Unfortunantly, you are in a bad situation along with many many other people. There are a few mortgage lenders who aren't doing appraisals but they they typically run it through a logarithm program to come up with a "value" for the home, but in general, the bank is required to make sure that they aren't loaning more money on the home then it's worth, since it becomes the collateral for the loan. As a result, when they do a refi and the appraisal is much lower than the loan, they require the home owner to bring the difference to the table before they will refi it, even if the amount of the loan stays the same.
I would talk to a HUD counselor in your area. They will know if there are any programs in your area that might help you... more
From your question, it sounds like more information is needed to really formulate a good, clear and concise answer. In general, I would suggest you speak with your bankruptcy attorney for the answer to your question. If s/he doesn't know, perhaps a better question can be produced that will enable the Trulia community to better answer your question or point you toward the appropriate expert. I also apologize for this "non-answer."... more
When you are late with your mortgage & every time your late that will be reported. But once they take your home on the foreclosure (which will take several months) it will show up on CBR as a foreclosure. At that point your credit doesn't really matter to much. You will have to work hard to rebuild your credit.
So reading between the lines. You are saying you are paying the mortgage in the bankruptcy payment to the courts but did not reaffirm the mortgage with the lender.... more
First thing is you have to be at least 3 months behind in your mortgage before the lender can even start a foreclosure presidings. 2nd if you are just now 1 payment behind it is time for you to possibly list you home & then once you get a second payment behind we can talk about a possible short sale. Please call me anytime at 816-863-7797 I'll be glad to assist you.... more
Are you talking about Oldham Farms subdivision in Raytown? I grew up in Raytown and my mom still lives there. There are 3 homes currently for sale in that subdivision so I am wondering which one it is. That's a peaceful area with good highway access.
Why don't you either email me at email@example.com or give me a call at 816-805-4393 so we can talk about what you are looking for and your plans. I am a very experienced Realtor and would be more than happy to assist you! My website is http://heck.reeceandnichols.com if you want to check me out first!
Looking forward to hearing from you! Elaine Heckenkamp... more
"It's a good time to learn." Meaning you will have a lot of time to learn the trade without a whole lot of pressure, at least until the market kicks up. Also you should clarify what you are seeking when you say "hire" since you will be an independent contractor. It's going to be out of pocket expenses for you until you make a deal. So unless you have a lot of connections going for you with people that want to buy or sell commercial property, you should go with the best training and have another flexible day job. Or do double time with residential to improve your flexibility and chances of making transactions. Beyond the very basics of training, your success will mostly depend on prospecting, not training itself. So when you interview ask more about what they teach you about sales, instead of just real estate.... more
You might want to call your state Real Estate Association Legal Hotline for guildance. It seems to me that as a professional you may have an obligation to report this fraud, but I am not an attorney and cannot give you legal advice. I would encourage you to find out. How do you know for sure that they lied on their application? Hopefully you are NOT their Realtor also. In that case, you would probably have an even greater obligation to report the dishonest answers. Hopefully your state has a legal hotline like ours or perhaps your agency has an attorney on retainer or easily available. Get thee to an attorney.... more