Dave Grant

Have your lender provide you with a failure to qualify letter based on you losing your job. Unless you can qualify without a job you should be able to get your money back. Good luck! - Yesterday, 16:05

I doubt that a REALTOR could pull off a fake apprasial. REALTORS have nothing to do with the apprasial, it would have had to go thru the lender who did your loan(that's where i would start) The lender is usaully responsible for ordering and reviewing it , and ultimatly approving the apprasial. Start with the lender who did the loan for you. How do you know it was a forged ?

Good luck Dave. - Mon Sep 15 2008, 23:18

Dave ,
Discrepencies are rather common in sq ft and 500 sq ft will not sway value that much.
You should start with calling your lender to see if they are willing to work out some type of loan modification so that you can afford the home and stay in it. If that does not work or seem to be a option than you can approach it by trying to short sale the home(selling for less than is owed on it) this will effect your credit but not as severe as a foreclosure. If you would like to discuss this delicate situation please feel free to email or call me direct.

Best of luck,
Dave Grant - Wed Sep 10 2008, 00:38

The price would need to be at least 30% below value to even consider doing this right now - Mon Sep 8 2008, 22:23

Iryna,
It is very simple really. Here are some quick facts. Please email me privatly for assistance.

Thank you,
Dave Grant

“FOREIGN NATIONAL FAST FACTS”

Foreign National (FN) A Foreign National is a Non-Resident Alien (NRA), which is a non-U.S. citizen who is not authorized to work in the U.S. or live here for any extended period of time, but may lawfully visit the U.S. and can provide proper documentation in the form of a valid foreign passport.

Qualifications for Foreign National
• Foreign National (Non-Resident Alien)
• No job in the U.S.
• No U.S. address
• Authorized visitor or citizen and resident of another country
• High income/high net worth (High end borrowers who are citizens and residents of countries other than the United States and have substantial wealth and desires to purchase a second home and/or investment home in the United States)

Documents Required to Prove Foreign National Status
• Valid (Unexpired) Foreign Passport for each borrower
• I-94 (Required only when the Foreign National is in the United States at the time of application or closing).
• The Foreign National does not have to be in the United States at the time of application or closing.
• For Foreign Nationals outside of the United States, the Foreign National must notarize and validate their identity at a U.S. Consulate in his/her country of residence.
• The Deed of Trust must be notarized at the U.S. Consulate office.

Housing Payment History
They cannot have been late on their own personal mortgage or rental in the last 24 months.

Previous BK and Foreclosure
• Standard guidelines for any Bankruptcy
• Foreclosure is an automatic denial for a Foreign National

Max Loan Amount
$1,000,000. Exceptions on a case-by case basis.

Income Documentation
Full Doc requires 25% down on loan amounts under $650,000 (30% if soft market)
Full Doc requires 35% down on loan amounts over $650,000 (40% if soft market)

Stated Doc requires 30% down on loan amounts under $650,000 (35% if soft market)
Stated Doc requires 35% on loan amounts over $650,000 (40% if soft market)

Cash-Out refinances are not allowed.

Reserves
• 6 Months for all Loans under $650,000
• 12 Months for all loans over $650,000

Credit
If they have a U.S. credit history, 700 minimum FICO score with at least 24 months on all 3 trade lines- all must be satisfactory payment history.

International Credit Report required to be pulled. If nothing shows up there then they can use U.S. non- traditional trades - 3 trade lines or they can get three credit letters.

The credit letters may be from a financial lending institution or a creditor or a combination.

Other Documentation
A foreign national (nonresident alien) borrower should have a valid SSN or ITIN. A signed W-8 is required if a foreign national (nonresident alien) borrower does not have a SSN or ITIN.

All Foreign Nationals must complete a W-8BEN form.

Employment Documentation

Salaried borrowers must have W2; we also have to verbally or get a written verification of employment, and last pay stub OR Comparable Documentation on Foreign Income from their country.

Stated Income must be reasonable and meet all criteria for Stated Income loans

Assets
Verification of Deposit (VOD) is required:
Down payment and closing costs must be placed and verified in U.S. institution prior to closing and then the wire or funds to close must come from that account
Reserves can be verified in a foreign institution with 6 months history

Note: Foreign Nationals are not allowed to transfer down payment and closing costs directly to a Title Company from a foreign bank. This may present potential money laundering issues and as such is not allowed. The funds must be deposited in a U.S. depository institution.

Timeframe
You will want to allow 4-6 weeks for foreign national loans to close, if they need financing. The verifications take much longer and an international credit report can take 1-3 weeks to get.

Please contact me with any other questions.
Dave Grant - Fri Aug 29 2008, 22:36