Hi, it will depend on the price of the home you are purchasing and what type of financing you will be getting. My suggestion would be to meet with a lender and discuss the situation. They should be able to tell you what price of a home you should be looking for and how much you will need to put down. A good lender will work with you to resolve any issues and tell you if maybe you should wait a little longer to work on your credit issues. Hope this help and if you need a recommendation for a lender, please feel free to give me a call. 714-403-6182.... more
You would need to clarity your question further. If you are talking about "assuming a loan," that is possible with condtions. If you want to "transfer" the mortgage to anohter property entirely, that is NOT possible. Let me know if I can assist you further
If the loan was non-assumable, then how did you assume it? If you have not assumed it, only agreed to do so, then it is impossible for you to fulfill the agreement and the seller cannot hold you to it.
Just where in the buying process are you? Did you not have a Realtor(r) representing you? Even when buying a FSBO, you should still have someone representing you - if that's the case.
Contact me and let's see where you are and what can be done.
Tim Kunze, Realtor(r)
Focusing on ... YOU!!!
Huntington Coast Properties
Right now the MLS is showing only 1 home that fits most of what you are looking for. It is a duplex on the East side of Costa Mesa, with the rentable unit in front. It is priced at $2350. Let me know if you are interested in seeing this lease.
First Team Real Estate
DRE 01453215... more
Renting it out is always an option, otherwise you can try speaking to your lender about loan re modification, although that sometimes takes forever depending on the lender. It sounds like now is not the optimal time to try to sell unless you have a buyer that's willing to pay cash in the difference of the appraisal price.
Another option would be to try to short sell the mobile home and get a pre-approved selling price from the bank.... more
You will need to find out if the note holder will allow you to do a short sale or yo can at least make an attempt to sell the home for the balance owed. If you need somebody to work with you through this, please give me a call.
Plaza One Realty Group
The Short Sale Realtor
You may be better to cut all ties.
If both of you are on the loan and title, this will have to be a joint decision.
You sound like you may qualify for a hardship to enable you to do a short sale.
1. Separation (ex-fiances)
2. That may also mean neither one is financially able to buy out the other, or make the monthly payment
3. Lower market value,
Short sale has a less adverse effect on your credit (in 2 years time or less, you may even be able to buy another property; whereas it could take you 7 years or longer to recover from a foreclosure)
If you can't cover your monthly payment if you rent it out-- then what is the agreement between you and your fiance regarding the financial obligation to pay the mortagage? Sounds like a big headache to get both parties to agree.
One can refinance and keep the condo, transfer title only in that one person's name and release the other from the previous loan obligations. But can either one of you qualify to take on the loan as an individual?... more
Do you have a Typically as expiration dates near or reach their time, the Realtors representing the buyer and seller coordinate an extension.
How was the contract written? If one of the contigencies is that the contract is based on a successful appraisal,,,, should that appraisal come in below the contract price, and the lender can't approve the loan, then the contract is ended (or could be renegotiated). The buyer would get their deposit back - which should be help in escrow.
It is all based on how the contract is written. I am not an attorney. I would suggest that you contact your Realtor and your closing attorney for the best advice per your individual situation.
Have you looked on Craig's list or the OC register's site? The latter has MLS rentals as well as classifieds. I had been trying to gauge rental values on the house we are buying and saw tons of fully remodeled townhomes and condos that were renting for less than the apartments. They sound like distressed owners. My only concern renting from a potentially distressed owner is that it may foreclose anyway. The owner has your deposit, the bank doesn't give it back and you have to suddenly move. Some of the banks give people a few bucks to move, but not all of them.... more
I don't think they will decrease as much % as the Inland Empire, but they will probably drift lower over the next few years. There are still a lot of "liar loans" that will be adjusting over the next 2 years, and it is unlikely that those owners will be able to refi or afford the new payments. The bank owned homes often need a substantial amount of work and money to make them nice, so they will be pulling the average values down for a while.
If you find a house that you love, and can afford, and plan to stay in for 6 - 10 years, it won't matter if "averages" dip down some more. They will come back up eventually, and you will have enjoyed living in your own home during that time.... more