May 09
If you are a seller and you owe more than your house is worth, you may not want to kick the ball down the street until next year. The debt forgiveness bill that expires in 2012 for permanent residences is something sellers should take a serious look at. For example, if I purchased a home for $200,000 and then sold it at market value for $100,000, I would not have to pay taxes on what is considered $100,000 in earnings. After December 2012, this may no longer be available to borrowers! Read the rest of this entry
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Feb 22
The other day one of our clients that buys and sells Hilton Head real estate on a regular basis sent us this article on high end mortgages(Click Here). We asked around for some ideas as to what this could mean and found out the following: Alt-A are wall street securities allow for high quality borrowers to qualify outside of the fannie mae guidelines. So loans higher than $417k can be made to borrowers who have assets but little tax return income, etc etc etc. This may mean that the street will soon be back into the market, which would mean the return of alt-A mortgage products. Which would be interesting. Or it could mean more traders have found a way to heavily profit from mortgages for a third time , with no added value ( of course ).
For more information, or discussion, please contact me. Thank you.
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Feb 08
Condo insurance or an HO6 insurance policy bridges the gap in coverage between a condo association’s master insurance policy and the owner’s property (furnishings, fixture and personal items) and personal liability protection. If you are acquiring a mortgage in order to purchase a villa on Hilton Head Island, your mortgage lender will most likely require you to purchase this policy. Read the rest of this entry
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