Samyc I'm sorry to hear of the financial roller coaster ride you've been on, but I do have some knowledge that may help you move on and get off thjis current ride.
In respect to you financials, the bank CAN NOT include this income into your debt ratios. Standard debt ratios are conventional 28% housing, 36% total debt including housing. FHA is 33% housing and 41% total debt including housing. Make sure you include a copy of the child support/divorce decree showing the increase in support and the student loan payment has to be calculated into ratios NO MATTER WHAT. Try not to keep extra money in the bank, if you have it.
Another chip you have is Obama plan on principle reduction on underwater loans which means the banks are going to write down loan amounts in hte near future. Make sure you get a copy of the BPO the bank did and have a copy of the short sale agreement as collatoral in the future. I wish you luck... more
Hi Ken, when you say pre-foreclosure I am assuming that you are interested in properties that have not yet been actually foreclosed. Technically, only properties that have no notice of default are truly pre-foreclosure. However, I am assuming you want to find properties that are already in foreclosure, but not yet scheduled for auction. I know that's a lot of assuming, but I am just trying to narrow down the question.
You can ask a title company to provide you with weekly foreclosure lists. There are usually three lists (those that just had the notice of default recorded, the properties for which the trustee sale has been set and those that are already bank owned). I am talking about a trustee sale because I am in CA where properties are not judicially foreclosed (in most cases). Since you are in Harrisburg, the foreclosure procedures may very well be different (I gathered that from you mentioning judicial sales in your question). If you are in a state where banks have to go through a judicial foreclosure process involving the courts, you'll most likely have more time to make offers than you'd have in CA (the whole process can take as little as 120 days.