5 Homebuying Tips From Dad

Dad’s homebuying advice is back in fashion

It was a different world when Dad bought his first home.
But oddly enough, a lot of his homebuying advice (unlike some of his tie collection) is back in fashion.

Putting up a sizable down payment, holding back some cash reserves in the bank, and shopping smart so you can get the best deal on a home loan? You’ll make the old man proud.
Here are five homebuying tips from Dad that will serve you (and him) just as well in today’s market.

Tips for Selling a Vacant Home

A vacant home—regardless of how nice the property—can seem eerily empty and lacking in character and warmth, and selling a vacant home is more difficult than selling a furnished one, no matter the market conditions. However, if you are trying to sell a vacant home—whether it’s a second home or a space you were unable to sell before moving to a new location—there are a few key tips that can make the process easier and help provide a quicker selling time, and a better selling price.

Top 10 Free Apps for New IPad

So you have a brand new IPad (or like me, want one)!  Social Networx, Inc. is suggesting the top 10 free apps.  If you don't already have them, check them out!

Top 10 Free Apps for New IPad

Cancellation of Mortgage Debt and Your Tax Return

Linda Goold, Tax Counsel for the National Association of REALTORS® recently wrote an article for RISMedia’s Real Estate magazine advising consumers how to handle cancellation of mortgage debt on their tax returns. She offered some great information that is worthy of sharing.

According to Goold, in today’s market, a lender will sometimes forgive some portion of a borrower's debt. The general tax rule that applies to any debt forgiveness is that the amount forgiven is treated as taxable income to the borrower. Some exceptions to this rule exist and a law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven. However, this relief expires on December 31, 2012. Goold provides the following general information you need to know about this law and cancellation of mortgage debt. Be sure to review this information with your accountant or personal tax advisor before filing this year’s tax return:

The Non-Short Sale - Can This Help You?

This is a rather lengthy article about the process of buying and selling notes that is worth reading if your loan amount is higher than the current value of your home.  An investor who purchases notes at a discount and is willing to re-draft them to current market value can be a lifeline for many homeowners today. Depending on your situation you may prefer to stay in your home with a reduced principle on your loan, lower payments, and the bright prospect of once again building equity. If you choose to sell, it no longer is a "short sale", your loan is marked PAID IN FULL and you can move on with no further damage to your credit. Stay or go...it's your choice. Please share this article with your friends. You never know who you might be helping! They can contact me for details.

http://www.californiashortsalelawyer.com/2012/02/can-note-buyers-help-short-sales/

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FAQ's on the 18 Billion Dollar Settlement - Can It Help You?

If you are wondering if you might be able to benefit from the 18 billion dollar national mortgage settlement, here are some frequently asked questions.

https://oag.ca.gov/nationalmortgagesettlement/faqs