Most of the banks are saying "If you are current on your mortgage, but have had (or are facing) a change in personal circumstances, such as an uncontrollable reduction in income or increase in payment that will create a financial hardship, and feel you are at risk of losing your home, your next step will be to determine if you may qualify for loan modification."
PLEASE READ! Hi Mark, I am a realtor in Boca Raton, FL. Unfortunately I strongly think that there are a lot of listing companies are NOT working honestly. This just happened to my client. I was calling and sending e-mails to listing office. Nobody contacted me. It was a Freddi Mac property. Finally I send them an e-mail saying I will complain and contact the seller because I believe that they are not submitting all offers to seller. Then immediately I received AN E-MAIL BACK, saying that the seller is negotiating with another buyer. I believed that they are just doing it to make me go away!!! Our offer was really good and I didnt believe them because they never responded before I said I will contact Freddi Mac, the seller!!!! I found Freddie Mac's general number online and called them. They gave me a different direct number to call. I called and I explained how the listing company treated us and that I believe they only submit some offers (that benefit listing company) not all of them including my clients offer. They gave me a claim number, took the address to the property and my name and my clients name. In the next two days I received another e-mail from the listing company!!! What a surprise! The company who did not return e-mails or calls suddendly start contacting me without me asking! The e-mail was saying "We know you contacted the seller, we are submitting all highest and best offers again to seller!" So THEY DEFINITELY DID NOT SUBMIT MY CLIENTS OFFER AT FIRST. Then in a day or two, I received another e-mail saying my clients offer is ACCEPTED. We are working on closing the transaction. Now I should complain this to licencing and have this company punished legally. They may loose their licence and/or get big fines. So when they are ignoring your e-mails and phones, that is a big red flag. Even if they response and you may still have to contact the seller to protect your rights. I am just having the same situation with another company now. I called their broker about it. Now I get a cold responses from the girl who submits offers to bank, but I do not believe that she will do her job and I will call the seller.
I have to say, not all listing companies are the same but there are some that are bad and needs to go away because I have a big problem if after working so many hours on the houses to show, choosing them, driving from one house to another, writing up offers with this senseless addendums up front 15-20 pages per offer, (offer should be 5-10 pages max and addendums if your offer is accepted) and then you find out someone is putting your offer in to trash. That makes me very upset and angry. Those people should not work in this industry, period.... more
Homebuyer in 60632,
Perfect credit would be somewhere in the ballpark of 750-800+. If only those with perfect credit could purchase a home at this time, this economy would really be in trouble since the majority of people do not have perfect credit. So, no - you do not need perfect credit. However, relative to recent years, it is getting harder to get a loan. You can still get a loan with 600 scores and any thing under 600s in the 500s would be difficult, but not impossible.
By the way, Irmz76 if you are looking to buy in your zip code near Midway, please let me know. I have worked, studied, and/or lived in the Midway area for over 20 years!. So,if you are looking to buy near Midway, anywhere in Illinois, or the Chicagoland area, feel free to call me, if you are currently not working exclusively with an agent, I would be glad to represent you as your buyer's agent.
I hope the response to your question helps.
Licensed IL Real Estate Broker
Century 21 SGR