebuyers must meet specific requirements which aren’t always present in traditional mortgage loans. Buyers need to stick to these tips if they want to ensure that their home-loan closure proceeds as easily as…
What Are the Disadvantages of a Short-Sale Mortgage?
Short sales are the most important alternative to foreclosures for homeowners who can not afford their mortgage and do not qualify for financing modification or mortgage refinance. They’re a last-ditch resort to prevent the worst effects of a foreclosure. The…
How Can I Get a Mortgage With A Single Late Credit Card Payment?
You’re prepared to purchase your dream home. The problem isthat you recently missed a credit card payment. You know that missed payment has made its way to your own credit report, and you stress that this blemish may hurt your…
What Is the Difference Between a HELOC & a Home Equity Loan?
HELOC stands for home equity line of credit. The credit line allows a homeowner to tap into existing equity to obtain money. Home equity loans also use existing home equity as security in exchange for money. Banks approve HELOCs and…
How to Account for the Cost of Building & Real Estate Taxes
If your company bought a building for business use, you must account for the price of the construction and the real estate tax due on the construction each year. The Internal Revenue Service (IRS) considers a building a capital asset,…