Home Buying in Wareham : Advice

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Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
My mom lives in a house I own. I pay the mortgage, taxes, insurances and about half the utilities most the time. Can I claim a rental loss?
It may depend if you live their too or if it is a rental property in which your mom just happens to rent.n You may want to ask your cpa to review the rules on rental properties to see i ... more
0 votes Share Flag Fri Feb 7, 2014 Home Buying in Wareham
John Burke, Real Estate Pro in Austin, TX
John Burke answered:
What does my credit score have to be to participate in the agricultural mortgage program?
Hi Mwaterville,

You need at least a 620 middle credit score for the USDA mortgage. The bigger concern is the fact that as of 1/15/2014 Wareham will no longer be eligible for the no m ... more
0 votes Share Flag Mon Dec 2, 2013 Home Buying in 02571
John Burke, Real Estate Pro in Austin, TX
John Burke answered:
I just read that as of March 2013 Bourne and Wareham are no longer eligible for USDA loans. Is this true? Say it isn't so !!!!
HI MJR,

Unfortunately you've been given some incorrect information. The change is actually slated to take affect on January 15, 2014 not March. It is also unfortunate but Bourne & Wa ... more
1 vote Share Flag Mon Dec 2, 2013 Home Buying in Wareham
Heath Coker, Real Estate Pro in Falmouth, MA
Heath Coker answered:
I need help! I just got mail today of a copy Of our homestead act and a copy of "quitclaim deed" with a big cancelled stamp on it!! What?
Hi B.

First this appears to be a legal question so I would direct you to an attorney.

However, in MA, there are tax stamps that are printed on a deed and then they have the word c ... more
0 votes Share Flag Sat Nov 2, 2013 Home Buying in Wareham
cherishanti, Other/Just Looking in Wareham, MA
cherishanti answered:
how much do you have to make annually to qualify for a 150k mortgage?
If your income is less than $20K is there any chance of getting a loan?
0 votes Share Flag Thu Apr 11, 2013 Home Buying in Wareham
Kevin Vitali, Real Estate Pro in 01876
Kevin Vitali answered:
How can I get out of a join loan?
The other person will have to refinance soly in their name. It is the only way it can be done. Hopefully they can qualify on their own.
0 votes Share Flag Tue Apr 9, 2013 Home Buying in Wareham
Moy Lopez, Real Estate Pro in Norwell, MA
Moy Lopez answered:
What company should I go with for a three season home, loan?
Just a few months late but here is one possible answer. Why not winterize it and put in heat with a FNMA HomeStyles loan for second homes. You can finance the purchase price plus the r ... more
0 votes Share Flag Thu Nov 15, 2012 Home Buying in Wareham
Moy Lopez, Real Estate Pro in Norwell, MA
Moy Lopez answered:
I am interested in purchasing a second weekend home in Wareham, how much of a down payment is required on a
Ana, Corey's answer is correct. Second homes only require 10% down if your credti scores meet the guideline requirements. Our FNMA Homestyle loan program will also allow you to finance ... more
0 votes Share Flag Tue Sep 4, 2012 Home Buying in Wareham
Haneroad, Home Buyer in Centerville, MA
Haneroad answered:
if we purchase a second home and my mom lives in it, while we live in another state, and she pays part of the expenses, is that considered rental
Eventually we will be in that same position. Great question.
0 votes Share Flag Tue Aug 28, 2012 Home Buying in Wareham
Marybeth Mil…, Real Estate Pro in Norwell, MA
Marybeth Mills Muldowney answered:
Is this property in a 55 and up community?
Good Morning Martha, If you are looking for information on over 55 communities in Massachusetts I would be most happy to assist you. There are a number of opportunities on the South S ... more
0 votes Share Flag Sat May 5, 2012 Home Buying in Wareham
Philzao, Home Buyer in East Wareham, MA
Philzao answered:
is wareham a good place for seniors to live?
Well Linda, I am not a self serving broker. I am a senior and looking to buy a home in Wareham b/c family is close by. I can tell you this much. The town board of Assessors are a bu ... more
0 votes Share Flag Wed Apr 18, 2012 Foreclosure in Wareham
Heath Coker, Real Estate Pro in Falmouth, MA
Heath Coker answered:
will someone email me re this property?
You have found one problem with sites that are not owned and run by real estate professionals - the information is there to entice you to post your email and other contact info. I' ... more
0 votes Share Flag Mon Feb 13, 2012 Home Buying in Wareham
Jobass24us, Home Seller in Ware, MA
Jobass24us answered:
when my house has been foreclosed on what happens to the second mortgage?
Im not an attorney but Im in this situation right now. I spoke with an attorney and yes in this state the 2nd lender can come after you for the amount owed. However, that is if you have ... more
0 votes Share Flag Wed Sep 7, 2011 Foreclosure in 02571
Beverly Gora…, Real Estate Pro in Plymouth, MA
Beverly Goranson answered:
I am renting and wondering if the property is in default?
Sounds like you could be right. If the proerty is going into foreclosure there will be notices posted in the local paper. Does your real estate agent know? If you are currently a ten ... more
0 votes Share Flag Thu May 19, 2011 Foreclosure in Wareham
Joe Arnao, Real Estate Pro in Sandwich, MA
Joe Arnao answered:
In Wareham, ma, is it possible to buy a forclosed property, with cash, and take possession quickly? Or does it take long?
As stated by others, yes. Make sure you do your due dilligence before going firm with the P&S. Many bank owned deals end up with problems if they buyer is not careful. Investigate i ... more
0 votes Share Flag Wed Apr 13, 2011 Foreclosure in Wareham
Joe Arnao, Real Estate Pro in Sandwich, MA
Joe Arnao answered:
i have 1st and 2nd mortgage on 2nd home, what happens to 2nd mortage if i allow home to go into foreclosure?
Bonnie,
Stephen is right, Try a short sale and try to avoid some of the long term damage a foreclosure can have on your credit. There are investors that many of us Realtors know, that ... more
0 votes Share Flag Mon Dec 20, 2010 Foreclosure in Wareham
Lori Lincoln, Real Estate Pro in Taunton, MA
Lori Lincoln answered:
What are the ramifications of foreclosure of your 2nd home in Massachusetts?
Hi Kay,

Your credit will be dramatically affected if you get to foreclosure. The foreclosure will stay on your credit report for at least 10 years. With a short sale, the credit rep ... more
0 votes Share Flag Mon Jul 13, 2009 Foreclosure in 02571
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