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Did you know that if you are upside down on your home and process a short sale, that the amount that the bank forgives is scheduled to become taxable in 2013? That means that, for example, if the bank forgives say, $100,000 in order for you to sell you home, that $100,000 would ... [Read More]
Image by 401K via Flickr
Did you know that if you are upside down on your home and process a short sale, that the amount that the bank forgives is scheduled to become taxable in 2013? That means that, for example, if the bank forgives say, $100,000 in order for you to sell you home, that $100,000 would be taxed at your tax rate. For a person in the 25% tax bracket that means they would owe $25,000 to Uncle Sam. If you are having trouble making your payments, I can think of no better reason to do a short sale in 2012. Contact us today. You do have options!
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There are 2 answers to this question. 1. Home values are likely to fall another 4 to 5%. 2. It depends on many factors. Most economists seem to agree that 2012 is likely to be a flat to slightly down market in terms of values. However, ... [Read More]
http://economistsoutlook.blogs.realtor.org/2011/09/28/financial-industry-corporate-profits/
Why? Uncertain regulation by the Feds. Our current administration needs to, in my opinion, find ways to provide confidence in our markets and the future. Unfortunately, I think this means the need to cut the government spending back to the Clinton levels. We just cannot sustain the current spending levels. Another thing ... [Read More]
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Does it feel like the current poor real estate market just keeps getting worse? The real estate bust followed by the “Great Recession,” the “Jobless Recovery” and now the threat of a “Double Dip Recession?”
Weren’t we assured that home values were destined to go up and up and up? Failed assurances are on the ... [Read More]
Image via Wikipedia
Does it feel like the current poor real estate market just keeps getting worse? The real estate bust followed by the “Great Recession,” the “Jobless Recovery” and now the threat of a “Double Dip Recession?”
Weren’t we assured that home values were destined to go up and up and up? Failed assurances are on the news every night.
Here’s the bottom line: the choices that homeowners make when they feel they are at the end of their rope will have ramifications for years to come on their ability to qualify for credit, their job prospects, their security clearance and their overall finances. When a family’s financial trajectory is rapidly heading in a negative direction, there’s no substitute for the helping hand of a knowledgeable expert who has the integrity, the experience and the training to reverse the course—someone who is tapped into regulatory initiatives and can separate fact from fiction.
It is my mission to serve as a credible source of information and perspective to homeowners who have found themselves in a tough situation and need help sorting through their options. That’s why I sought out the Certified Distressed Property (CDPE) designation—the most renowned and recognized credential in the distressed property field, and it’s why I continue to stay on top of regulatory and industry developments that impact options available to homeowners who are struggling with their current financial situations.
My message to homeowners who do not know where to turn: there is hope. Foreclosure is not inevitable and neither the government nor your bank wants to see that happen. No one expected to find themselves on the brink of foreclosure, but I have worked with countless clients who have managed to turn their financial trajectory around and get on a path of financial recovery.
It CAN be done! And it would be my privilege to help. I have help many homeowners avoid foreclosure and I can help you. I have assembled a team that can help you through the short sale process, help you with repairing your credit so that in a short time you will be ina position to own a home again. Call, we can help!
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The Italian District of San Francisco which is more commonly known as North Beach is bordered by Chinatown and Fisherman’s Wharf, in a valley between Russian Hill and Telegraph Hill.
Famous Washington Square is overlooked by the equally famous Saint Peter and Paul’s Catholic Church. the square is one of the few open space public parks ... [Read More]
If you ever driven down Market Street towards the water, you’ve probably noticed a San Francisco landmark, the San Francisco Ferry Building. Here’s a link to a map: Map. The clock stopped when the Loma Prieta earthquake hit on on October 17, 1989, at 5:04 p.m. PST and stayed that way until repaired awhile later. ... [Read More]
If you ever driven down Market Street towards the water, you’ve probably noticed a San Francisco landmark, the San Francisco Ferry Building. Here’s a link to a map: Map. The clock stopped when the Loma Prieta earthquake hit on on October 17, 1989, at 5:04 p.m. PST and stayed that way until repaired awhile later. It was a gentle reminder of what we all went through that day, here in the Bay Area. The present structure, designed by local San Francisco architect A. Page Brown, opened in 1898, replacing its wooden predecessor, and survived both the 1906 earthquake and the 1989 earthquake with amazingly little damage. Until the completion of the Bay Bridge and Golden Gate Bridge in the 1930s it was the second busiest transit terminal in the world, second only to London’s Charing Cross Station. It served as the embarcation point for commuters to San Francisco from the East Bay who rode the ferry fleets of the Southern Pacific and the Key System. A loop track existed in front of the building for streetcars. A large pedestrian bridge also spanned the Embarcadero in front of the Ferry building until the late 1940s.
