There has been a lot of input stating that is is next to impossible to use a VA loan on a foreclosed properties. I am looking at bidding on a cabin at a great price and I have two main concerns.
First, the home may not qualify "as is" for a standard VA Loan for "Existing Construction" but couldn’t it qualify under the VA Loan’s "Proposed or Under Construction" category as an eligible property? That way any required repairs would be identified and the cost rolled into the loan?
The second concern is that the home is not hooked into standard electric utilities. It currently has a generator and a battery bank and I would install a residential windmill. The property has been surveyed as being in a commercial grade wind zone.
I know the property well and the opeing bid is half of the construction cost not to mention the 20 acres. Thank you for your input.
The plan would be that as "Proposed Construction" the cost of the windmill or other VA required power would be included in the loan. The 10% down at auction is not a problem. With a VA loan I would recover the 10% upon full payment. I would prefer to finance the entire amount and put the 10% into other new home costs.
In my area, Lots of homes outside the conventional power grid have been purchased using VA guaranteed loans. So I would say there is a way to purchase using renewable energy sources you list.
As for purchasing foreclosed homes, the only problem I can fore see is if the home is going up for auction and the amount of money needed is unknown or some other unforeseeable factor. If the home has already been through the auction and the deed is clear of clouds, it should be as simple as any other VA loan.
VA loans work like this. The VA guarantees the bank they will be paid back if they loan money to you. The only time the VA actually puts up the money for a loan is in a circumstance where the Veteran can’t get a conventional loan from a bank.
3.0 bed(s)
2.0 bath(s)
Sue Weeks
Phone: (312) 339-5328
Email: sweeks@rubloff.com
http://tours4.vht.com/RRI/T50010111
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Newsweek is set to publish a highly embarrassing report on Sen. John McCain, revealing that the McCains have failed to pay taxes on their beach-front condo in La Jolla, California, for the last four years and are currently in default, The Huffington Post has learned.
Under California law, once a residential property is in default for five years, it can be sold at a tax sale to recover the unpaid taxes for the taxpayers.
The McCains own at least seven homes through a variety of trusts and corporations controlled by Cindy McCain. This is one more example of the wealthy taking advantage of the law.
Isn’t Cindy exceedingly rich?
The truth?
I believe is-
Because they can. The media isn’t gonna do much to them- they are ‘teflon’- no one is going to take their home by ‘quit claim’-
Why do the McCain’s have several hundred thousand dollars in credit card debt?
How could a woman actively addicted to percoset and vicodan be able to adopt a special needs infant?
How could her husband not know she had a problem, if she was using upwards of 15 pills day?
They are not held to the same standards as ‘the little people’- And that allows them to not be in any hurry to pay their way, even though they have more than enough money to do so.
Is this the kind of fiscal responsibility you want in the White House?
Sounds EXACTLY like a third Bush term on that score- to me.
5.0 bed(s)
5.0 bath(s)
Lauren & Mike Taranto
Phone: 239-572-3078
Email: thetarantoteam@yahoo.com
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We all know Republicans don’t like to pay taxes but this is ridiculous!
Newsweek is set to publish a highly embarrassing report on Sen. John McCain, revealing that the McCains have failed to pay taxes on their beach-front condo in La Jolla, California, for the last four years and are currently in default, The Huffington Post has learned.
Under California law, once a residential property is in default for five years, it can be sold at a tax sale to recover the unpaid taxes for the taxpayers.
The McCains own at least seven homes through a variety of trusts and corporations controlled by Cindy McCain.
UPDATE: Newsweek’s story is now online. The report notes that the McCains paid the bulk of their back taxes yesterday, but continue to owe additional taxes:
http://www.huffingtonpost.com/2008/06/28/mccains-failed-to-pay-tax_n_109785.html
http://www.newsweek.com/id/143775/
Yes it does "My friends" This will bury him
LOL..I can’t believe how the cons are explaining this away. This will hurt him big time!
I guess taxes are for little people
I received a 1099C regarding short sale of my primary residential home in 2009. Box 2 (Cancelled debt) shows $34K The bank agreed to the selling price of $160K. Loan amount was for $227K split between two banks. In box 7 (Fair Market Value of property) of 1099C, it showed $0 amount. Is this correct? Shouldn’t box 7 show 160K as the FMV? Any input is appreciated.
You should have received a 1099-S from the Title Company showing the sales price. These things have become so confusing that they rarely are done correctly and we make due with the information provided. Often that requires that we insert what should have been (such as the FMV).
Atlanta Luxury Home Video Tours in Georgia Luxury Real Estate: Price 1,699,900 Contact Ahmad Abdur-Rashid, M. GOVIA RESIDENTIAL, LLC (770) 875-9285 or ahmad@atlluxuryproperties.com, www.atlluxuryproperties.com.
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My son has PDD-NOS and severe behaviors assocciated with his deficits. He can no longer function safely in school or home settings and we need to find a possible placement in residential treatment for him in OHIO (I live in Akron/Canton area). Anyone with experience with any centers, good or bad, please let me know. Word of mouth is better than the sales pitch the centers will give. I want him home again, but safe.
I wish I could help you… but I really know nothing about this… I thought I would suggest though that you look at the list of housing below, pick the names of the places nearest you, run a search for them, and see if the names pop up on any forums or anything. If any of them are particularly bad, surely someone’s had something to say about it, right?
