Please tell your agent to report the lender and the listing agent. you should have his lic. # on his email. I am tired of these lenders and cross qualifying. Most of the bank owned and even the flip houses are doing this.
I'm sorry that you might not get the house after all you went through! But we have to complain until they stop this. Good luck! You might still get the house, I pray that you and your agent find a way.... more
Either your home is listed too high for the market area it's in, it's got some showing issues that need to be addresses or your RE agent is not doing a very good job for you. I would ask your agent to do a Comparative Market Analysis (CMA).... more
I agree with you 100%. Unfortunately, there's been an ethical shift in the country over, perhaps, the past 20 years. It's a shift away from responsibility and toward "me at all costs."
At least with short sales, there's supposed to be a "backstop" in that it's presumed that lenders need to see some "hardship" before approving a short sale. It seems that many people's "hardship" is that they bought a property and it's declined in value. That's it.
Some folks have decided to do what's called a "strategic default." Same idea, except it's a foreclosure. They owe (only on paper) more than the property is worth. They don't want to live up to their obligations, so they stop making payments. They typically live rent-free for a year or more, at which point they walk away . . . with a lot of money in their pocket from all the mortgage payments they didn't make. They stick the bank with the shortfall, and their neighbors with an ugly foreclosure in the middle of the neighborhood.
The ultimate irony is that their situation was totally manageable, as you describe in your question. And owing more than the house is worth? It may be an uncomfortable situation, but only temporary. Every month, they're paying the mortgage down. And, longer-term, maybe 3 years, maybe 5 years, the market will recover enough so they will owe less than the house is worth.
But they they're considering their purchase to have been a no-lose situation. Heads they win. Tails they win. If the market had gone up, they'd have made money. If the market declines, they can just walk away, with money in their pocket and sticking the bank with the loss.
That wouldn't have happened 15 or 20 years ago. Something about the American psyche has changed.Your parents grew up in an era when you didn't walk away from your obligations. And it sounds as if they passed their beliefs along to you.
Hope that helps.... more
I may have a lender that can help you. I would need to speak with you to see a clear picture where you stand. Please give me call call when time allows.
Troy daniels /Broker
Complete Mortgage Funding & Real Estate . 909-581-9330 ext 100... more
The first thing you should do is speak to an experienced mortgage loan officer and discuss the whole process. Generally the lowest down payment option is 3.5% FHA. So you would need at least that amount down saved. The 3.5% down can also be a gift from a relative. There is also a 3% down conventional program that may be an option. The loan officer will take a loan application, do a credit check and have you send your last 30 days paycheck stub, last 2 years w-2's, last 2 years federal tax returns and last 2 months bank statements from where the down payment will be coming. Let me know if I can assist.... more
It appears your question was lost in the shuffle. I have a friend who started a business just like this. Many Cities have Codes on the books that address minimum standards when it comes to the housing community. My friend started out by attending the local City Council meetings. When the Public opinion period came up he stood up and asked the Council if there were minimum standards or codes on the books with regards to homeowners keeping up their properties. The Council said yes. He pointed out all of the bank owned properties whos yards were overgrown and dead. He mentioned that he started a management company for the purpose of taking care of such properties. He pointed out that the City could hire his company to take care of the homes and then a bill could be assesed to the homeowner. The City liked his idea and signed a contract with his comany for 2,000 homes at $100.00 a month for each home. His company will make over $200K in it's first year of business! Goes to show if you have the right mindset, and your're not afraid to take a chance success is waiting for you! Good luck