Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

48021 : Real Estate Advice

  • All17
  • Local Info0
  • Home Buying9
  • Home Selling0
  • Market Conditions0

Activity 13
Mon Feb 8, 2016
Tomkwik asked:
Sun May 18, 2014
aftervince1973 answered:
Get a flexible credit loan. This program assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
www.thinkcomstock.com/buy-after-foreclosure ... more
0 votes 3 answers Share Flag
Sun Dec 29, 2013
Nancy Knupfer answered:
Typically you need to have a substantial down payment, show a history of on-time payments, and show that your financial situation would improve enough within the time period of the land contract so that you would be able to get a mortgage at the end of the land contract term.

Nancy Knupfer
Associate Broker/REALTOR
Keller Williams Realty
517-896-0025
Nancy.Knupfer@gmail.com
... more
1 vote 1 answer Share Flag
Sun Jul 21, 2013
Tom Ledbetter answered:
Yes, You have 6 months. Call if I can assist you.

Thank You,

Tom Ledbetter, e-PRO Certified REALTOR®
Broker / Owner

Cell: 586-675-6751
eMail: Tom@USAHomeBroker.com
Web Site: USAHomeBroker.com

USA Home Broker
30030 Camden Circle
Chesterfield MI 48051
... more
0 votes 3 answers Share Flag
Wed Jun 19, 2013
Michael Meram answered:
Hello, I would love to help you sell your current home and help you find a new home that best suites your needs
0 votes 9 answers Share Flag
Fri Nov 30, 2012
Lauren Quigley answered:
Dear Coretta,

Most lenders are requiring a 620 credit score or greater at this time. The most inexpensive loan product requiring the least down is FHA at 3.5% down. So it looks like you'll have to wait abit for both figures to increase. Fannie Mae/Freddie mac homes offer 3% downpayment however many of their homes require costly repairs before you can occupy the dwelling. (ie. missing furnace, or missing kitchen cupboards, etc.- very few are close to move in ready.)
Do you need some help with credit repair? I know a reputable person for you be in touch with if you want help with that,

Sincerely,
Lauren Quigley, ABR,
PropertySister.com
586-246-3421
... more
0 votes 2 answers Share Flag
Thu Oct 25, 2012
Michelle Payne answered:
Hi Triant,
The first step is to find a good loan officer. I have several I can recommend in warren. The second is to find a realto to start showing you homes in your price range to help you get a feel for the market. I would be happy to send you a list of available homes and get you started. Feel free to call or email anytime, ... more
0 votes 6 answers Share Flag
Wed May 30, 2012
Darrell D. Drouillard answered:
I had a friend that put it into perspective very easily for me awhile back - people with bad credit worked real hard to get there. It takes work to actively overspend, avoid paying bills that you owe, and seek a lifestyle outside your means. It can sometimes take years of neglect to get scores low enough to call it "bad credit." People who work so hard at using other peoples money with no intent of repaying for so long is what keeps the rental market so strong. Good luck. ... more
0 votes 6 answers Share Flag
Thu May 3, 2012
wooper3d answered:
Cash for keys is something that you need to request from your lender. It may be difficult or too late at this point as the main purpose to offer this is the expidite the posession of the property to the lienholder to cut cost on foreclosures and preservation. If your redemption period has expired and you have moved already, there is not much that can be done as the home is now in their posession. You can call the lender regarding getting your posessions out, but since you have left, they will not offer cash for keys. The house will soon be conveyed to HUD, Fannie or as a REO for the bank to sell. ... more
0 votes 3 answers Share Flag
Tue May 31, 2011
Don Tepper answered:
Definitely get a Realtor, as the others advise.

As I understand it, a lot of property in Detroit is virtually worthless. So prices can be very low.

A couple of quick observations:

If you rent, make sure the property isn't in foreclosure, and isn't heading there. Otherwise, you could find yourself homeless in a few months.

If you buy, do it right. Make sure there's a good title search, and that you buy title insurance. You want to make sure there aren't any liens or judgments attached to the property.

As for whether there will be a down payment: If you buy conventionally, the lender would require one. (Unless you're doing a VA loan, or some other program that doesn't require a down payment.)

If you're dealing with owner financing (or something else, such as a lease-option), that's fully negotiable. The seller would prefer a down payment. You'd be better off with as small a one as possible--or none. Again, though, that's negotiable.

So, go and get a Realtor. Make sure it's one with some experience and one who understands creative financing.

Hope that helps.
... more
0 votes 4 answers Share Flag
Tue Sep 22, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
The property is yours to sell,rent or live in until the ownership transfers through the foreclosure sale.

Your Options should you be facing Foreclosure
1. Do Nothing- If a homeowner does nothing, they will most likely will loose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed. Credit reports also disclose this damaging information. Not the best option.
2. Payoff/Refinance- Completely pay off the entire loan amount plus any default amounts and fees. Typically this is accomplished by refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penality because of the recent default. With this option, there should be equity in the home.
3. Reinstatement- Paying the entire default amount plus interest, attorney fees,late fees,taxes, missed payments and fees.
4. Loan Modification- Utilizing the existing mortgage company to capitalize the debt or extend the terms of the lian. This may allow the homeowner to catch up at more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.
5. Forebearance- Lender may be able to arrange a repayment plan based on the homewoner’s financial situation. The lender may even be able to provide a tempory payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.
6. Parital claim- A loan from the neder for a 2nd loan to include back payments,cost and fees.
7. Deed in Liew of Foreclosure- Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan applications ask if this has ever happened.
8. Bankruptcy- This option can liquidate debt and or allow more time. I can refer you to a qualified bankruptcy attorney.
. Chapter 7 (liquidation) To completely settle personal debt.
. Chapter 13 (Wage earner Plan) Payments are made toward a plan to pay off debt in 3-5 years.
. Chapter 11 (Business Reorganization) A business debt solution
9. Rent the property- when rent will make full payment or you have the ability to make short fall. To do this option, the loan must be brought current.
10 .Sale- If the property has equity (money left over after all loans and monetary encumbrances are paid). The Homeowner may sell home without lender approval through a conventional home sale.
On the other hand a short sale, also known as a pre-foreclosure sale, can be negotiated with your lender by our Real Estate Professional if what is owed is more than the property value
Keith Manson, First Weber Group
Phone 414-858-0407 Fax 414-543-0921
kmanson@firstweber.com www.keithmanson.firstweber.com http://www.trulia.com/profile/keithmanson/
http://www.linkedin.com/in/keithmanson www.cdpenow.com
... more
0 votes 3 answers Share Flag
Fri Nov 21, 2008
Beth Mason answered:
In our area, popcorn has been "out" for about 20 years. Knock-down and orange peel are considered standard fare.
0 votes 4 answers Share Flag
Search Advice
Search

Followers

130