Sam Guillen

yup! Love it!

As an agent I've closed 10 this year with Wells and B of A.

There is a Congressional proposal to eliminate the program however.

To help fend off this bid please go to: http://capwiz.com/nehemia/issues/alert/?alertid=11598811


Best Regards,
Sam Guillen
Broker
Sam Guillen & Associates
(800)975-7343 x710
sam@samguillen.com - Mon Jul 14 2008, 19:09

Hi Marcela,

Yes, there are some great programs out there.

For zero down, however, I would say an FHA loan combined with the Nehemiah down payment assistances program is a good option. The purchase price is limited however to approximately 430,000.
Consult a larger reputable bank, they will point you in the right direction. I have had lots of luck with Wells Fargo lately, Ihavea driect link to them on my website. Lots of luck - Tue Jul 8 2008, 23:11

Yes, he should be able to qualify for a loan. He will, however need to meet the general requirements – credit, debit to income ratio, job stability and cash reserves. First-time buyer programs will not be available to him, as he is technically a partial owner of two properties. The mortgage debt will be added to his overall monthly liabilities, but should be offset by the rental income (which will be added to his overall gross monthly income). So if his parent’s properties are “breakeven” cash flow or better, a new loan for a primary residence shouldn’t be a problem – assuming he meets all other qualifications.

Lots of luck! - Mon Jun 23 2008, 12:44

Yes, he should be able to qualify for a loan. He will, however need to meet the general requirements – credit, debit to income ratio, job stability and cash reserves. First-time buyer programs will not be available to him, as he is technically a partial owner of two properties. The mortgage debt will be added to his overall monthly liabilities, but should be offset by the rental income (which will be added to his overall gross monthly income). So if his parent’s properties are “breakeven” cash flow or better, a new loan for a primary residence shouldn’t be a problem – assuming he meets all other qualifications.

Lots of luck! - Mon Jun 23 2008, 12:44

Yes Mary Ann, in most cases the process will continue unless a Loss Mitigator (banks decision maker) willfully halts or suspends the process. You should be in constant contact with your bank, unfortunately. Banks are so overwhelmed with thousands of shorts sales and files often get lost in the mix. Call your bank and ask for an update frequently. Remind them of your pending foreclosure and hope that they get to it in time. Sorry to be bare of bad news. Lots of luck to you. - Fri Jun 20 2008, 09:37

That is a very good question!

If the owner (your landlord) knew they were losing their investment, they could have approached you to explore the possibility of you purchasing the house. More than likely that would have required a Short Sale or an agreement where the lender would accept less (as a pay off) than the owner owed.

Qualifying and obtaining adequate financing would also be required, just as you would when buying a home on the open market.

I gather from your frustrated couple of sentences that the lender should have taken a "logical" approach toward offering you, who occupied the unit anyway, an opportunity to "take over" and implement some type of creative way to minimize the lengthy and costly process of actually foreclosing.

In a perfect world that would be a "logical" solution. Unfortunately, there are dozens of circumstances, too many to list in-fact, that would prevent what would otherwise appear to be logical.

In a nut shell the process of purchasing a home is The Process, whether you are purchasing a foreclosure, short sale or from long term homeowners on the open market….. it is what it is.

The idealistic claims of "creative" opportunities in foreclosures aired on late-night paid programming and infomercial is nothing more than creative ways to sell tapes, books or online subscriptions (at lease as it applies to San Diego).

After 17 years and 1,000+ closed transactions, I have yet to see a "logical" transaction, as your question suggests.

If you are actively looking to buy, find a great Realtor - someone you can trust - and you will find a good solid opportunity to become a homeowner.

Lots of luck!

Sam - Sun Apr 20 2008, 11:05