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Rebeccatrulia, Renter in United Amigos, Mesa,...
Rebeccatrulia answered:
what happens if you got a first and second mortgage and you foreclose on your first mortgage,what happens to?
Hi Nikkiboo

If you foreclosed on your first mortgage, there may not be enough money from the foreclosure sale to pay the second mortgage holder. If there is equity remaining in your ... more
0 votes Share Flag Wed Oct 2, 2013 Foreclosure in 60901
Capitalinvest, Real Estate Pro in Kankakee, IL
Capitalinvest answered:
What happens if I foreclose on my house and I have a second mortagage/ Is it better to do a short sale?
Based on your question and to answer it properly, it all depends. The solution to your circumstance is as follows and is determined by the amount owed on the second mortgage which you ... more
0 votes Share Flag Sun Apr 7, 2013 Foreclosure in 60901
Tony, Home Buyer in Shrewsbury, MA
Tony answered:
Has anyone delt with VA Mortgage Center?
Mike Mange was wonderful for us and we would highly reccomend him. He kept in constant contact with us and guided us through the entire process. At one point during process my wife and ... more
0 votes Share Flag Fri Nov 30, 2012 Home Buying in 60901
jageddi, Home Buyer in Washington
jageddi asked:
I currently own a home in wastington state and its heading for auction 11-14-12 and the second on it is calling me asking for payments. when my house goes into foreclosure am I still responsible for paying the 2nd?
0 votes Share Flag Thu Oct 25, 2012 Foreclosure in 60901
Molly Hay,SFR…, Real Estate Pro in Columbus, OH
Molly Hay,SFR,CDPE & CNHS answered:
what is best company for someone who has fair credit?
Every company is different. Your insurance is based off of the location the home is in, county and your credit history.
0 votes Share Flag Fri Sep 30, 2011 Home Insurance in 60901
jlcorbett11, Home Buyer in Bourbonnais, IL
jlcorbett11 answered:
I need a 203k Contractor in Kankakee, IL (45 min South of Chicago) area- recommendations?
REGARDING 203 contractor:
What is the approx. cost of your project?
0 votes Share Flag Mon Mar 21, 2011 Remodel & Renovate in 60901
Bradley Egge…, Real Estate Pro in Palatine, IL
Bradley Eggers answered:
Looking at a 203K, if the current mortgage balance is $120K and we do $50K in improvements, what would house need the "after" appraisal to
Jon,

Ed's answer below is pretty good, particularly on the required improvements. The wet basement will have to be fixed with the other repairs.

Your maximum loan amount wil ... more
0 votes Share Flag Sun Dec 26, 2010 Remodel & Renovate in 60901
Cecelia Marl…, Real Estate Pro in Chicago, IL
Cecelia Marlow answered:
my credit score is only 574. I would like to get a FHA loan. I have a good job that I have had for the past 6 years and make over $60,000. Down
Hi Mustachio,
As has been previously answered, the minimum credit score for an approval of an FHA loan is 620. There are lenders who will allow for a credit score of down to 580, ho ... more
0 votes Share Flag Mon Jan 4, 2010 Home Buying in 60901
Voices Member,  in
Voices Member answered:
I owned a house that I vacated 2 years ago becuse of transfer of employment. I owed 230K on my 1st Mortgage
Stanley,

You have a few options. First, you could offer the second lein holder more money in order to get them to waive the promisory note. However, you'll then have to convince th ... more
0 votes Share Flag Thu Aug 13, 2009 Foreclosure in 60901
David Cruick…, Real Estate Pro in Palatine, IL
David Cruickshank answered:
This is my first time buying a foreclosure and I want to know how to get the best deal I can on the house?The
Skybrooke2,

You should probably get some help and look at comparable's in the area and also look at how long it has been on the market. A realtor familliar with the area will be abl ... more
0 votes Share Flag Fri Jun 12, 2009 Foreclosure in 60901
Steve De La…, Real Estate Pro in Pleasanton, CA
Steve De La Hoya answered:
any help to buy a home without any money down or for closing costs?
There is also another loan option that is out there in certain areas. It’s called a USDA rural loan. Now what this means is you have to purchase a home in a rural area. I have ha ... more
3 votes Share Flag Fri Apr 10, 2009 Home Buying in 60901
David Cruick…, Real Estate Pro in Palatine, IL
David Cruickshank answered:
What does a 203K loan use for the basis to determine LTV? We are wanting to do a 203K on our current home,
TheLTV is determined by using an appraisal of the current home value and then adding in value for the things that you want to do to the home to improve it. When you do the refinance you ... more
0 votes Share Flag Wed Mar 25, 2009 Remodel & Renovate in 60901
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