Foreclosures Help Information

Posts Tagged ‘ping.fm’

Az Foreclosed Homes

Question: i own a home, loan is only in my name. my husband wants to buy a home in his name only to rebuild credit...?

in worst case scenario i have to foreclose or file for bankruptcy on the home loan in my name only- (i bought the home before getting married)
1.Will it affect my husbands credit?
2.Can the bank take the new home in my husband's name?
3.Will the bank take my car (purchased 9/09, need it for work) or my husbands car(paid off)?
State is AZ

Thanks, and please refrain from morality judgments. I just need facts. Thank you.
In response to "Pengy"- we DO NOT file jointly to get the tax return credit, and he has already been pre-qualified for the loan.

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Answer: 1) shouldn't effect your husband's credit

2) possibly, depending on AZ's family law. Assets purchased, while married, by one spouse can be determined to be property of both.

3) The bankruptcy judge my deem both vehicles assets on your balance sheet in which case they can be disposed of in order to pay creditors.

I'm sorry you are in this situation. It is going to be ugly for a while for you...

Buy Foreclosed Homes in Buckeye, AZ on buckeye homes for sa

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Tax Credit Foreclosed Homes

Question: New home buyers credit and energy property credit.?

I'm purchasing a new home tomorrow. The title will have my fathers name on the title as well as mine (The bank basically wanted his on it too). He has owned a house for years, I have not. I was wondering if I still get the $8,000 tax credit for a new home buyer. Also, the house is a foreclosed house that is not fully constructed. (Basically has drywall in it and nothing else). I am putting energy efficient appliances in it and wondered if I get the energy credit as well. I know it's for existing homes, but taxes have been paid on this house for 2 years now so does that make the house existing? Thanks in advance!
I should add, I'm more worried about a tankless water heater (it qualifies), not so much appliances.

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Answer: For the house to be considered for FTHB credits you must have a certificate of occupancy prior to 12/01/09. You father being on the title has nothing to do with the FTHBC if you otherwise qualify. I don't think the energy credit would apply in this case.

First Time Home Buyer Tax Credit $8000

Foreclosed Vehicles For Sale

Question: So the PMI pays the bank for the deficiency of sale of a foreclosed home?

So we still have to pay the deficiency? Seems like the bank is being paid twice? With our bk, they want to liquidate the small amount of stock and our vehicles. Or does the PMI insurance step in afterwards for the bank?

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Answer: PMI only pays the balance of the loan down to 80% which is why it is only required if your loan to value ratio is over 80%. In the days before PMI, you pretty much had to put down 20% to buy a home, but PMI came along and it covers that portion. Most of the time, the bank will list the property at about 80% of the value so that they can get rid of it quickly.

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