Posts Tagged ‘academy mortgage’

Thanks to the Mortgage Forgiveness Act of 2007, Signed by Bush (Set to expire end of 2012)- SHORT SALES EXPLODED across the Nation as we saw home value plummet after 2006.  Long Story short, until then, the Phantom Income written off by the banks after a Foreclosure or Short Sale was considered taxable income. Today (for now), the Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. (See link for more details) We do expect a rush towards the second half of this year on Short Sales if the current administration in office does not extend the Act; which could cause even more delays in the Short Sale process due the the increased volumes the banks may be dealing with.  But with that said…

Nothing gives us more satisfaction than being able to help a family out from under a home they are upside down on and can not afford any longer, into their next home.  With today’s crazy low interest rates and sales prices, now really is the time to buy.  It’s usually much more affordable than renting and the key is the right counseling up front so that sooner than later, you too can be back in the buyer market again after either a Short Sale or Foreclosure.

Some can buy a “Home Again” right away, some take 2-3 years for their credit to re-coup enough in order to do so.  We partner with Ryan Nelson of Academy Mortgage right up front at time of Short Sale application so we can game plan the right solution for you and your family right from the beginning of the Short Sale process.  This helps to ensure we get you into your own “home again” as soon as possible.

Please call our office at 480-243-4242 to get started or Click HERE

Did you lose a home to Foreclosure or Short Sale and had missed mortgage payments in the past but don’t want to be a “renter” any longer???

Guess What- We have a great solution for you! 

It’s called the Lease Option Purchase or otherwise known as an Agreement for Sale where Equitable Title can be given to the Lessee. 

By having Equitable Title; one would be given the right to purchase the home at a said price, within a certain time period- where upon Legal Title is then transferred when the Lessee can qualify for a mortgage loan.

The Benefit to the Buyer/Lessee would be locking in today’s low prices and building the savings for the future down payment.  We currently are working with Glenco Homes, who is offering 5 properties for such option.  Jeff  Wright (owner) will allow part of the rental payment to go into an escrow account and over a two or three year period (terms are negotiable); one would have sufficient funds for their down payment once they could qualify for a mortgage.

(Click Photo above to view these listings)

We do recommend that someone interested in this program would utilize the services of two of our partner companies, Academy Mortgage- Ryan Nelson and Fidelity National Title.  Their services combined greatly increase the odds of a successful transfer of legal title after the agreement has been completed!

Ryan offers Score Guardian free of charge to our clients.  It’s a program meant to help people get back on track with their credit so that they will become credit worthy again with the right counseling. 

Fidelity Title (Ocotillo Branch) has had much experience in servicing these types of agreements and we trust them to ensure accurate accounting of payments so that the future loan underwriter can verify that all payments were made on time and where the source of the down payment came from.

Call us today at 480-243-4242 to get started with shopping for your next home!