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Phil Rotondo, Real Estate Pro in 32940
Phil Rotondo answered:
I've been turned down for a USDA and FHA loan due to a Past due mortgage on my credit report. Should I ...
You could ask whoever turned you down if you would qualify for a conventional.
0 votes Share Flag Fri Jan 4, 2013 Financing in Greenville
Larry Tollen, Real Estate Pro in Chapel Hill, NC
Larry Tollen answered:
I was old a lemon...invested over 40k on supposedly rehabbed home...still needs too much work..thinking of short sale or foreclosure ..whats best..
You need to speak to a real estate lawyer and/or your financial adviser to discuss long-term ramifications and to understand how short-sales work in Illinois.

If they suggest forecl ... more
0 votes Share Flag Thu Aug 11, 2011 Foreclosure in Chicago
Margaret Has…, Real Estate Pro in 33618
Margaret Hassani answered:
renting vs buying in recent downward spiral in housing market which, is better
How much lower can it go? It's a perfect time to buy!
0 votes Share Flag Wed Sep 24, 2014 In My Neighborhood in 34608
Jessica,  in Virginia
Jessica answered:
I’m looking to buy a condo/townhome within the district and would like to know, what should my credit score be to get either and how to increase it?
First, I always get ask what credit score do you need to get a loan. Typically I say 620 or better but as a result of the negative publicity two of the largest FHA-approved lenders have ... more
0 votes Share Flag Sun Jul 31, 2011 Home Buying in Washington
Suzanne MacD…, Real Estate Pro in 07856
Suzanne MacDowell answered:
If my mortgage was discharged in 2005 but I kept the house and am current on payments, could I go and apply for a new mortgage on a new home now.
You really need to talk to a real estate attorney or even a lender. The problem is, you have been paying, and if you find a different home, you intend to stop paying. That's a to ... more
0 votes Share Flag Thu Jul 21, 2011 Financing in Anoka
Michael Emery,  in Minneapolis, MN
Michael Emery answered:
Can I walk away from my current home, as it is top-heavy...to purchase another home....I am not late or behind in my payments...
If you walk away from your current home (and its mortgage) you would have to pay cash for the next home because you would no longer be able to secure a loan due to the default on your f ... more
0 votes Share Flag Thu Aug 15, 2013 Home Buying in 95977
Melissa Bark…, Real Estate Pro in Arlington, VA
Melissa Barkalow answered:
Appraisal for condo is $52,000 under my offer. Both sell/buy realtors think appraiser included too many short sales. Advice?

The listing realtor or owner should write a letter in appeal of the low appraisal price. If you as the buyer had the appraisal contingency in there, you now have an negotiating p ... more
0 votes Share Flag Tue Oct 2, 2012 Home Buying in Alexandria
Michael Abram, Real Estate Pro in Los Angeles, CA
Michael Abram answered:
Hello Honeytoast4U,

Can you give a little more information about the medical bills? Did they appear on your credit report as collection accounts?

Michael Abram
First Capital Mor ... more
0 votes Share Flag Tue Jun 21, 2011 Financing in Oakland
Fred Glick, Real Estate Pro in Los Angeles, CA
Fred Glick answered:
If I file bankruptcy before foreclosure will that protect me from, or prevent the banks from filing, a deficiency jusdgement?
Talk to a BK lawyer. This is not the forum for these questions.

