This video is from the show Open House on CNN. This video briefly explains what some tax & credit consequences homeowners may face after a short sale or a foreclosure. Consult with a CPA or your attorney for specifics.
More information at:
http://sccrealestateuncensored.com/2007/shortsale-foreclosure-pt4/
Channel: News & Politics Uploaded: September 16, 2007 at 5:05 pm Author:MiCasaMiDinero
From what I see it's just the people in the rich neighborhoods getting forclosed. I know this sounds cold, and I'm probably gonna get blasted for saying, but foe once, I'm actually thankfull I live in crime infested trailer park.
Adams County Colorado has a high rate of forclosures with bankruptcy and some of those homes are one to three bedrooms. One or tow bedroom houses are bought with these flexible rate mortages because that is all some can be approved for, so they do not have to be rich to get the loan, but they need to be rich to keep it.
JonahTorn(Tuesday 26th of August 2008 08:22:51 AM)
I was just using Adams County Colorado as a example of things that happen aroound the Country with loans like adjustable rate mortages.
JonahTorn(Tuesday 26th of August 2008 08:26:10 AM)
I meant to type the word around not "aroound".
In another post I meant oto type "One or two"
not "One or tow".
I will try not to make so many spelling mistakes in the future and I am very sorry
for the typos I have already made.
It's ok. And don't worry about any typos. We all make mistakes.
JonahTorn(Tuesday 26th of August 2008 09:18:09 AM)
This just so important. Usery is a crime that can only be committed by the one lending. The borrower may not be wise, but
usery is a moral issue in many societies
and the Bible for all the Christians out there. The Bankruptcy laws changed what was affordable for people with credit cards who had what the could afford before changes were made in how payments are handled with interest & plus prime insted of a set amount like 2% of the total debt. They can change the rules to ruin a budget.
jyatlantic(Saturday 26th of July 2008 04:20:53 AM)
Prime example of why fixed rate mortgages are essential.
On another note, buy low and sell high. If you have the means, these foreclosures present an ideal time to buy. Make sure to sell during the next housing boom!
