Enough time has passed for the short sale and bankruptcy not to be a major issue (lenders may have overlays with respect to the short sale but it sounds ilke your down payment ability will reasonably address any additional down payment you'd be required to put down).
As for the medical issues, the main concern is that her credit will be impacted and the necessary score may not be there. If the medical issues are behind her or reasonably addressed and she can show a history of regular timely payments again, it shouldn't be an issue. Underwriters will all look at this differently so you could run into an underwriter who may accept six months of timely payments after the most recent credit issue (depending how severe the credit hits were) or you may run into one that wants a year. It also depends what happened immediately post-bankruptcy as well. This answer is unfortunately largely subjective so you'll get a different take from different underwriters at different companies. The only way to get a better idea is to have a mortgage professional review your credit profile and make sure they're someone who's very good with underwriting guidelines (otherwise you may end up chasing your tail) to give you some feedback.
Bottom line, a year from when the credit issues were resolved is a pretty safe bet if you're not in a rush but my disclaimer is that none of us reading this know what her credit looks like so we can only make high level responses.... more
You need to contact a Real Estate Attorney as soon as possible. They will be able to tell you who is liable: you, seller(bank), or home inspector.
Earnest money is paid upfront, and credited back to you at closing. Any down payment assistance is applied towards your down payment and/or closing cost.
If you are still needing assistance, and would like to be connected with a buyer's agent in your area, please contact me to get started. I have world wide connections in real estate!... more
If your planning on living in the home a few years, basements and basement bathrooms are usually a good investment. Both are very desirable for resale. My advice is to keep it neutral and don't overdue the finishes for the market, plus don't specialize too much. Keep the basement as open as possible.
If you are planning on selling, a finished basement can make a difference between your home and another home selling and is certainly adds value to a home. But in this market, price is the biggest consideration. I would look at what comparable homes in your neighborhood have sold at and/or have a few Realtors come out and give you an expert opinion.... more
Hi, Your best bet is to speak directly to a mortgage broker or bank. They will assess your needs and financial situation in order to help you choose the proper loan product. Your down payment requirement will be part of this qualification process and based largely on your credit. Closing costs are typically 3%-3.5% of the purchase price but can vary from state to state. If the home needs repairs you can have service providers come in and give you estimates. One website i always recommend is www.AngiesList.com, they are a reputable source for service providers. Good luck!
HI, Wanda. I would be happy to answer any questions you may have about condos in Berwyn. It's a great time to buy a condo right now. That segment of the market isn't recovering as quickly as the single family home market and there are still some bargains available.
Let me know what you're looking for as far as # of beds and baths, other amenities, and price range and I would be happy to set up a Homefinder Alert for you so that can stay on top of what's for sale. Then, when you're ready, I would be happy to talk you through the process and set up some showings for you.
Feel free to email me at email@example.com or give me a call at 708-697-5940.
Patricia McGuinness... more
Sorry for your troubles, and unfortunately, that is the million dollar question. But lowering the interest rate is in itself a loan modification. It seems many banks are not interested in loan modifications these days.
You can talk to government agencies and see if you can get some help, if you want to keep the home and think you can make it up soon. IHDA.org and HUD.gov have contacts and some information about programs to help.
If you can't soon make up the mortgage payments, you may need to ask your lender if you qualify for a hardship to do a short sale or a deed in lieu of foreclosure.
You also have to consider where you are going to eventually live. Credit can play a big part in this, so don't let your credit score get too low and other bills go into collection, if you can. Easier said than done, but you need to think of the next step.... more
It will be the same charges as any other sale. Realtor commission (if applicable), attorney fees, transfer taxes, survey, title insurance, prorated property taxes, paying off your loan (if any)...... more
This is something that I don't think is set into stone on any documents and it really varies with what homeowners decide to do when this time comes (foreclosure). I have seen homes almost emptied (appliances, fixtures, you name it!). It really is a fine line with what people's opinions will be on the subject, simply because if you think about the future homeowners and the bank's ability to resell in it's current condition it will vary due to the condition you leave the home in.
If it were me in the situation, would I take the appliances? Probably. I would def. try to leave at least the outside in as decent shape as possible for the neighbor's sake. So that they don't have an abandoned looking property that lends itself to possible theft and just affects the overall appeal of the neighborhood.
Once again, this is just a matter of deciding how much your appliances, etc. are worth to you and as far as legalities go, I am not aware of any issues with taking your appliances with you when you vacate.
Best of Luck.... more
Bubbles you need to call your bank back, ask for the home retention department, tell them your situation. The key is if you have any ability to pay, they should be able to help you. Often a forebearance will get you out of foreclsoure, ask about that, a loan mod only lowers your payment by lowering your interest rate. If they cant help ask for a manager and ask again. If all else fails or if you have no money to make any payments, you should ask abouty a short sale which is better than a foreclosure.... more
No, lenders want the buyers to have some "skin in the game." There are some 0 down loans, VA & USDA but they have limitations and qualifications which may or may not apply. Otherwise you may be able to get as little as 3.5% on FHA or 5% on conventional financing.... more
Not usually. The downpayment is based on the program you have. FHA is always going to be 3.5%. If you are looking at a conventional loan, sometimes the down payment required can be less with a more qualified buyer, but not often. Having a cosigner is one thing, but having several people on the loan may actually look worse to a lender. Contact a lender and get a prequalification. I recommend Wells Fargo and Guaranteed Rate.... more
I'm a local Oak Park/Berwyn agent and I understand the market very well. The first step to buying a house is to get pre-approved for your mortgage -- I've got a few very reliable loan officers to recommend to you. You'll need at minimum 3.5% for your down payment and 3.5% for closing costs (sometimes we can get the seller to pay the closing costs for you, but not always). Feel free to get in touch with me and we can set up a time to talk about the buying process and your specific needs in a home.
RE/MAX In The Village... more
all a forbearance is going to do is allow you to skip or make partial payments for a couple of months and tack the balance to the end of the mortgage. It is meant only as a short term reprieve to stabilize. At some point you will have to analyze (just like the bank did) whether you can truly afford the payment. If you cant, taking a forbearance may allow you to look at selling options and buy you some time until you are able to sell the home.... more