New Home Purchase

When my wife and I got married 9 months ago we each owned separate property. The home I own is in the process of foreclosure. My wife is currently in escrow to purchase a new home. However, since we live in California, a community property state, both of our names will be listed on the title of the new home (even though the loan is only in her name). If my home (that I purchased prior to marriage) goes into foreclosure, can the bank come after the house my wife is purchasing?

In California, generally speaking a foreclosure is not subject to a delinquency judgment.

Is the foreclosure a Trustee Sale (which there isn't a deficiency judgment) or a judicial foreclosure (where there can be a deficiency judgment)?

In California about 98% of all foreclosures are done by a Trustee Sale.

No matter what, a creditor can't go after any of her own assets because of what you purchased prior to your marriage, however if you and you future wife (married or not) commingle your funds and assets a "judgment creditor" can go after those assets.

2010-07-05 07:33:24 by Ty

www.harborfinancialonline.com First Time Purchase, New Home Buyer Tax Break 2010, 2011

My wife and I are on a serious credit repair mission to eventually purchase a new home. The home that we live in now we will have to rent it out versus selling. There are homes in my area that have been on the market for appx 2 years and still sitting. If we rent we wont have to wait more than a couple of months max.
Now my question is how much of a down payment will I need for my next purchase. The home we are looking at is appx $250,000. How much will I need to bring to the table as a down payment. Also what are my options for any down payment alternatives. Someone told me I needed 20% down and I almost passed out. Our scores are horrilbe right now but we are waiting until they reach the mid-high 600's Please help..........Thanx in advance.....

You have a few options.

You can opt to do a 2nd mortgage for the 20%.

You can take out a home equity line of credit on your existing home to use as a downpayment on the other home.

You can get a 100% loan, but pay for PMI insurance (private mortgage insurance) until your new home has enough equity in it to make your mortgage balance only 80% the new value of the home (i.e. when it is valued at approx. $315,000)

You still need something for closing costs, another user on here stated that if you do not have the money for closing costs, you can raise the sale price on the home you want to buy to about $260,000, and have the closing costs included in your financing.

What you want to do is talk to a loan officer or a mortgage broker to discuss this with you, they are more than willing to inform you of your options.

2006-09-22 10:05:45 by mrpxs2000

Price: $9.95 $9.95

We were not first time home buyers but we did qualify for the $6500 tax credit on a new home purchase. We just purchased and closed on our new home last week. If we file now for that home tax credit of $6500 how long will it take to get ? Has anyone had experience in this adventure ?

It will take about 4-6 months to get the credit for the homebuyer credit because the irs is going though all returns claiming the credit with a fine toothed comb because of all the fraudulent claims being filed claiming the credit.

2010-01-27 12:38:32 by cowhorse01

Price: $99.95 $43.10

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I signed a purchase/sale agreement to buy a new construction home. I waived financing and inspection in the agreement. But I have not deposited earnest money yet. Now I want to walk away from the deal. The sell threatens to sue me if I do not deposit the earnest money.

You must have consideration for it to be a legal contract. Without a deposit you have no contract. He can't sue you for anything.

2006-07-13 11:44:17 by Curious

I believe there is a pamphlet available from the IRS describing how to get a rebate (up to $8000 ) if you purchase a new home in this calendar year. Any one know the number or better yet how to get said pamphlet?

Dear Henry: Look at IRS form 5405 instructions.

There are several credits and the form is user friendly and if you qualify $8000 could be yours.

For purchases in 2010 you must have a contract by Apr 30 and close by June 30 2010.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

2010-03-11 19:54:42 by Andy