Comments for Jrjwrites's Weblog http://jrjwrites.wordpress.com Just another WordPress.com weblog Sun, 24 Feb 2008 22:26:26 +0000 http://wordpress.com/ hourly 1 Comment on A “SHORT SALE” IS NOT A QUICK SALE by John Juarez http://jrjwrites.wordpress.com/2008/01/05/a-short-sale-is-not-a-quick-sale/#comment-9 John Juarez Sun, 24 Feb 2008 22:26:26 +0000 http://jrjwrites.wordpress.com/2008/01/05/a-short-sale-is-not-a-quick-sale/#comment-9 Beau, The change is too new for us to measure its effect. HR 3648 seeks to relieve the onus of the "phantom income tax" on what the IRS considers to be taxable income arrising from debt that is forgiven. The legislation will not help everyone who has debt forgiven. Investors, for instance, are excluded. It seems to me that, if a person cannot afford their mortgage, the relief from an income tax liability that may haunt them after a foreclosure or short sale will not enhance their ability to make the mortgage payments in the short run. In other words, this legislation may help some after they lose their houses but it will not prevent the loss of the house. Beau,

The change is too new for us to measure its effect. HR 3648 seeks to relieve the onus of the “phantom income tax” on what the IRS considers to be taxable income arrising from debt that is forgiven. The legislation will not help everyone who has debt forgiven. Investors, for instance, are excluded.

It seems to me that, if a person cannot afford their mortgage, the relief from an income tax liability that may haunt them after a foreclosure or short sale will not enhance their ability to make the mortgage payments in the short run. In other words, this legislation may help some after they lose their houses but it will not prevent the loss of the house.

]]> Comment on A “SHORT SALE” IS NOT A QUICK SALE by Beau Manoso http://jrjwrites.wordpress.com/2008/01/05/a-short-sale-is-not-a-quick-sale/#comment-5 Beau Manoso Mon, 21 Jan 2008 03:33:11 +0000 http://jrjwrites.wordpress.com/2008/01/05/a-short-sale-is-not-a-quick-sale/#comment-5 Have you noticed any effect on foreclosures since the passing of HR 3648? Have you noticed any effect on foreclosures since the passing of HR 3648?

]]> Comment on B of A + Countrywide!!! by Countrywide Goes Down, B of A Gets Benefits « Carmel Real Estate Blog http://jrjwrites.wordpress.com/2008/01/11/b-of-a-countrywide/#comment-3 Countrywide Goes Down, B of A Gets Benefits « Carmel Real Estate Blog Fri, 11 Jan 2008 18:57:38 +0000 http://jrjwrites.wordpress.com/2008/01/11/b-of-a-countrywide/#comment-3 [...] John Juarez, an agent with Coldwell Banker in Fremont, states that this will help the competitiveness of the mortgage industry and makes a statement from B of A that they are in the mortgage industry to stay. [...] [...] John Juarez, an agent with Coldwell Banker in Fremont, states that this will help the competitiveness of the mortgage industry and makes a statement from B of A that they are in the mortgage industry to stay. [...]

]]> Comment on Down Payments Are Back by Kim http://jrjwrites.wordpress.com/2007/11/21/down-payments-are-back/#comment-2 Kim Tue, 27 Nov 2007 05:12:04 +0000 http://jrjwrites.wordpress.com/2007/11/21/down-payments-are-back/#comment-2 I was told today you have to have a minimum credit score of 660 to get any kind of financing with Wells Fargo. Also, appraisers are having to use 3 solds, 1 active and 1 pending and adjust downward if properties have been on the market more than 3-6 months. In addition if the appraiser marks the box that says "declining market" they will adjust another 5% down from the appraised value, making the down payment even more important. I was told today you have to have a minimum credit score of 660 to get any kind of financing with Wells Fargo. Also, appraisers are having to use 3 solds, 1 active and 1 pending and adjust downward if properties have been on the market more than 3-6 months. In addition if the appraiser marks the box that says “declining market” they will adjust another 5% down from the appraised value, making the down payment even more important.

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