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97060 : Real Estate Advice

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  • Home Buying7
  • Home Selling0
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Activity 7
Ruth and Per…, Real Estate Pro in Los Gatos, CA
Thu Jul 16, 2015
Ruth and Perry Mistry answered:
Frankly you can find out what the lien is.
The bank will know what it is.

If you are getting a good deal on the house, then prudent to pay
the lien, let the seller go and then move into your new home. ... more
0 votes 1 answer Share Flag
Lexi, Other/Just Looking in Florence, OR
Sat Jul 11, 2015
Lexi answered:
have you thought of leasing it out? to help pay the mortgage and any repairs. (to someone with good rental record)
0 votes 4 answers Share Flag
Jennifer Pet…, Real Estate Pro in Portland, OR
Wed Jan 29, 2014
Jennifer Peterson answered:
I would talk with a real estate attorney or credit company to see what steps you are able to take. Also, if you haven't already, try contacting the lender and see if you can get them to look into it and update your credit report. You may also be able to dispute that information on your credit report which makes them prove it's accurate or update it. Good luck! ... more
0 votes 2 answers Share Flag
Jennifer Pet…, Real Estate Pro in Portland, OR
Wed Jan 29, 2014
Jennifer Peterson answered:
I would talk with a real estate attorney or credit company to see what steps you are able to take. Also, if you haven't already, try contacting the lender and see if you can get them to look into it and update your credit report. You may also be able to dispute that information on your credit report which makes them prove it's accurate or update it. Good luck! ... more
0 votes 1 answer Share Flag
Corri Klebaum, Real Estate Pro in Clackamas, OR
Thu May 2, 2013
Corri Klebaum answered:
As stated before 20% down is going to be your mark unless you are going for a bank owned then 10% will do.

Please keep in mind you will need to have at least 6 months full payments in reserves possibly more. You may count 60% of any retirement accounts if needed to meet this rule and 70% of stocks held. In addition you may not count the new rents to be collected in your debt ratios unless you have 2 years prior landlord experience and can back that up on your federal tax returns. There are instances where that is not required but there is no way of knowing without a full application and running it though the automated underwriting system.

Feel free to call on me if you have any additional questions I am here to help!
... more
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Priscilla Be…, Real Estate Pro in Salem, OR
Sun Apr 28, 2013
Priscilla Beggs answered:
I think Fannie/Freddie rules are 3 years post-foreclosure, so 12 months more should get you there, but I know there are "foreclosure deletion" programs, too.
0 votes 11 answers Share Flag
D,  in Oregon
Thu Feb 25, 2010
D answered:
Hello! Bob's mention of how lenders view short sales is correct. We all hope for a less stringent viewing on this issue some time in the future.

It is a big decision whether to short sale, foreclose or hold on. If you have not tried to obtain a loan modification you should try. You mention you have a 1st & 2nd. Was this 2nd used to purchase the home? If so, you have a chance of having the 2nd forgiven. If not, it may be more difficult to coordinate the two lenders. If you find you have trouble, here is a link of agencies that will work with your servicing lenders at no charge. http://www.cbs.state.or.us/dfcs/ml/foreclosure/counselors.html

These agencies are the ONLY truly free agencies certified by the State of Oregon. There are many companies out there claiming this status but if they are not on the list, they will charge you eventually. If you find you cannot qualify for a loan modification, a short sale will help you avoid having to answer if you ever had a foreclosure on a loan application. You can also read information regarding the IRS cancelation of debt for the portion of mortgage your servicing lender had to write off.
http://www.irs.gov/newsroom/article/0,,id=174034,00.html


Crystal Beard
Ambient Home Lending - Lending throughout the State of Oregon http://www.ambientlending.com - 50% Off Special ~ See website for details!

Web Reference: http://www.ambientlending.com
... more
0 votes 9 answers Share Flag
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