Should I short sale my property?

Lots of you are facing hard times here in Arizona.  Tough challenges are being faced and tough questions are having to be answered.  Some of you don't know where to begin or even what to do.  I deal with lots of people everyday asking me if short selling my property is the right thing to do.

A short sale is when the lender is willing to sell the property for less that what you owe.  For some people, there are tax implications that could arise and for others there is not.  Best thing to do is seek professional information for either a tax attorney, CPA, real estate attorney, and/or bankruptcy attorney.  In most cases, they will all give you different answers, but the bottom line is go with what helps you sleep at night. 

You can find out more about the Debt Relief Act of 2007 here.  This link to the IRS website should be able to give you an over view of what you are looking at as far as taxes go.

Feel free to call me if you have questions or are considering short selling your home at 602/370-5177 or email me at makalani@cox.net.

New FHA Mortgage Insurance Premium Information

As previously noted in FYI 10-260, FHA has announced changes to both the up-front and annual premiums that will be applied to FHA loans with a case number assignment date on or after October 4, 2010. The FHA Up Front MIP will be reduced; however, the annual MIP premiums will be increased.


These changes will improve the overall end housing payment for loans with a 15-year term, but FHA loans loan terms greater than 15 years will increase. The exact amount may vary slightly based on the loan scenario, but the housing payment for an average 30-year Fixed FHA loan (with a 5% interest rate) will increase approximately $25 on a $100,000 loan amount.

Anyone of these fine loan officers will be able to help you get prequalified and see if FHA is right for you.



Nick Watland
Senior Mortgage Loan Originator
Pinnacle Bank
14287 North 87th Street, Ste. #123
Scottsdale, AZ 85260
(480) 609-0055 Main
(480) 609-8958 Fax
(602) 821-5214 Cell
nwatland@pinnaclebankaz.com


Glen Barnett

FNB / The Platinum Group
Mortgages and Loan Modifications
Direct 480-628-0579
EFax 480-302-5896
Glen@GlenBarnett.com
http://www.glenbarnett.com/

 
Judi Gustin
Senior Loan Officer
Sun American Mortgage
4140 E Baseline Rd. # 206
Mesa, AZ 85206
(888)863-5245
judi.gustin@sunamerican.com

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