I am the borrower and the co-borrower moved out. we were not married and she will not sign a quick claim deed. she has stop paying as of 3/31/2014. the lender offered me a modification but now they want a quick claim or warranty deed.... more
Hello Drewsix1987, you will need to qualify for a refinance to take your parents off the loan. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs. If you have credit issues, your credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score.
It only takes a few dozen questions to qualify and go over your options. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
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9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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Jay, If you haven't sold already, I currently represent 5 cash investors that are always buying and selling in Lake Elsinore and surrounding cities. They are always on the lookout for new properties particularly in Riverside, San Bernardino and Orange County. If you are still looking for a cash buyer please give me a call. My direct Toll Free is 888-399-4844 Brett Dalbeth, iPro Real Estate... more
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.
I know of a home in Lake Elsinore that is income restricted (lower income). for a single person, the income needs to be under $22,300 for a family of two, under $25,500, for a family of 3, under $28,700 and for a family of 4, under $31,850. Down payment and closing cost assistance of up to $75,000 may be available. If you are in this income range, please contact me. I will be happy to help you.
If you are not within these income restrictions, you might be able to have a family member, partner or friend buy with you or give you a gift to help you qualify.
(909) 772-8842 cell... more
Contact the trustee and find out what are the terms of the sale? In other words some trustees want funds in 10 days some allow 30. You can go to the sale bid on the house and possibly close within the time frame if the trustee accepts funds after 30 days. I've done this with an investor who had his loans lined up just needed a check from the bank.
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
We need way more info to give any better advice then what you've already been given. Is this a lease, is it month-to-month, etc? What are the terms of your contract? Also, I'm curious to know the status of the home. I came across a renter that the owner tried to evict because he wanted to move his kid in right before it forecloses. He wanted the "cash-for-keys". Luckily, I got there first.... more
I agree with Hal below, if you are really wanting to buy this house and are willing to take a risk in either 1) the home appraising at a purchase price of $173k making your monthly payments just slightly higher or 2) the home appraisal coming in low and attempting to re-negotiate with the bank then I would say move forward with an appraisal (make sure you have an appraisal contingency in place). But, get the appraisal done right away and before you come out-of-pocket on a home inspection so at least if you end up walking you're only out the appraisal fee.
Depending on what bank and what asset manager the listing agent is working with, some lenders will drop the purchase price after a true appraisal comes back low. The BPO that the banks use to determine value are typically quick and dirty estimates provided by real estate agents in that market area. So a true appraisal by a licensed/certified appraiser does hold more weight.
Thank you so much everyone for your helpful answers! I am still trying to work out this deal because I do really love the house. I am trying to be patient, but really it will all come down to price. I honestly have no more to give.
All of your answers have given me great insight. I now realize short sales are really full of "hidden costs", they are not deals at all! It may be a harsh reality for me, but perhaps the bottom line is that this is still not an affordable market for me. I'm doomed to rent!
Thank you all for the honesty and clarifications. This site is wonderfully informational thanks to the great community members taking the time answer questions for people like me (even if wish the answers were different)! :)... more
Hello Home buyer. This is a great question. I didn't know the answer so I reached out to my preferred lender. Go to the following link: http://www.mgichome.com You will need to enter a code that your loan officer provided you with. Your loan officer should be walking you through this entire process, if they are not, I think this is a Red Flag!
If you need a referral for a loan officer please let me know. I work with some great direct lenders that will be happy to explain this process to you.
Yes, You need to Interview at least three agents. Being confortable with your agent is a major concern as they will be selling something that is very precious to you. Look for someone that lists and sells a lot of homes in Lake Elsinore. Thank You Roger & Sheila Tarbell Corona... more
I'm a little biased. I prefer Lake Elsinore. For example, Tuscany Hills is a very desirable community, in Lake Elsinore. It's almost like you're Italy. There are large homes available (3,500 sqft) with 2/3 acre lots and views of lake for upper $200s. Amazing values at this point.... more