Archive for March, 2008

Silent Seconds Loans

Tuesday, March 11th, 2008

“Have you heard about those loans with silent seconds where you pay no interest on a second loan?”
***ANSWER:
Yes. They can be very good programs if you fit the criteria and understand the downside.
Typical Criteria
1. Most programs are only in specific census tracts in specific areas, such as Escondido or El Cajon.
2. They’re usually only for […]

Downsides of a Short Sale

Tuesday, March 4th, 2008

“My wife and I need to sell our condo, but we owe $519,000 and it’s only worth about $495,000. An agent we know told us we could do something
called a short sale where the bank agrees to accept the proceeds from the sale even though it’s less than the $520,000? The agent made it sound […]