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Financing in 20187 : Real Estate Advice

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  • Home Buying8
  • Home Selling2
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Activity 4
Wed Dec 28, 2011
brent mendelson answered:

You have some great answers. I echo most of them. Yes it happens but if the loan officer is doing their job correctly then it should be extremely rare. Did the loan officer review credit AND income AND assets BEFORE they gave an approval letter? Unless it's some problem down the road like the appraisal or if it's a condo that the loan officer wouldn't know about or control. As far as speed it depends where you went. I have one in UW today and will close Friday unless as I said the appraisal is a problem. When I was a broker I would never have been able to do that but as a local banker have more input to help speed it along. Hope this helps and please let us know how it goes.

Brent Mendelson
Monarch Mortgage
... more
0 votes 11 answers Share Flag
Tue Dec 27, 2011
Heather answered:
Everything else is fine, they already reran mine and my husband's credit and said everything is good, I have never missed a payment on my rent and have been living at the place i am at now for almost 2 years and my husband and I have both been at our jobs for over 2 years. My lender told me to pay off ask much as possible on my credit cards to get my credit score up so I could get the best interest rate possible, so that is what I did, so my bank statement may look like a lot is going out, but I did exactly what he told me to do and got my credit score up where he wanted it. ... more
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Fri Jul 15, 2011
Elliott R. Oliva answered:
Plyman1, anything is possible with enough time and money but you need to speak with a lender that can analyze your credit, income and assets to give you a solid determination of what your real options are. It looks like you are testing the waters but once you are ready to get down to brass tacks for a real world solution you need to sit down with a lender and show all your cards so to speak. ... more
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Fri Jul 15, 2011
Elliott R. Oliva answered:
Yes it is possible but there are many details you need to share.

1. How long ago did the foreclosure proceedings start?
2. Did you end up having a loan modification?
3. Are you done with the modification period?
4. Are you currently up to date with the lender?
5. How are your credit scores and are you showing any late pays in the last 12 months?

I am actually closing a loan for a client next week that was in a very similar situation. The client was able to document everything and we were able to approve the loan.

If you care to share more details off-line so we can determine if we can help you please contact me at your convenience. Thank you.

Elliott R. Oliva
Mortgage Banker
NMLS #353884
202.681.1636 direct
... more
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