PORQUE LOS PRESTATARIOS PAGAN SEGURO PRIVADO DE HIPOTECA?

PORQUE LOS PRESTATARIOS PAGAN SEGURO PRIVADO DE HIPOTECA?

Debido al riesgo en el incumplimiento y pérdida del préstamo. Los Bancos requieren el seguro de hipoteca privado conocido como PMI en PMI copyhipotecas cuyos compradores traen menos del 20% del precio de compra. Si los prestamistas pagaran seguro de hipoteca y pasaran el costo a los prestatarios reflejando un tipo de interés más alto, pudiendo esperar que los intereses incrementen drásticamente. Si el prestatario paga PMI estaría evitando este riesgo potencial.

Generalmente, cuanto más grande es la cantidad del préstamo, más riesgo adquiere el prestamista. El seguro de hipoteca privado es protección para el prestamista contra un prestatario que incumple en su préstamo hipotecario. Si el prestatario no pudiera pagar el préstamo, el prestamista tiene una manera de conseguir su dinero de regreso a través de la aseguranza privada al préstamo o PMI. Infórmate para que tus decisiones sean las mas acertadas al momento de invertir en la compra de tu casa.

Advertisements
Home Sales to show moderate growth in January!

Home Sales to show moderate growth in January!

Based on company transactional data and Google search activity, Auction.com predicted Monday that existing-home sales in January will come in at a seasonally adjusted annual rate of 5.06 million, just slightly above the National Association of Realtors’ (NAR) December estimate of 5.04 million.

An early forecast of existing-home sales projects a minor but surely increment transaction activity this month following December’s modest gain.

 

Mortgage Debt Forgiveness Act on the GO Now!

Mortgage Debt Forgiveness Act on the GO Now!

The Senate approved the long time waiting extension of the Mortgage Debt Forgiveness Act , bringing home owners who did a short sale this year one step closer to tax relief. Home being soldThe bill, which passed the House of Representatives two weeks ago, is expected to be signed by President Barack Obama. The Senate approved the bill in a 76-16 vote.

The Mortgage Forgiveness Debt Relief Act of 2007 was created to help distressed homeowners; that were faced with taxes after a Principal reduction; however this law expired Dec. 31, 2013 making distressed home owners responsible for paying taxes on “phantom income” from the forgiven debt. The tax on a 2014 short sale or workout would have been due this coming April 15 had Congress not extended the measure.

The extension will only apply to short sales conducted in 2014. Any further extensions will have to be considered by the new Congress, which begins its 2015 session in January.

House Passes extension on Mortgage Forgiveness Debt Relief

House Passes extension on Mortgage Forgiveness Debt Relief

Mortgage-Forgiveness-Debt-Relief-ActLast night the United States House of Representatives extended the income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences.

The bill containing the income tax exemption on forgiven mortgage debt and other expired tax provisions passed by a vote of 378 to 46. However, The United States Senate has not yet voted on the measure.

We hope for the best. Let’s get it extended!

80,000 Foreclosures prevented!

The Federal Housing Finance Agency (FHFA) indicated in its report on foreclosure prevention  for Q2 2014 released on September 24, that Fannie Mae and Freddie Mac  prevented nearly 80,000 foreclosures nationwide in the second quarter, raising the total number of foreclosures prevented since the start of the conservatorship in September 2008 to 3.3 million.

fThe measures taken by the two GSEs to prevent foreclosures have helped about 2.7 million borrowers remain in their homes in the last six years, with approximately 1.7 million of those borrowers receiving permanent loan modifications. The number of foreclosures prevented is down 10 percent from Q1, when GSE measures stopped almost 89,000 foreclosures.

FHFA reports as well that about 37 percent of those who received permanent loan modifications were able to reduce their monthly payments by more than 30 percent in second quarter.

Fact or Fiction: Tax relief for homeowners’ on debt forgiveness.

Fact or Fiction: Tax relief for homeowners’ on debt forgiveness.

Congress is now back from its summer vacation, so the burning financial question on thousands of homeowners’ minds right now is this: Are you finally going to help the consumers who are underwater on their mortgages and have already accepted a principal reduction by their lenders? 20131125_fact copy

Under current federal tax law, when the homeowners accept reductions in what they owe, the amount forgiven by the bank gets reported to the IRS, and the owner is hit with taxes as if it were ordinary income.

The Mortgage Forgiveness Debt Relief Act of 2007 was created to help distressed homeowners; that were faced with taxes after a Principal reduction; however this law has already expired Dec. 31, 2013.

If Congress does not extend the law retroactively thousands of underwater homeowners could be hit with tax burdens they may not be able to handle. We hope for the Best!

Relief to millions of borrowers who were victimized by predatory mortgage lenders and servicers coming soon!

A new Legislation would open a bigger credit box for millions of homebuyers. The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a new path to homeownership for millions of Americans currently, shut out by mortgage limagesCAQEZEKYending restrictions.

