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64154 : Real Estate Advice

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  • Home Buying4
  • Home Selling1
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Activity 5
Sat Apr 29, 2017
KELLY Russell asked:
Our credit isnt excellent, we are looking to pay up to 1500 month for mortgage payment, 5 year job history, between 0-8,000 down payment available!???
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Tue Jun 7, 2011
Carmen Brodeur, JD answered:
Mon May 4, 2009
Krisan Mitchell answered:
I've dealt with a lot of situations where I was the agent offering the Cash for Keys- it all varies from bank to bank, on amounts, time frame, etc- or if they offer it at all. To answer the other part of your question, I have never had a bank say that the occupant can rent until the house sells- what would prevent the occupant from not allowing the house to be shown in that circumstance?

If I were in your shoes, I would start making plans, assume that your options are just as they are today- that way, if CFK is offered, it isn't something you are counting on. I recently oversaw an eviction where the occupant had rejected CFK as too small, couldn't cover his expenses, etc- and his wife was watching tv when the crew of 9 men, and the sheriff, showed up and legally began to pile her household goods onto the lawn. That was NOT a good situation, and I'd hate for any family to have to go through that.

so sorry that you find yourself with this situation.
Take Care,
Krisan in KC
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Fri Apr 3, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
I would focus on doing a short sale. I would keep reducing the price by $5000 until you get an offer. The worst thing that can happen is the mortgage insurer and bank reject the offer. But that way you would of done everything you could co.

To answer you question about mortgage insurance, the insurance purpose is to protect the lender if there is a default on the loan, so the loss will be smaller to the bank. So PMI does not really help you but limits the loss to the bank.

Sorry for your situation but all you can do is reduce the price to a point that gets people interested. Make sure you agent has delt with short sales because it is different than a normal sale. The first thing you have to have is a offer to start the process. Do what every you can to get the offer!

Good Luck!
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0 votes 7 answers Share Flag
Mon Sep 22, 2008
David Van Noy, Jr. answered:
I am currently working with a foreclosure specialist who is handling all of my short sales, I would like to talk to you further about some more options if you have time. Talk to you soon....

David Van Noy Jr
(816) 536-SOLD
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