looking to buy a hud owned foreclosure.
selling for 33k. valued around 75-85k.
which means it would be a great turnover
for anyone if i were to default, which i'm not,
have an excellent rental history at $750/mo
for two years and $565/mo at property before that.
looking for a cosigner to sign for first 6 months
while i build enough extra info for a refi.
Returning to same company worked for before,
off and on for past 11 years, currently returning
after 1 & 1/2 years as stay at home mother.
I really love this house, it is an excellent value,
the deal is very safe for co-signer, i can produce
an assortment of paid bills in my name and letters
of referrals from at least the last 3 years or so.
Just looking to stop renting and the ability to pay less per
month by buying, and i'm in LOVE with this perfect cheap little home.
How do you know the borrower with the 680 score can't qualify right now? What does insufficient credit history mean? Maybe it is sufficient.
I'm not sure I understand the second half of your comment on Thursday evening.
Is there a reason you need to be on for the first 6 months that maybe we can fix now? Getting someone from a 614 score to a 620 is sometimes very simple and quick.
If you have any specific questions, just post back to the forum or give us a call.
I have been advised by several lenders that a streamline will not allow the removal of any obligors. So, as stated below, the remaining parties would have to do a complete refinance. A mere 3% drop in values (which could happen once banks resume foreclosures at the pace needed to retire all the defaulted debt) in the next 6 months would prevent a refinance from happening. Better to have the buyers wait until they can buy on their own merits. Good luck and Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
Not recommended. To many pitfalls for you. I'm assuming your credit is the best. Why chance it?
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT