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Bank Owned Property - Wichita Falls

Thursday, April 16, 2009

by Ashton Gustafson

2939 Loma Linda - $179,900

Bank Owned! Will do 100% financing with approved credit - fixed @ 5.25% APR.

Open floor plan. Granite counters. Center island. Isolated master. Handicap accessible. Rear entry. Great location in the heart of Wichita Falls. Near shopping, schools, churches, mall, grocery, etc.

Call 940.224.0881 for an appointment today.

garage.

Short Sale vs Foreclosure

Sunday, February 22, 2009

by Ashton Gustafson

Short Sales offer the homeowner many more benefits than going through a Foreclosure. In the case of a short sale, the benefits to the homeowner are:

Only late payments on the mortgage show on a credit report and after the sale of the home, the mortgage will be reported as paid or negotiated. This could lower a homeowner’s credit score by as little as 50 points if all other payments have been made. The affect of a short sale can be as brief as 12 to 18 months.
A Short Sale is not reported on a credit history. There is no specific reporting item for ‘short sale.’ The loan is typically reported as ‘paid in full, settled.’
A Short Sale on its own does not challenge most security clearances whereas a foreclosure does.
A Short Sale is not reported on a credit report and is therefore does not present a challenge to employment.
In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner, (i.e., payment of the shortfall or the difference between what was owed and what the bank received.)
Under the Mortgage Forgiveness Debt Relief Act of 2007, if a deficiency is forgiven or cancelled, the home is a principal residence, and it is worth less than $2 million, the tax on the deficiency will be forgiven. This benefit applies to homes that are the subject of a Short Sale and a Foreclosure.

Click the links below for more details about The Mortgage Forgiveness Debt Relief Act of 2007

http://www.irs.gov/individuals/article/0,,id=179414,00.html

http://www.whitehouse.gov/news/releases/2007/12/20071220-6.html

A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 yrs.

An Investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

If you feel you are near foreclosure, please contact me, Ashton Gustafson of The Bishop Group. I can help you decide what your options are and explain what is in your best interest.