These changes are part of a large shift in mortgage finance reform to open the credit box wider for potential homeowners. Some of the changes in this legislation would remove settled debts, remove negative reports after four years instead of seven, and would extend the removal of student debt defaults in private debts after a consumer makes nine consecutive, on-time payments.

Credit reports will no longer be used exclusively by lenders in making a credit decision. According to the Federal Trade Commission, one in five, or roughly 40 million consumers, have had an error on one of their credit reports, and about 10 million consumers have errors that could increase the cost of credit available to them.

The House Financial Services Committee will discuss U.S. Rep. Maxine Waters’ bill, the Fair Credit Reporting Improvement Act of 2014, on Wednesday afternoon at 2 p.m. ET.

Homeowners receiving BofA settlement may get a huge tax bill as well

The relief could be too good to be true!Tax Relief

As part of the record $16.65 billion settlement between Bank of America (BAC) and the U.S. Department of Justice, approximately $7 billion is designated to provide relief to consumers. However for the borrowers that reap the rewards from BofA, there could be something that severely dents the promised relief funds…a huge tax bill.

In a statement, the U.S. Department of Housing and Urban Development outlined how some of that money will be disseminated to the consumers.

“The $7 billion in consumer relief will focus on areas that were hardest hit during the housing crisis,” HUD said. “Consumer relief will take various forms including loan modification for distressed borrowers, including FHA-insured borrowers, and new loans to credit worthy borrowers struggling to get a loan in hardest hit areas, borrowers who lost homes to foreclosure or short sales, and moderate income first-time homebuyers.”

 

No One Should Pay Taxes on Phantom Income

After announcing the details of the U.S. Department of Justice’s settlement with Bank of AmMortgage-Forgiveness-Debt-Relief-Acterica, which includes $7 billion in relief to consumers  U.S. Attorney General Eric Holder lamented Congressional inaction to extend the Mortgage Forgiveness Debt Relief Act.

For homeowners meant to be helped by the settlement funds will instead be penalized on their income taxes.  Holder called on Congress  to do the right thing for financially distressed American families who lost homes to foreclosure or short sales this year.

The tax relief expired on December 31 last year,  and unless Congress acts to extend it, every person who has already sold or plans to sell a home in a short sale in 2014, will pay taxes on nonexistent mortgage debt, which is money many don’t have. Taxing forgiven mortgage debt as income is an unfair practice that also incentivizes defaults and foreclosures, which could torpedo the housing recovery.

More Help For Homeowner’s Who Are Having Difficulties With Their Mortgage Payments

More Help For Homeowner’s Who Are Having Difficulties With Their Mortgage Payments

More Help For Homeowner’s Who Are Having Difficulties With Their Mortgage Payments

By Sandy Flores

Special to Excelsior

Many homeowners facing financial hardship are struggling to keep their property, but need help to maintain and continue with their mortgage payments. Month face this same situation and suddenly affected by the inability to make a payment and are meeting more than one, but much can be done to catch up on the backlog.

 Unfortunately there have been opportunistic companies known as “specialists Foreclosure Rescue”, “Specializing in Loan Modifications,” etc., That promise to help homeowners who are facing foreclosure to save their property, refinance or modify their mortgage, and improve your credit to buy time.

They are companies that promise to pay your mortgage in arrears, improve your credit and even debt consolidation. In some cases you are told to do so you must pass “temporarily” writing home to a “third person or entity.” They allow you to continue living at home as a renter with option to buy back her home after a certain period of time.

The problem once you transfer their rights of living to another person, when he has no option to recover your home or suggest to perform a bankruptcy occurs. In other cases they say they need to sell the property to them and then they sell the property back to you at market price today. These are some of the tactics to which homeowners who are struggling to make mortgage payments face.

It is important to know that all homeowners who are facing very difficult financial situations have alternatives and options to retain their property and avoid foreclosure, here are some of the most common:

Repayment plan, known as “Forbearence”. Under this option, the bank may allow a reduction or suspension of your payments for a short period of time. This option will allow you to remain on your property at reduced or temporarily suspended to allow economically stabilize payments.

Loan modifications. This is another option if you do not have enough income to make your payments current. The Bank will examine the option of changing the terms of your original loan to suit a payment that is more accessible to their financial situation.

HAFA – Short Sale or “short sale”, the bank will allow you to sell your property at current market value, even if your balance is higher than the selling price. Under the terms of a short sale, your lender may forgive your mortgage debt in full under the terms described in the Law on Mortgage Debt Help 2007.

Deed in Lieu of Foreclosure – In this option, your lender may accept voluntary transfer of title to the property and avoid the impact of foreclosure, as well as expenses related to the embargo.

Research the different options available to you. One alternative may be more feasible and beneficial for you. Do not wait until the last minute to get all the necessary information.

Take action immediately if this is happening and is in a similar situation. Time goes so fast! Not only have less time to react, but also fewer alternatives and solutions to work with them and avoid repossession. Remember that banks do not want the property back and will do everything possible to help.