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33073 : Real Estate Advice

  • All19
  • Local Info3
  • Home Buying10
  • Home Selling0
  • Market Conditions1

Activity 18
Fri Mar 3, 2017
Angelica P answered:
Hi,

I have emailed you regarding this concern.


Thank you for using Trulia!

Angelica
Consumer Care Advocate
0 votes 1 answer Share Flag
Tue Mar 15, 2016
Onlyforadv1 asked:
I found a condo for sale in broward county florida that it mentioned they no need for association approval and no interview and...
But now I lost it , how can I find a property that I remember…
0 votes 0 Answers Share Flag
Wed Nov 25, 2015
Kyana Dixon answered:
Crime rate is pretty low. I been here 10 years
0 votes 7 answers Share Flag
Wed Jan 15, 2014
Jacob Edri answered:
The income you reported is it gross? or Taxable Income? It makes a huge difference; also the deductions will determine your debt to income ratio. private lenders are more flexible then banks ... more
0 votes 3 answers Share Flag
Wed Jan 15, 2014
Jacob Edri answered:
wow very tough situation


you must speak to your agent and ugre them to contact the bank Representative
0 votes 14 answers Share Flag
Thu Nov 7, 2013
Jessica Bateman answered:
1 vote 12 answers Share Flag
Fri Sep 6, 2013
Alain Castellanos answered:
Good morning mgbarther,

A few important questions that you would need to answer in order to provide you better assistance:
How much of a down payment are you able to put towards your purchase?
What price range were you considering?

Here is a link to a property in Deerfield Beach that the Seller is willing to finance with a 20% down payment: http://sef.mlxchange.com/DotNet/Pub/EmailView.aspx?r=504166326&s=SEF&t=SEF

There are more available that I can show you.
Feel free to contact me at your earliest convenience:

Alain Castellanos
Realtor-Associate®
The Keyes Company
786-246-5808
castrealtor@gmail.com
... more
2 votes 2 answers Share Flag
Tue Jul 23, 2013
MARCO HUAMAN answered:
Monica
Have you been prequalified already? Contact me to help you with the mortgage financing.
Marco
0 votes 5 answers Share Flag
Sun Apr 28, 2013
Barry Dunn answered:
Sam,

I apologize. I thought I was answering someone else's question when I sent you the answer referring to VA loans.

If you owe nearly twice what the condo is worth, a better question is why do you want to stay there? Do you feel like you are "throwing good money after bad"?

As a general rule, banks are more cautious about loans on condos than they are on single family homes. Therefore, the odds are not in your favor when it comes to refinancing an upside down condo.

Upside down owners have several avenues to try:

1) tough it out and pay off what you owe. Stay in the condo when it is paid off. For most people this will not make good financial sense. However if you absolutely love where you live, and you can afford the payments, it could be an option.

2) loan modification - for most this is a long, drawn out, frustrating process, that ends up with a denial letter, but there are a small number of people who are approved. You might be one of the rare people who gets a loan modification that you can actually afford. Failure rate on loan mod applications is 96%, so set expectations acoording. Loan modifications generally do not make financial sense for the lender, so they are reluctant to grant them.

3)Short sale - If you are current on your monthly maintenance dues, you are more likely to be approved for the short sale than you are for a loan mod. Most importantly, lenders PREFER short sales over loan mods and over foreclosures. It makes the most financial sense for them. Some lenders, like Bank of America, offer incentives for sellers doing "cooperative short sales" anywhere from $700 to $15,000. Many owners qualify for a $3,000 moving incentive when selling as a short sale under the Home Affordable Financial Alternative act.

4)Deed In Lieu of foreclosure - While not as desirable as a short sale, this is better than a foreclosure.

5)Foreclosure - We are doing downwards in terms of desirability. Foreclosure comes with a host of problems that most owners are oblivious to. For a few jaw-dropping articles on foreclosure, Google "video the home is gone but the debt lives on wsj". Then google: "the lastest foreclosure horror the zombie title". These are the kinds of issues walk-away owners are not aware of, but you should be if you are even remotely considering foreclosure as a solution.

6) Bankruptcy - Since you have a pay a lawyer to process the bankruptcy, this may or not be an option for you.

You can find links to both of the news stories mentioned above on my website, as well as additional information on short sales vs. foreclosure. visit: http://www.FTLshortSale.com

Feel free to contact me if I can help in any way.

Barry Dunn
954-298-1650
realtorbarrydunn@aol.com
BarryDunnGroup.com

0 votes•Reply•Flag•Link• Delete•A moment ago
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0 votes 7 answers Share Flag
Sun Apr 28, 2013
Barry Dunn answered:
The is a question that is best asked of a mortgage lender, not a Realtor. I will be happy to refer you to one of the excellent lenders in our area.

As a general rule, backs are more cautious about loans on condos than they are on single family homes. Therefore, the odds are not in your favor when it comes to refinancing an upside down condo.

Upside down owners have several avenues to try:

1) tough it out and pay off what you owe. Stay in the condo when it is paid off.

2) loan modification - for most this is a long, drawn out, frustrating process, that ends up with a denial letter, but there are a small number of people who are approved. You might be one of the rare people who gets a loan modification that you can actually afford. Failure rate on loan mod application is 96%, so set expectations acoording. Loan modifications generally do not make financial sense for the lender, so they are reluctant to grant them.

