The usual waiting period for loan backed by FHA or Fannie Mae is about 7 years after a foreclosure. There may be alternative financing options like a hard money lender, but interests rates will be extremely high.... more
Look at the contract you used as the 'acceptance date' is usually spelled out. The contract should be delievered to you right after is was signed by the seller. 'Acknowledgment' and acceptance are two different things. Maybe they are waiting for one more piece of info from you. The 'clock' usually starts ticking the moment the contract is signed. According to your last sentence in paragraph 1, you do not have a contract yet. Some contracts state the clock starts ticking only after a signed contract has been 'delivered' (ie sent to you). Talk to your attorney. FYI, weekend and holidays do not count. Only business days :)... more
Speak with a local agent. They can help you set up showings of houses on the market, and can assist you in writing offers, negotiating deals, and protecting your best interests along the way (at no cost to you). If you need a referral for a qualified agent, feel free to contact me.
Keller Williams Realty... more
Owning is nearly always better than renting. With owning, you get tax deductions that offset some of the cost and buying now at the lowest point will build equity.
Whether owning is less expensive than renting, it is really going to depend on where you want to go, what you want, your credit, downpayment, etc. The likelyhood though is the answer is yes - owning can usually be less. Prices are good and there is plenty of inventory in most areas.
The area around Naperville and Oswego, Montgomery and Aurora has a lot on the market and plenty of good prices. If you need help, call me at 630-206-4179.... more
The first question I have is are you deliquent on your payments or are you just upside down on your loan amount. If you are upside down and you need to lower your payments there may be some solutions for you. I guess I need a little more information about your current situation please.
Ardain Mortgage Corp
Hi Brick. You really need to talk to a real estate atty to best answer that question. I can, however, offer you an educated opinion. If you stop making payments in May. I say about 4 months after your first late the sheriff will come and give you notice of the intent to foreclose. Then, you probably have 6-10 months after that. Again, I strongly suggest a real estate atty, however. Let me know if you need one. I can point you in the right direction.
Quality Mortgage Lending... more