All Forum Posts by: Ivan Poon

When i was looking at the HUD, it kept the taxes apart from the loan amount.

Hi Guys,

I am refinancing a 30 year loan 4.75% fixed interest which was opened just a few months ago. The loan amount was $251,000. The first payment started in August 1st.

I'm refinancing to a 4.375% loan that is scheduled to close tomorrow and i will be paying for all the hud items (taxes, credit check, app fee, etc.) on the 18th. I'm paying $30 of daily interest charges from the 18th through Nov 1st.

Our last payment was on October 1st which got our principle down to 250,048. However the HUD i was given today states that the amount that my refiannce guy is paying back my current mortgage company is 250,827.77 while my new loan amount is $250,368. I asked about it and he gave me some mumbo jumbo i didn't understand.

Is it right that my new refinance loan is supposed to be higher than my current mortgage balance?

Ok, i called the IRS and they said it was fine to get the tax credit. The although the closing date on the original purchase agreement was end of april, she said that since we stuck with the property that it was ok... just treat it as the closing went longer than we had anticipated.

What do you guys think, since an IRS agent confirmed it, am i OK?

Oh shoot, i missed all the replies, ok i think i'll ask a professional, thanks

Thanks!

Hi Guys,

As i understand it, you have until june 30th to complete the short sale to get the tax credit.

We put in an offer for a short sale (for personal use, not investment) back in march and it got approved only today.

The contract we submitted had the expiration date of the agreement in april, i think, but we decided to stick with it anyway and now it got accepted today (in june). Will that be a problem? I assume we have to do another contract for the final sale.

The tax credit website says we have until the 30th to complete the sale. "Complete the sale" means transfer of title, right? Or is there more?

The bank that approved the short sale was Bank of America (via the equator system) if that makes a difference. So i don't know if there are any other pitfalls i might have.

Hi everyone,

My wife is going to be gone for about a month visiting family overseas. However, we have a short sale purchase in the works (the appraisal has already gone through) and it's possible that the bank/investor will approve the short sale when she's still over there. I may have to sign mortgage and legal documents while she's there.

I found a power of attorney document for real estate on this site here:

http://tinyurl.com/2uafrza

Is that ok to use? I only have to go to a notary public and have them be a witness and notarize/sign the document, right? Thanks

Lol, Grim but very informative, thanks!