Foreclosure in Waynesboro>Question Details

Carmen, Home Buyer in Waynesboro, PA

Hello. I am trying to purchase a home and I have bad credit. I need to do this quickly as my uncle passed

Asked by Carmen, Waynesboro, PA Sat Aug 1, 2009

away and the property is ready to go into foreclosure. The sale price is 160K and the appraisal was for 368K two years ago. Do I have any options with there being soo much equity? Please help

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Unfortunately there is a lot of tighter regulations on getting approved for a mortage today than what there used to be. That being said there are quite a few programs that are still available for those with less than perfect credit, especially if they are first time home buyers.

I am a real estate agent and a loan officer for a bank and have extensive understanding of all types of mortgage prodect that are available. I'll be happy to discuss this further with you to see if I can give you any further guidance on this matter.

I am available tomorrow at 888-762-1554 from 7AM to 9AM and from 12:30PM to 10PM, and anytime monday from 7AM to 10PM, if you would like to discuss this in more detail. I'll be happy to help point you in the right direction.
0 votes Thank Flag Link Sat Aug 1, 2009
Carmen. If the appraisal was 368K 2 years ago and now the house is worth araound 160K, the property has no equity! 160K may even be too high or else there would have been a buyer before foreclosure.

Values have come down dramatically since 2006. Your uncle's property is what is called upside down in value. Such a property could only be sold in a short sale. May be there are exceptions I haven't heard of but from what I know the sale has to be an armslength transaction meaning nobody in the family including the borrower's bloodline can purchase it.
0 votes Thank Flag Link Sat Aug 1, 2009
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