After the bridges opened, and the new Key System trains began running to the East Bay from the Transbay Terminal in 1939, passenger ferry use fell sharply. In the second half of the twentieth century, although the Ferry Building and its clock tower remained a beloved part of the San Francisco skyline, the building interior declined. Over the years, the ticketing counters and waiting room areas were partitioned into office space. The formerly grand public space was reduced to a narrow and dark corridor, through which travelers passed en route to the piers. Passengers had to wait on outdoor benches, and the ticketing booths were moved to an area on the pier.
With the construction in the late 1950s of the Embarcadero Freeway which passed right in front of the Ferry Building, views of the once-prominent landmark from Market Street were greatly obscured and pedestrian access to it became somewhat of an afterthought. When this double-decker elevated structure was demolished in the aftermath of the 1989 Loma Prieta earthquake and replaced with a ground-level boulevard, the barrier, both literal and psychological, between a significant portion of San Francisco’s historic waterfront and the rest of the city, was now gone, and access to Justin Herman Plaza and the foot of Market Street, which the Ferry Building had been such an integral part of for so many decades, was restored.
Here’s a video from after the 1906 Earthquake: video.
The current Real Estate Market is a difficult one. Credit is hard to come by and the upgrade home buyer is scarce. This is no surprise with most home owners in California underwater or upside down. Their mortgage debt is more than the value of the house.
This is a good time to utilize a creative ... [Read More]
The current Real Estate Market is a difficult one. Credit is hard to come by and the upgrade home buyer is scarce. This is no surprise with most home owners in California underwater or upside down. Their mortgage debt is more than the value of the house.
This is a good time to utilize a creative home purchase program called a Lease Option contract. Lets face it, if your credit is bad right now you will need time and work to get it back. So, why not put time on your side and let your monthly rent payments work for you.
What Is a Lease Option?
Lease options are a way to buy and sell homes without an immediate conventional mortgage. It gives buyers who can’t qualify for a mortgage the opportunity to get into a home right away. Then they have time to improve their credit and build up a down payment. Some components of the Option Contract establishes the price of the home, how much money accumulates each month toward purchase and how long the buyer has to purchase the home before the contract expires.
Advantages for the Buyer:
Here are some of the advantages when buying on a lease option:
1. The buyers can get into a home now, even if they can’t currently qualify for a mortgage.
2. It gives them time to improve their credit and build up a down payment.
3. They are not obligated to purchase the home at the end of the option if they decide: this home is not right for them, or if the real estate market changes significantly.
4. The buyer can end up with instant equity if the purchase price is well below the value of the house when the contract is exercised.
5. The monthly rent payments help accumulate money to be used in the transaction when the option is exercised.
6. The buyer gets to know everything about the house and the neighborhood first hand before buying.
The lease option is a great tool for buying a home. It is important to know all the in’s and out’s before entering into the contract. Be sure all of your questions are answered, and talk to a Realtor to see if its right for you.
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If your credit ratings are suffering because of mistakes on your credit report, it is your right to have it corrected at no cost. Credit bureaus are legally required to investigate disputed information by contacting the creditor that originally supplied them with the information. Keep in mind that the three major credit bureaus — Experian, ... [Read More]
If your credit ratings are suffering because of mistakes on your credit report, it is your right to have it corrected at no cost. Credit bureaus are legally required to investigate disputed information by contacting the creditor that originally supplied them with the information. Keep in mind that the three major credit bureaus — Experian, Equifax and Trans Union — usually have the same information for each consumer file, but not always. You need to contact the bureau that shows the error and provide the required documentation.
Factual information cannot be removed from a credit report, and the credit bureaus will not automatically remove information from your report just because you dispute it. You have to prove that information is wrong with supporting documentation before a credit bureau will correct a report. Under the Fair and Accurate Credit Transaction Act (FACT Act), a credit bureau must remove or modify a disputed item within 30 days if it is found to be inaccurate, incomplete, or unverifiable after a reasonable investigation.
No one knows your credit better than you do. So, it is imperative that you take charge and clean up your report. It not only effects your ability to buy a house, but it also reflects on interest rates you pay, and now more than ever your ability to get a job.
Contact information for the three major U.S. credit bureaus:
Experian: P.O. Box 2002, Allen, TX 759013. (888) 397-3742, www.experian.com
Trans Union: P.O. Box 1000, Chester, PA 19022. (800) 888-4213, www.transunion.com
Equifax: P.O. Box 740241, Atlanta, GA 30374. (800) 685-1111, www.equifax.com
At www.annualcreditreport.com, you can request a free credit report once every 12 months from each of the credit-reporting companies listed above.
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