Dave Kropp

Jon, The declining market opinion is a fannie freddie finding in automated underwriting. Also, sometimes it pops up on the mortgage insurance companies radar. Each company will view this different but in general it is a cause for concern if it comes up. Your mortgage broker should already know if this zip is a problem. If you need more help in determining this right away call me at 630-578-3011. - Sat Mar 8 2008, 01:51

Taiko,
The deduction on your tax return would be the same whether you're on the loan jointly or not. Also, you can Quit Claim his name on immediately after closing. Depending on Real Estate law in Jersey City that may also protect your house in case of law suits if you take title by Tenency in Entirety. Again, I do not know if you use lawyers in your state for Real Estate closings but if you do ask them to handle it. If you Quit Claimed your husband on that means he is on title but not on the mortgage. This mortgage will not help be on his credit report. - Mon Jan 21 2008, 18:52

Linda, There is alot of gloom and doom about foreclosures in these responses. I am a personal investor in foreclosures through the bank owned process to the sheriffs auction. I also help clients obtain them. I just closed on a home in St. Charles in the Charlemagne subdivison. They picked up this home for $337,500 and after spending $50,000 to make this house their own with a brand new kitchen, baths and hardwood floors it is worth around $450,000-$475,000. Don't get me wrong, there is a certain process and you need to be qualified appropriately but this is a great market for foreclosures. I am going out with a client this weekend showing them 12 foreclosures each with instant equity of at least $40,000. This may not be the best market for flips but it is great for buying a home to live in or for first time homebuyers. Also, if your looking to accumulate property there is no better way to do this with no money down and still have a positive cash flow. Also, the financing of these homes is unique because the bank will not always accept these homes. I can help you through that hurdle because I also own a mortgage company and sometimes I use my own money to obtain these for you. The next step with me is to have a sit down and find out if you are a good candidate for purchasing these. Call me at 630-578-3011 - Mon Jan 21 2008, 18:44