I wish you the best of luck, I hope a new response will move this question up and maybe it will catch the eye of someone who knows more than me.
Kelly Zongaro (570) 991-7448 or
David Zongaro (570) 236-3284
Address:509 Fairchild Street,Nanticoke,PA18634
http://maps.google.com/?q=loc%3A509+fairchild+Nanticoke+PA+US
Price:$ 60,000 Negotiable
2009 First Home Buyer $8,000 tax credit form http://www.irs.gov/pub/irs-pdf/f5405.pdf
Prop type: Residential
Style: 2 story
Rooms: 8
Bedrooms: 3
Tot baths: 1
Municipality : Nanticoke City
County: Luzerne
School district: Nanticoke
Pin# : 42-J7SW2-008-002-000
DB/record book: 3002
Page: 156222
Zoning: Residential
Map coordinates : L11SW
Lot size : 33×40
Year 2008 taxes: City:$463.18 County:$353.38 School:$263.82
Condition: Very good
Exterior: Aluminum
Interior finish: drywall
New roof: Comp architectural shingle
Basement: Concrete floor and carpet in office/extra bedroom ;washer and dryer hook-up
Ext Bsmt Access Standard entry door
Fireplace: 3; artificial
Kitchen/dining area: Modern kitchen
Water: Public
Sewer: Public
Heat fuel type: Oil
Heat type: Hot water baseboard
AC type: Wall units
Hot water heater: Electric
Living room : Hardwood floors 10×15
Kitchen : Modern, rustic 19×15
Master bedroom : 12×13
Baby room/office or large walk-in closet in master bedroom : Hardwood floors 15×6
Bedroom 2 : 7×9
Bedroom 3: 12×7
Sunroom: (heated) Hardwood floors 5×15
Office/Bed room: Basement 8×12x7
Remarks: Unique interior throughout, low maintenance yard, large 2nd floor porch balcony, side porch. Home has been professionally weatherized for maximum efficiency. New roof. Addition entry foyer, and sun room, hardwood floors with Pella windows. New electric hot water heater.
10 minutes to Wyoming Valley mall . One mile from Luzerne Community College .Very quiet neighborhood with low crime rate. Low-maintenance yard .
No appliances .
Directions: Main St. Nanticoke, left on Hanover St.,Right on West Noble, Left on Fairchild St..
Example:
Down payment: 10% $ 6,400
Mortgage term: 30 years
Interest rate: 6%
Monthly payments:$ 345
American Recovery and Reinvestment Act of 2009
http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home
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My husband lost his job a while back and because we had literally just gone to court for rights to his child from a previous relationship and that I had just had a baby, it affected us a great deal. We fell behind in our mortgage payments and tried numerous times to apply for hardship programs and whatnot. We were rejected for everything and ended up going into foreclosure. However, we listed our house right away during all that in hopes of selling before a foreclosure actually took place. It’s been 4 months, we’ve had no court date yet for our foreclosure and we finally have had a decent offer come through on the home that the bank has approved. So we close on the house in about a month or so, maybe less…..
We’re so pumped about this because we lucked out to put it mildly. I’m just curious how this shows up on our credit now. Do they post it as a short sale? I know that it’s better than being foreclosed on and now that Bush passed this law we don’t have to pay the difference of what we owe versus what the house sold for. I don’t know the details of the law, but our realtor did say that we lucked out and we’re in the clear. Does anyone know how this affects our credit or how it’ll post to our credit?
And to those that will comment: We’ve made drastic changes since all of this so that this doesn’t happen again. I’ve taken on more hours at work for more money, my husband has changed his job from residential to commercial, we’re moving closer to my job so we’re not both paying crazy amounts on gas, and paying rent at an affordable price rather than a mortgage that we can’t afford with increasing taxes and insurance. We’re just not ready and have some paying off of other debts before we can go that route again. But I’m MUCH more confident now after dealing with this and I know we’ll be okay from this point on. It’ll just take time. So no flames with that please, if possible.
Thanks!
I’m well aware of the 1099 form situation. But I’ve had at least 3 people, a realtor and accountant being two of them, tell me that there’s something in the works of being passed regarding that exact thing. Where we wouldn’t be paying that difference if it was 100% financing and a short sale. I don’t know the truth behind this and I honestly have no clue where to even check into it. Maybe it’s just in our state? Maybe it’s national but we don’t know? Any way I could try to look into this? And also, just in case it wasn’t true, I’ve already been putting extra money into federal since about 4 months ago. To lessen the blow so to speak….
Just to clarify: the law that just passed through Congress is called mortgage debt forgiveness. Typically you sell for X amount and the balance owed is done through 1099 form. Claimed as income. And it says right here that before 2007, the difference is taxable. Now, for 2007, 2008, and 2009, that it’s not taxable income.
The bank accepts the lower payment as paying off the loan BUT!!!! they also issue you a 1099, which is unearned income. You will be liable for the taxes due on the difference Federal, State, and Local, as this is in effect money you received as a bonus. Would advise paying on this because they will garnish wages etc, and owing the government, or should say not coming to terms for payment is a little different and stays on your credit report for 10 years.