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Real Estate Short Sale Questions and Answers |
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Question: How long after a short sale can we buy another home?
I have opened up my story through these questions, I just want to shed my 2800 a month mortgage payment by any means possible. We are trapped in this home we cannot afford. We tried to consildate with plans to sell within the same year. But, the market has changed our plans. How long after we short sale it, can we own another home. And, how do we do it? thanks for all the helpAnswer: A short sale is as bad for your credit history as a ...
A short sale is as bad for your credit history as a foreclosure. Even if you could find another lender for a mortgage loan the interest would be sky high. 7 to 10 years before that short sale would be off your history.
Your best bet is to contact your lender's loss mitigation department and work out a new arrangement. They might lower the payment, reduce the amount owned, lower the interest rate... or any number of things to keep you in the home. The pressure is now on lenders to reduce foreclosures and they are will to work with you. But you must contact them and stay at it.Answer: Good finance question! I know of an organization that gives ...
Good finance question! I know of an organization that gives up to $1500 to people to help them with their rent or mortgage. It's available in most US cities, I highly suggest you check it out.
http://www.rent-assistance.org
Best of Luck.Answer: It will be at least another 7 years before any bank would ...
It will be at least another 7 years before any bank would dare to take the risk of selling to you.Question: Can we have a savings account if we are trying to short sale our home?
We cashed in our retirement funds in an effort to stay afloat. Instead its turning to be just a bandaid for the problem. people consulting us have said that we should stop paying our mortgage . Our lender wont work with us till we are deliquent. We have listed the home, and wish to save some money but, can we have a savings account if we are planning to short sale the home?Answer: I have seen a lot of people be able to keep their retirement ...
i have seen a lot of people be able to keep their retirement accounts but not savings accounts. And those consultants are right. The mortgage companies only agree to a short sale if they think it is in their best interest- so if you are not behind in your payments they are not normally interested in talking a bout a short sale.Answer: I was once in your situation. Don't worry, everything ...
I was once in your situation. Don't worry, everything will work out for you =)
A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.
http://www.house-help.org
Good Luck!Answer: They will not agree to a short sale while you have money to ...
They will not agree to a short sale while you have money to make your payments. Why should they not recover the money they gave you in the first place while you have cash on hand? You spent real money, this is not a game.Question: How do you qualify for a short sale?
at the booming point of the economy, my wife and I refinanced all of our credit debt into our home. We had anticpated being able to sell quick and move into somthing more affordable. We are almost a year now into this mortgage payment and it is killing us, WE NEED HELP!Answer: Contact your mortgage company. If they will allow you to ...
Contact your mortgage company. If they will allow you to sell under a compromise (or short) sale then you can. There are no laws that force them to allow you to do this- the mortgage company just does this if it appears it is in their best interest.
If they believe that their only other choice is to foreclose on you, and that at foreclosure they will also not be able recover all the money, and that they will not be able to recover any money by suing you to recover money you might have in a bank account, and if they do not believe there was fraud involved in creating the loan and no fraud involved in the sale (you are not trying to sell it to your brother or something)- then they may very well allow this short sale to happen.
They are going to ask a lot of questions and it will hurt your credit but it will be a lot better on your credit report than a foreclosure would have been. The bank will normally be much better off because they have much lower legal fees in a short sale.Answer: Great post! I completely understand your question. Money ...
Great post! I completely understand your question. Money is hard for a lot of people right now since the enconomy is going down. My friend told me about this website of an organization that gives people up to $1500 towards their rent or mortgage. It's available in most areas, so I think you should check it out.
http://www.aissh.com
Hope this helps!Question: Second Lien holder accepted offer on short sale? What does this mean?
The first lien holder did not accept the offer yet, but they informed my real estate agent that the second on did. The previous owners took out two mortgages on the house we put an offer on. Is this good news? Wouldn't the second lien holder lose the most money so it is harder for them to accept? Will the first lien holder accept the offer more willingly?Answer: This may help put pressure on the first lien holder to ...
This may help put pressure on the first lien holder to accept the offer. It's usually the other way around, the first accepts, but the second doesn't b/c they usually end up with less.
Good luck.Answer: It is really good news for you. The first usually actually ...
