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All Locations : Nationwide Real Estate Advice

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A moment ago
Shenelle Smith answered:
have not seen or heard of any recent crimes
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A few hours ago
Ardoinkaren answered:
One thing I do know is that real estate agents are not supposed to comment on this.
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A few hours ago
Ieda.andal answered:
In May 2012 to due to a temporary separation my husband and I went through a short sale, we had 5 bids on our home but was rejected by our primary mortgage holder Wells Fargo. We also had a second mortgage by Chase.. One of the bids would of covered the 1st and 2nd mortgage but was still rejected and we went into foreclosure.

The lender, Wells Fargo auctioned the house for less than what the buyers offered four our house. How is this Fair?

In 4/2017 we purchased a home and took out a loan for $590,400 and got stuck with a ridiculous APR of 6.25% for 5 years.

What if the process of removing the foreclosure from my records sooner.
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A few hours ago
Rick asked:
There is a lawsuit on this property. It is nonlendable. We tried to purchase and were misled. The owner did no disclose at all. The realtor did not issue association docs till after the…
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A few hours ago
Samina43 asked:
A few hours ago
Ninjakai325 asked:
She is being removed for failure to pay the mortgage like she agreed to (deal made with the other person on the deed).
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A few hours ago
Jpscarpello asked:
Ive been in the union for 6yrs. And get laid off this time of yr every yr. My income always avgs about the same 40,000 a yr. Philadelphia.P.A.
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A few hours ago
Chentnikc asked:
A few hours ago
Chentnikc asked:
A few hours ago
Kathy Burgreen answered:
I'm a former realtor and Vice President of my coop board in Westchester. The truth is your realtor may or may not be lying to you. You need to know that sponsor units in NYC are rare to begin with. A sponsor unit means when the building was originally converted to a coop, one of the original owners kept anywhere from 1 - 10+ apartments to themselves and either rents out those apartments to tenants or the sponsor sells them. The majority of sponsors rents out the apartments because they earn more money renting every year than if they sell it and there is no future income. So it is rare for a sponsor to sell a coop apartment. Since it is rare, this means the sponsor will probably want a cash sale instead of a buyer getting a mortgage loan. To show you how rare finding a sponsor unit to buy, look at this example. Let's say, there are 100 coop apartments for sale by regular shareholders (owners). Out of the 100, you're lucky if you find 1 coop for sale by a sponsor with no Board approval. For this reason, that sponsor knows they can easily get a buyer who will pay 100% cash because there will be about 1,000 buyers who have the cash to buy that coop apartment. The odds of you getting a sponsor coop apartment with a mortgage loan is 0.

So is your real estate agent lying to you. Not really. It's more that your agent doesn't want to waste their time going thru a sponsor to buy a coop when the reality is you will either get outbid by cash buyers or something else will come up where you will be denied. An agent doesn't want to waste their time or yours. You may get lucky and find a sponsor unit who will take a mortgage but face reality - finding a real estate agent who will work with you will be impossible.

Bottom line - the best solution for you is to buy a coop apartment from a regular owner. Remember, I have been approving or rejecting buyer applications for our coop for years. What all coop Boards look for is proof that you will pay the maintenance fee on time every month - period. To reduce your anxiety, do this simple budget trick. Take your monthly NET income (after taxes), subtract all monthly fixed bills (student loans, credit cards, car loans, etc.), then subtract your monthly Metrocard (subway), subtract monthly ConEd, cell phone bill, cable or internet bill, grocery expenses and monthly mortgage payment. Do not include your rent. The money left needs to pay for the maintenance fee + some extra cash left over. If you are short, then you need to find a coop building with low maintenance fees. The mortgage payment you can easily get from your lender. This is what coop Boards look for when approving or denying buyers. Do they have cash left after paying the mortgage, subway, cell phone bill, etc. to pay our maintenance fee.

Coop Boards cannot discriminate against any protected categories because it violates Fair Housing laws.
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A few hours ago
Alan May answered:
A credit score of under 500 tells any lender that you don't (or didn't) pay your bill on time., regardless of any dispute. That's going to make getting any loan seriously difficult, if not impossible.

But the best person to ask would be a local loan officer.

Good luck.
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A few hours ago
Alan May answered:
This is a question to ask your lender. If you've been approved for $170,000, I presume that you've already told them that you get laid-off this time of year, every year and what your annual income is.

If they already know this, and they've approved you, you shouldn't have any issues at settlement.
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A few hours ago
Kathleen "Kat" Palmiotti answered:
Kristina-

Typically when you purchase land, you'll need to pay "cash" which could be from a home equity line of credit on an existing home, from a personal loan, or from other cash sources.

Hope that helps.

Kat Palmiotti, Licensed Associate Broker, 914-419-0270, kat@thehousekat.com, Serving Orange and Rockland Counties
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A few hours ago
Janecarter258 answered:
I wished and prayed to get a loan to purchase a truck for personal and work use but my low credit score was against it for a long time. It was really a sad moment till i encountered the genius CyberGeek who not only increased my credit score from 515 to 790 but took off the negative reviews. Christmas came early for me, now i got my truck and i am loving it thanks to CyberGeek. If you need his services contact him on “thecybergeek@mail.ru” and spread the word. ... more
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