3)Short sale - If you are current on your monthly maintenance dues, you are more likely to be approved for the short sale than you are for a loan mod. Lenders PREFER short sales over loan mods and over foreclosures. It makes the most financial sense for them. The fact that you have an equity loan complicates this a bit. If the first mortgage and the equity line are with the same back, that could help speed up the process. Some lenders, like Bank of America, offer incentives for sellers doing "cooperative short sales" anywhere from $700 to $15,000. Many owners qualify for a $3,000 moving incentive when selling as a short sale under the Home Affordable Financial Alternative act.

4)Deed In Lieu of foreclosure - While not as desirable as a short sale, this is better than a foreclosure. Again, the fact that you have both a first mortgage and an equity line will complicate this and make it harder for you to get the bank to accept a deed in lieu of foreclosure.

5)Foreclosure - We are doing downwards in terms of desirability. Foreclosure comes with a host of problems that owners are oblivious to. The first would be denial. LOL For a few jaw-dropping articles on foreclosure, Google "video the home is gone but the debt lives on wsj". Then google: "the lastest foreclosure horror the zombie title". These are the kinds of issues walk-away owners are not aware of, but you should be if you are even remotely considering foreclosure as a solution.

6) Bankruptcy - Since you have a pay a lawyer to process the bankruptcy, this may or not be an option for you. However, it might get rid of the equity line. We do not know the amounts you owe or what your condo is worth based on your question.

You can find links to both of the news stories mentioned above on my website: www.FTLshortSale.com

Feel free to contact me if I can help in any way.

Barry Dunn
954-298-1650
realtorbarrydunn@aol.com
BarryDunnGroup.com
... more
0 votes 2 answers Share Flag
Thu Oct 25, 2012
Gary Meltzer answered:
If you are still looking please give me a call. I work with a new home builder that will finance FHA, pay your closing costs and is you qualify you may be able to have your down payment paid as well.
Thanks
Gary
954 670 4279
... more
0 votes 7 answers Share Flag
Wed Oct 24, 2012
Gary Meltzer answered:
It is a great area! I lived in South Florida since 1977 and in Regency Lakes, which is located behind Tradewinds Elementary school since 2007. We chose this area after carefully researching the area and the school. We found that Tradewinds has always been an "A" rated school which was what we were looking for in a school for our 2 daughters who both attended the school. The area overall is awesome as well. Convenient to all major highways, shopping, dining and of course the beaches.
Feel free to call me if youhave any questions.
Gary Meltzer
954 670 4279
... more
0 votes 5 answers Share Flag
Tue Aug 28, 2012
MARCO HUAMAN asked:
In recent conversations, I have found the more increasing need from real estate agents to understand the current residential financing market, and the very few financing options available.…
0 votes 0 Answers Share Flag
Wed May 23, 2012
Roy Barker Jr, P.A. answered:
get an attorney involved immediately. This is an issue in todays market as well and unfortuanetly an all to common one.
0 votes 3 answers Share Flag
Thu Sep 22, 2011
Robin Silverberg answered:
What happens when there is a short sale is that the 1st mortgage holder gets the bulk of the money, and the bank in second position gets a fraction of what they are owed. Whether you have excellent credit or love this house makes no difference to them. Sometimes they are offered $2500 and are owed $100,000. Think of what your position would be in this instance.
Sometimes these deals fall apart altogether because the second mortgage holder doesn't want to sign off on it. You may want to look around for another house of your dreams.
... more
0 votes 3 answers Share Flag
Sat Jun 4, 2011
Tom Priester answered:
JT,

Seems to me like a better bet would be for the friend to loan you the money so you could purchase the home directly and not be stuck paying for doc stamps and other costs on a second closing. You could then finance the property and take your friend out.

Since friendships (especially one strong enough that he would come up with $300K for you) are much more valuable than real estate I would highly recommend that you sit down with a real estate attorney and title company to go over the entire process so you both know what you are getting into.

I am also hoping that you fully understand the foreclosure auction process as you MUST know what you are doing or you can end up learning a very expensive and painful lesson. Banks are letting more properties go for lower numbers at the auctions (just last week 15% went to 3rd party bidders) but you must know the properties conditions and have a complete lien search done.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
... more
1 vote 3 answers Share Flag
Sun Aug 8, 2010
Hannah Fliegel answered:
You can execute this strategy, but it is mortgage fraud with a 25 year sentence in federal prison. Probably you will get out early with good behavior.
There are certainly ways to execute on this strategy. The fact that you asked this question on Trulia leads me to believe that you would have some limitations and lack of knowledge on how to properly carry out Mortgage Fraud and not get caught.

Good luck!

Hannah Fliegel, FICO Pro
... more
1 vote 6 answers Share Flag
Sat May 30, 2009
Angela Jensen answered:
Hello Monica - okay, we are talking Condos. There are deals to be had in condos especially bank owned properties; and if you are willing to wait it out - there are great short sale deals too.

New construction is a different "kettle-of-fish". The pricing will not be as competitive as resales, but I'm sure you will be offered a lot of cash/upgrade incentives as the demand is not there. I'm not sure if they offer financing. Also keep in mind that in purchasing new construction there are other variables involved. e.g. How much sold out are they? Is the complex being maintained? Are they going to be there long term? Is there an active sales office at the location? You have to be more diligent and ask a lot of questions. Good Luck!
Best regards,
Angela Jensen
Coldwell Banker
(954) 465-1388
jensenatj@aol.com
... more
0 votes 5 answers Share Flag
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