Qualifying for a "short sale," that is a sale that is "short" of what you owe the bank, requires two critical first steps:
1. A personally written letter of hardship telling them what's happened to get you into this mess, and 2. an up to date financial statement.
That means the last two pay stubs and last two months bank statements, plus an updated list of expenses. Think of it as a simple "fill in the blanks" exercise. Include regular monthly expenses even if you cant pay them right now.
Homeowners Insurance (if not included in your mortgage)
Real EState Tax
Heat, Electric and other Utilities
Groceries
Lunches
Transportation, Parking, Tolls
Clothing
Dry cleaning/ Laundry
Cell Phone
Internet Service
Association Dues
Recreation/Spending Money
Charitable donations
Car Payment
Gas
Other Expenses
Total Expenses:
A. Total Monthly INcome
B. Total Monthly Expenses
C. Residual Income
Balance in 401K______ Cash Value of Stocks__________
Balance in IRA_______ Other Valuables to be sold:_____________
Cash on Hand________ Other Mics. Assets__________________
If you think your home will sell for less than you owe the bank you need a realtor who is a CDPE, a Certified Distressed Property Expert, with experience helping people through this process.
Tuesday, November 24, 2009
Tuesday, November 10, 2009
First Time and Repeat Home Buyer Credit
One of your Chicago home buyer's needs is finding the right mortgage broker. Below is the explanation of the $8000 First Time Home Buyer Extension and the Repeat / Move Up Home Buyer Tax Credit. I received it from Mark Mieczkowski, one of my mortgage service providers. Mark has helped a number of my clients to find the right mortgage program. http://www.bancgroup.com See the explanation on how you can qualify for the Tax Credit! Of course, be sure to contact me to help you find your home! Just call or text me 312 342 9333 and I'll get right back to you.
Mark writes
$8,000 First Time Home Buyers Credit
1. For people who have not owned a primary residence in the last three years.
2. This is a credit that does not have to be repaid.
3. The credit is equal to 10% of the home's purchase price up to a maximum of $8,000.
4. Applies to sales from Jan. 1, 2009 until April 30, 2010. If a binding sales contract is signed by April 30, 2010, a home purchase closed by June 30, 2010 will qualify.
5. For homes purchased before Nov. 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
6. For homes purchased after Nov. 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move Up/Repeat Home Buyer Tax Credit
1. To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
2. This is a credit that does not have to be repaid.
3. The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.
4. It applies only to homes priced at $800,000 or less.
5. Applies to sales from Nov. 6, 2009 to April 30, 2010. If a binding sales contract is signed by April 30, 2010, a home purchase closed by June 30, 2010 will qualify.
6. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Mark writes
$8,000 First Time Home Buyers Credit
1. For people who have not owned a primary residence in the last three years.
2. This is a credit that does not have to be repaid.
3. The credit is equal to 10% of the home's purchase price up to a maximum of $8,000.
4. Applies to sales from Jan. 1, 2009 until April 30, 2010. If a binding sales contract is signed by April 30, 2010, a home purchase closed by June 30, 2010 will qualify.
5. For homes purchased before Nov. 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
6. For homes purchased after Nov. 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move Up/Repeat Home Buyer Tax Credit
1. To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
2. This is a credit that does not have to be repaid.
3. The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.
4. It applies only to homes priced at $800,000 or less.
5. Applies to sales from Nov. 6, 2009 to April 30, 2010. If a binding sales contract is signed by April 30, 2010, a home purchase closed by June 30, 2010 will qualify.
6. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
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