Jt a short sale is a black mark on your credit but under current credit scoring it is not as bad as as a bankruptcy. Under current lending cenditions you also qualify to purchase a home again quicker after a short sale than after a bankruptcy. I list homes under lender referral for short salesand have prevented 2 forclosures year so far. One of those forclosures the seller was getting ready to file bankruptcy and he saved that on his credit also. Ohio is a deficiency state and the lender does have the right to look for means to recover the shortage on a forclosure. On a short sale they mark the debt as satisfied and wash off what is owed.
Caution if the short sale is on investment property there may be large tax implications. If you are considering a short sale now is the time to get started because the Bush era tax forgivness program s coming to an end this year andif not extended would cause people to owe income tax on the shortage to the lender.... more
The only change coming to FHA April 5th is the change in upfront MI. All the other changes noted and discussed are not scheduled to take effect at this time. They are proposed and under a comment period and/or waiting legislative approval before being enacted. These changes will come later this spring or early summer.
The change in upfront MI should not effect your situation much as the MI is still completely finance and will have a very small effect on your monthy payment. Good luck with your purchase.... more
I'd like to recommend that you call David Williams @5/3 513-256-1267 for info you need on doing a refi.
Personally, it's good to have someone local that you can speak with, or better yet, see face to face.
He is located at Mack and Winton near Cinti Financial. Tell him the "weddinghometeam" from Re/Max sent you.... more
Rob you buy the house without any inspections or viewing it except what you can view from the street. Lenders will not have a lot of input on this as you can not get a loan without an appraisal and you can not get an appraisal without going inside.
In Butler County you need to have 10% cash on the day of the auction and the rest within 30 days. If you can't pay the other 90% you lose the 10% auction fee and the property gets resold.
Have a title company check title for you before you bid and remember the bank will bid up to the judgement amount normally, not that minimum bid B.S. that is posted on Jones site.
Go to one or two auctions before the property you want comes up to see the flow and how things are done.... more
In Ohio RealtorsÂ® can only list mobile homes if they are on seller owned land. Mobile homes in parks on leased land fall under the department of motor vehicles.
Depending where you are in Butler County you may have a good shot at getting it sold. You need to check around and see who will finance the Mobile as not all lenders will touch them. That way you can have a list of lenders to give to prospective buyers. If you make it easy on the buyer it makes the sale more likely to close.... more