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Old 01-07-2008, 09:50 PM
 
1,632 posts, read 6,842,175 times
Reputation: 705

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Article about Queen Creek, etc (broken link).
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Old 01-08-2008, 03:36 PM
 
Location: Tempe and Payson
1,216 posts, read 3,028,589 times
Reputation: 1707
Quote:
Originally Posted by Greatday View Post
Why not re-finance right now?? Interest rates (fixed) are at 6% (or less).

Quote:
ArizonaMother well i didnt know for sure if i could.... first of all I CAN get a job anytime i just was on maternity leave and havent really looked... but my concern was i couldnt refi if my house was apprasided at maybe 170k at the most now and i owe 203k paying just interest only if i refi im already at 5.75 and it doesnt change till 2010 aug -- so if i could refi then i would paying principle and interest on a fixed and my payment would go up to 1700 about im paying $1400 now i can afford the other $300 plus.
AZMother you are correct that refinancing is not an easy thing to do now because of the loss of appraised property value in all areas surrounding and including Phoenix.


Quote:
jorgitoz I'm sorry to hear that you got on an Adjustable Rate Mortgage. If you haven't heard the news, the Bush administration came to an agreement with lenders and investors to try and freeze the rates for ARM loans and/or change the terms of the loans to avoid foreclosures. Check with your bank to see what they can do as far as modifying the terms of the loan. Another thing to keep in mind when moving up to a larger home is the extra costs for Taxes and utilities. When we moved from our 1200 sq ft house to the 2000 sq ft we saw an increase in our electricity bill and other utilites. (it takes more energy to keep the house cool during the summer) We saw an increase of about $120 a month. Also property taxes went up because of the size of the home. These are just a few to keep in mind so you can make the best decision.
Unfortunately AZMother may not qualify for the rate freeze because her rate doesn't go up until August 2010. According to this article (see attached link) the maximum deadline is July 2010.

My Way News - Deal Reached on Mortgage Rate Freeze

I however do agree that contacting the mortgage lender is the best thing to do. The last thing they really want to do is foreclose and lose money. They may be very willing to change the loan terms.


Quote:
jorgitoz ArizonaMother,There's a couple of things to consider regarding the short sale of your house. First and foremost, banks will allow you to do a short sale under certain circumstances and it doesn't appear to be that way according to your plans. Although there are some exceptions, banks will approve a short sale for people who are having trouble making house payments, and NEED to sell their home. A letter of hardship is required to prove why you can't make the payments and/or fullfil your commitment to pay back what you and the lender agreed to. If for some reason the bank was to approve a short sale, understand that you'll pay for taxes on the debt forgiven by the bank. So, if you sell your home for $160,000 and you owe the bank $200,000, the IRS is going to send you a bill to pay taxes on the difference ($40,000). This is known as phantom income. If I read this right, your husband is going to buy the house in Queen Creek? I strongly recommend that you consult you tax advisor regarding the consequences of a short sale, and also to consult a Realtor to help you achieve whatever it is you are trying to do. Oh and don't forget that a short sale will show up on your credit report and can bring it down by 200 points!!! Please do yourself a favor and get HELP from a profesional asap, and make sure they are genuinely willing to help you and not just try and make some money out of your situation.

Good Luck
Actually, there would be no taxes paid on the loss because of the Mortgage Forgiveness Debt Relief Act of 2007 signed by President Bush. Read the following article:

Fact Sheet: The Mortgage Forgiveness Debt Relief Act of 2007

Anyway, AZMother I do wish you good luck as well. Let me know if I can answer any more questions.
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Old 01-24-2008, 11:01 AM
 
2 posts, read 6,165 times
Reputation: 11
Default queen creek Langley Gateway/Villages of Queen Creek

We currently live in California and are interested in the Langley Gateway Estates and Villages of Queen Creek. Can anyone give me some information of these two subdivisions?

Langley Gateway
Can you hear the planes fly over and hear the train that is not to far from the subdivsion? Are there kids (mine are 7 and 4)? What are future plans for that area? How about the schools...Jack Barnes, Queen Creek Middle and High?

Villages of Queen Creek
The Richmond American area we are looking into backs to a wash, which I'm a bit concerned about. Can anyone tell me about the kids, noise, future plans in that area? How about the schools...Frances Pickett, Queen Creek middle and high?
Thanks for your help!
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Old 01-24-2008, 11:02 AM
 
2 posts, read 6,165 times
Reputation: 11
Default Queen Creek Langley Gateway Estates/Villages of Queen Creek

We currently live in California and are interested in the Langley Gateway Estates and Villages of Queen Creek. Can anyone give me some information of these two subdivisions?

Langley Gateway
Can you hear the planes fly over and hear the train that is not to far from the subdivsion? Are there kids (mine are 7 and 4)? What are future plans for that area? How about the schools...Jack Barnes, Queen Creek Middle and High?

Villages of Queen Creek
The Richmond American area we are looking into backs to a wash, which I'm a bit concerned about. Can anyone tell me about the kids, noise, future plans in that area? How about the schools...Frances Pickett, Queen Creek middle and high?
Thanks for your help!
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