Best of luck.
0 votes Share Flag Tue Aug 2, 2011 Home Selling in California
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
any chances to get aproved for a homepath loan by myself?
If the judgment is no longer within it's statute of limitations, then once it falls off credit a lender would not require it to be paid (that is if it's owing). However if it ... more
0 votes Share Flag Sat Feb 11, 2012 Financing in Las Vegas
Suzanne MacD…, Real Estate Pro in 07856
Suzanne MacDowell answered:
We're "underwater" in our mortgage. Tried to sell, offers 30k less than we owe. If we shortsale, possible to buy right away? Credit
Under some circumstances you can buy right away. It depends on 'extenuating circumstances'. I am working with my mortgage partner at the moment to find out how the underwrit ... more
0 votes Share Flag Wed Oct 31, 2012 Financing in Attleboro
Carl Henker,  in 95928
Carl Henker answered:
what if the judgement was included in bankruptcy? How do you satisfy that for FHA? Only one agency is report ...
You will need to supply your discharge paperwork (showing the judgement discharge) to the credit reporting agencies and ask for your file to be corrected. Your lender/loan officer shou ... more
0 votes Share Flag Tue May 17, 2011 Financing in Eden Prairie
BG, Home Buyer in Phoenix, AZ
BG answered:
I have a property as a loan assumption with qualifying. I am not able to keep up with the mortgage payments, times are hard and I'm desperate
The key information any one will ask you is : how much underwater are you ? (outstanding mortgate vs comp). It seems like you are between two very difficult options; but, you have to ... more
0 votes Share Flag Thu Aug 15, 2013 Home Selling in Corona
Alma Rose Kee…, Real Estate Pro in 33626
Alma Rose Kee PA answered:
Does anyone know where a couple in Florida with an old judgment and credit score mid 600's can get a mor ...

Contact you favorite direct lender, i.e. Wells Fargo, www.Amerisave.com www.KristineBredeau.com or a credit union. Other than credit unions, virtually all lenders get their ... more
0 votes Share Flag Sun May 8, 2011 Financing in Palm Beach County
Pamala Bava, Real Estate Pro in Rochester, MI
Pamala Bava answered:
6 months denied FHA due to Credit, now qualify
Hi Kyomagi,
I suggest you speak to a mortgage person about getting a mortgage. You have worked pretty hard to get your scores up. Speak with a lender to see what else if any you need ... more
0 votes Share Flag Mon May 9, 2011 Home Buying in Michigan
Jose Morales, Real Estate Pro in Palm Beach, FL
Jose Morales answered:
Can anyone provide me with info on what government agency (or what lender) could help my prospective buyers get a loan at competitive rates?
Marsha, I would need two years of tax returns. Since her husband is S/E we would have to average his income for the past 24 months so we can't go strictly by what it says in one re ... more
0 votes Share Flag Thu May 5, 2011 Financing in Palm Beach County
Damon Bottic…, Real Estate Pro in Las Vegas, NV
Damon Botticelli answered:
My husband is the only person on the mortgage note. If we short sell or foreclose on our home, will this affect my abiltiy to purchase a new one?
Your income should not need to be considered for the short sale. If the 1st mortgage payment is higher than 31% of his income, it's likely your short sale would be approved. Howe ... more
0 votes Share Flag Sat May 14, 2011 Home Buying in Las Vegas
Marie Souza…, Real Estate Pro in Centerville, MA
Marie Souza Team answered:
US Bank Home Mortgage denied me twice for a loan modification. What are some other options?
You sound like a good candidate for a Short Sale. Contact your local Realtor & they can walk you through the process. I know it is frustrating, but you are not alone... so many peo ... more
0 votes Share Flag Thu Aug 20, 2015 Foreclosure in Orlando
Madeleine Se…, Real Estate Pro in Anaheim Hills, CA
Madeleine Semaan answered:
Well if you have consulted an attorney he should have explained to you tax consequences in ca pertaining to the line of credit.if its large Amount they can pursue u with a deficiency j ... more
0 votes Share Flag Thu Aug 15, 2013 Foreclosure in La Puente
Robert Range, Real Estate Pro in Reno, NV
Robert Range answered:
i short sold my home over 1 year ago (Feb 2010) ,can i buy with 20% down and credit score in the 700s?
You might with a conventional mortgage - it is too early for the FHA guidelines. It is going to depend on the investors guidelines on that particular mortgage product. Is the short sa ... more
0 votes Share Flag Sun Apr 10, 2011 Home Buying in Phoenix
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