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December 2014

Found 2 blog entries for December 2014.

 In 2014, approximately 7% of the home sales in Hampton Roads were defined as a "Short Sale." A Short Sale is a type of distressed home sale in which the lender allows the seller to sell for less than what is owed on the mortgage. It is often used as an alternative to foreclosure.    Without the Tax Debt Forgiveness Act, the IRS had the ability to treat the "forgiven" shortfall as income. An example would be if a home sold for $300,000 and the mortgage owed was $350,000 then $50,000 of debt would be forgiven by the bank. (Not all short sales are without penalty. Some lenders still require a deficiency judgement and the debt could be re-payed over time). The $50,000 debt could be taxed as much as $14,000 for a person in a 28% tax…
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Conventional Home Loans Just Got Better than FHA! 3% Downpayment

The PerfectHouse Team is constantly looking for ways to benefit our clients and ensure they are well educated in finance as well as all other areas of the Home Buying process. We accomplish this by partnering with multiple lenders, title companies, attorneys and home inspectors. As new programs emerge we pass on this knowledge for your benefit and incorporate any updates in the services we provide.    Take a look at the infographic to the left - mortgage requirements are becoming a little bit less strict - but interest rates are likely on the rise.   NOW is the time to GET in the Market!    The much publicized 97% Conventional Mortgage is available now at George Mason…
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