Question by John: How will a short sale affect my credit long term?
I am stuck in a situation in which I am upside down on my home and with a new baby on the way I need to buy a bigger home and also take advantage of the low mortgage rates and cheap home prices, therefore I am leaning towards doing a short sale. Only thing is that before I go forward with it I want to know what long term affect with it have on my credit? If any. Thanks.

Best answer:

Answer by Jon C
Hi,
Well, a short sale is definitely a negative on your credit and it is up to the mortgage company how they want to state it on your credit report. It is definitely much better than a foreclosure or a bankruptcy, as those both will be on your report for 7 years. I believe many banks will report it as “account closed by account provider” or something along those lines. Yes it will be a red flag but if you can justify your hardship it will be easy to overcome in a couple years.

Overall a short sale is ideal for someone in your situation. Make sure you have a reputable person who knows what they are doing (if it isn’t you) and follow the process very closely.

Also, you can ask the mortgage company what they will be reporting to the credit agencies.

http://www.shortsaleway.com

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Question by bill m: if i am late on my mortgage for two months and they start foreclosure, can i catch up to stop foreclosure?
i can become current, with mortgage and late fees in month three. will that end the foreclosure and prevent me from losing the house?

Best answer:

Answer by 3 girls call me mommy
yes contact your mortgage company and let them know what is going on, they can’t work with you if you don’t call and talk to them

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Question by Katherine: What happens to a real property trust if a property goes into foreclosure?
A house is in danger of going into foreclosure and the real property trust does not have the cash flow to continue paying the mortgage on this property. What happens if the property goes into foreclosure?

Best answer:

Answer by Equality
The trust surrenders the property since it can’t pay the mortgage. No different then a human owner.

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There’s frightening news that home foreclosure rates across the nation are spiking again. It’s caused Moodys to predict 2012 will set a new record for foreclosures. The White House understands that the ongoing foreclosure nightmare is choking economic recovery and hopes to be able to announce changes to its main refinancing program within weeks to allow more homeowners — perhaps millions more — to participate. While this is a step in the right direction and a clear signal President Obama is doing everything in his power to ease the strain on American homeowners, its not likely to have a transformative effect on the larger economy. What’s really needed is a far more ambitious proposal like the one offered by Martin Feldstein, a Harvard professor and top economic advisor to President Reagan of all people. His idea? Reduce the principal on the mortgages so that the loans are no more than 110% of the value of the properties. Banks would absorb half the cost of the principal reduction, and the government the rest. He figures the losses could amount to 0 billion. The reality is that a bold plan like this one has absolutely no chance of passing for at least another year because the Republican controlled House of Representatives refuses to even consider a plan to address the housing crisis. The GOP has instead chosen – from the day Obama was inaugurated – to create the worst possible economic conditions in the hope that voters will hold the President responsible for their …

The proposed Obama Administration settlement for mortgage lenders that engaged in widespread foreclosure abuses is a weak slap on the wrist for banks according to consumer advocates and liberal activists. The Young Turks host Cenk Uygur explains. www.washingtonpost.com Feds Won’t Prosecute Banks Despite Evidence Of Crimes: www.youtube.com Subscribe to The Young Turks: bit.ly Find out how to watch The Young Turks on Current by clicking here: www.current.com The Largest Online New Show in the World. Google+: www.gplus.to Facebook: www.facebook.com Twitter: twitter.com
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Question by : How does a decrease in interest rates cause an increase in inflation?
“Lowering interest rates stimulates growth to avoid recession; however, that will eventually cause inflation. Raising interest rates will slow inflationary growth, but may lead to a recession.”

In simple terms, how does this work?

Best answer:

Answer by Sienna
Inflation is defined both as an increase in the supply of money or money substitutes; and as a general rising of prices.

Say on the unhampered market it costs to borrow 0 for a year. So you borrow 0 and one year later you have to pay back 0.

Now the government’s central bank manipulates the price of credit so that it costs to borrow 0 for a year. In other words, it’s cheaper. For the that it would have cost on the unhampered market, you can now borrow 0; or for only , borrow 0 for a year.

Either way, that is an increase in inflation by the first definition, namely an increase in the supply of money substitutes- credit – compared to the situation the unhampered market.

The person receiving the money or money substitute at the new rate is now at an unfair advantage in the market. People who borrowed at the old rate have to pay for every 0 of goods they buy. People who receive at the new rate, other things being equal, can outcompete the others by bidding up the price for scarce resources. (That is why the bubble first appears in the sector of the economy where the counterfeit money was injected, as happened with the housing bubble; the rising prices then spread to the rest of the economy.)

That is why a decrease in interest rates causes an increase in inflation by the second definition, namely, a general rising of prices.

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Question by Justin: How do I take advantage of the housing market?
Im the ripe young age of 24 with a decent job. How can I take advantage of the housing market? It seems to me like now is a prime time opportunity to get myself a house even though I don’t really need it, just something for investment or the future.

What are some resources for locating low priced housing? Where are the bargains in times like these? Foreclosures? Do they list forclosed property?

If there are any investors or realty savvy folks out there that can help a young buck get my foot in the door I would appreciate it!

Best answer:

Answer by yyyyyy
every real estate agent in the country would be eager to help you spend your money

I am not an agent, but I own a couple of houses. If you know where you want to live (neighborhood) for the next couple of years, then now is a good time to look, because you may find a nice place very reasonably priced due to falling values and someone’s need to sell NOW.

On the other hand it is likely that prices may dip lower so if you just want to buy and then sell for a profit (flipping) that market would be very dicey because so few properties are selling quickly.

If you want a house (townhouse, condo, etc) to live in, then start looking with an experienced agent that knows the area that you like. Agents work for “free” until they close a deal, then get a commission based usually on a % of sale price.

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