Divorce Short Sales, Wilmington NC

Short Sale: Wilmington, NC I’m Getting Divorce and Cannot Afford to Pay the Mortgage

Nilesh Jethwa: Wilmington NC Short Sale Expert

Couple of days ago, I had received a called from a lady and mentioned that she is getting divorce and cannot afford to pay the mortgage alone on her house and also asked “Do I have any options to avoid foreclosure?

She bought the house together with her husband but now they are separating and her husband is moving out of the house and doesn’t want to pay the mortgage.  It was really sad to hear about her current situation and now she is confused what to do with the house.
She tried to refinance and loan modification but bank denied her loan modification due to her high debt to income ratio and couldn’t get refinanced because her house value has gone way down than the loan amount.  She thought foreclosure is the only option at this time.

I explained about short sale and its advantages and disadvantages over foreclosure.  She realized that there are options other than foreclosure and successful short sale will avoid foreclosure from her credit history.

The good news is that her husband is cooperating with the short sale and ready to sign the documents which are required for short sale.  I have sent all the required documents to her so that we can start working on short sale.  At least, after successful short sale, they can move forward on their life without worrying about their mortgage payment and foreclosure.

If you know anyone in the same situation in the Wilmington and Leland NC area, going through divorce, cannot afford the house payment and cannot qualify for loan modification then please refer them to me so that I can help them to sell their house and avoid foreclosure from their credit history.

Please feel free to check my other posts on my website www.shortsalewilmingtonnc.com for more information on short sale or contact me directly at 910-622-0319.

Extending the Tax Credit Wilmington NC

This is the latest I have on the extended tax credit for first time homebuyers. The House of Representatives has approved legislation that would extend and expand the credit. The House vote comes after the Senate voted yes on Monday night, and while there is more work to be done, word has it that an agreed upon bill should reach President Obama for his signature by the end of this week 11/6/09. Under the proposal, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible for the credit. The extension would cover homes under contract by April 30th and closed by June 30th, 2010. The Tax credit will be expanded to non-first time homebuyers as well. There are a few tweaks for non-first time homebuyers – the credit is reduced from $8,000 to $6,500, and they must have owned a home for at least five of the past eight years.
Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans: extension of the First Time Homebuyers Tax Credit for a limited period, extension of higher loan limits for home mortgages, and secure funding for the Housing Trust Fund. “We welcome efforts taken by Congress to extend the First Time Homebuyers Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide,” said Secretaries Geithner and Donovan.

Remember this is not final, and even if it is approved, it could contain further changes.

If you would like additional information on buying a home please contact me directly.  Click here!

Post by Nilesh Jethwa  Wilmington and Leland Real Estate