It is really good news for you. The first usually actually pays the second to accept. This is actually the very first time I have heard of this happening.Answer: Good finance question! I know of an organization that gives ...
Good finance question! I know of an organization that gives up to $1500 to people to help them with their rent or mortgage. It's available in most US cities, I highly suggest you check it out.
http://www.money-for-house-rent-mortgage.org
Best of Luck.Answer: Normally the first lienholder gets paid off then the ...
Normally the first lienholder gets paid off then the second.Question: How can I find out if my offer for a short-sale property really was presented to the bank?
My wife and I put in an offer for a house. We found it when it was FSBO, but the owner hired a Realtor the day before we found it. He didnt sign any clauses on his Realtor contract that all his leads dont count towards commission. the Realtor had us sign a offer to purchase, as well as a purchase contract. She advised we sign both because it's a short sale property, and she said the bank might move faster if they see that we signed both. I called the owner that night after faxing, and he informed me that he didn't even know we signed the contract. I called the next day, and he still didnt hear from the realtor. I then had my mother call and pretend she was an intersted buyer, and the realtor told her that it is indeed for sale, and that there were no offers in palce. My mother played along, and asked what the price was. The realtor quoted her $40K higher than our offer. When my mother said its too high, she gave her a new price only $10K higher than ours. Not sure what to from here
The contract isn't signed, because we were told that the bank has to accept the offer first before the contract can be considered valid. This is what my attorney said as well. I've had quite a bit of legnthy conversations with the seller as well as my attorney. The realtor however is almost impossible to reach. Her cell phone voice mail is always full, so I cant even leave a message, and when I call her office, she's never there. I dont know if she's a part time realtor or what. I'm going to give it until wednesday and if I still don't hear anything, I'm going to call the company she works for and speak tot he broker.Answer: Hire ME!!! I'm a crazy Russian n I can take care of that ...
Hire ME!!! I'm a crazy Russian n I can take care of that two-timing Realtor piece of sh-it!!!Answer: Ask the realtor for a copy of the purchase agreement - it ...
Ask the realtor for a copy of the purchase agreement - it should be signed by the seller if they accepted the offer. If it's not signed than it's because they did not accept the offer or counter offered. If they did sign you have a contract and I would contact a real estate lawyer to see what your rights are.
If they are trying to sell their house short sale they are most likely hoping it gets sold asap before foreclosure so they would be eager to submit it to the bank - the realtor might be shady though - maybe call the sellers back.Answer: Take your copy of any papers you signed for the realtor and ...
Take your copy of any papers you signed for the realtor and make a new copy of them then take that copy directly to the seller of the property. Ask "have you seen these?" If not, ask them if they are willing to agree to sell under the terms you signed (should be a place on them for the owner to sign accepting the terms). If they agree to sign them, do so, then notify the realestate board in your state. Send them copies and letters telling everything.
In Oregon she could lose her license, don't know about the state your in.Answer: If it is a short sale the homeowner has no say on anything. ...
If it is a short sale the homeowner has no say on anything.
The homeowners is living there for free, has no equity, and the longer it takes, the more time he has to save up some money .
Don't talk to the homeowner, they can't do anything to help your situation.
You should have copies of all your paper works you signed.
How come your mother can get through to the realtor and you can't?
When these short sale offers go into lenders, it can take weeks and even a few months to get a response of any kind.
Lenders are not staffed or ready in any form for the deluge of short sales and foreclosures they have.
Most lenders have foreclosure departments of only 3-5 people because usually they have very few bad loans. However now they could use 50-100 people but they don't have training staff (the few people who know what to do and swapped doing it and don't have time to train a 10 fold increase in staff) and finding people who are qualified is difficult.
There is a high probability that the realtor doesn't know any more than you do. Often it is difficult to find the right person to speak with at the lender, much less actually be able to have a conversation with tjhat right person.
Speak to the realtor's brokers on Monday.
Just so you know, lenders usually respond rapidly on foreclosure offers since those have the highest priority.
You might be better off finding a foreclosure property.
Good luck.Answer: Good finance question! I know of an organization that gives ...
Good finance question! I know of an organization that gives up to $1500 to people to help them with their rent or mortgage. It's available in most US cities, I highly suggest you check it out.
http://www.assist-house-mortgage-rent.org
Best of Luck. |
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