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Foreclosure in Bullhead City : Real Estate Advice

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  • Local Info16
  • Home Buying37
  • Home Selling5
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Activity 6
Sun Sep 8, 2013
Brian Nguyen answered:
This depends on what type of loan you end up getting. For a conventional loan it can require anywhere from 10%-20% depending on your finances. For an FHA loan only 3.5% is required for a down payment which is relatively low. Lastly, if you are eligible for a VA or USDA loan that does not require any down payment at all. I would recommend speaking with a lender like myself to see what you loan would be best for you.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
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Thu Oct 27, 2011
Tim Moore answered:
The trustee lawyers are often the first ones to purchase a property when the bank tells them to proceed with the auction. They often see it first, research it first and tell the bank they will buy it. It's a perk they have. Yes, very legal and it happens all the time and you will most likely never know it happened unless you were the old owner. ... more
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Thu Sep 29, 2011
Alex Lopez answered:
They should not be getting any money from you. What you need is a new short sale negotiator or at least a second opinion:

Good luck stan1
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Sat Aug 20, 2011
Justin Lynn answered:
Is this a manufactured home only or was the land included with the sale of the home originally?
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Mon Jan 25, 2010
Bob Movin-On answered:
Sorry to hear things are not working out.
Have you tried for a loan modification, I know just calling the bank is difficult but saving your home should be your first line of defense with a short sale attempt if all else falls, short sale has foreclosure type ramifications so do not let people tell you that is your only option.
As I stated above dealing with the bank will be difficult but you need to be persistent call call call, if the rep can not help you ask for a supervisor and then an administrator. Document everything because that is a line of defense you can use to get the court to reopen your case and get the judge to force mediation, yes judges do not like when banks do not try to work things out during these trying times.
As far as the HOA they come behind the mortgage and taxes as others have stated call them remind them of that and tell them to be patient becuase you are trying to work things out with the bank. They will want to lien the property to protect their interest so do not let that alarm you.
Here are some of the ramification foreclosure or short sale will cause and there are many more like your job, yes employers are checking credit records these days.
Your credit score to be reduced by 200-300 points, and short sale a little less 100-200points.
A foreclosure stays on your credit report for 10 years , as does a short sale but the short sale is less intrusive.
After you have gone thru foreclosure, short sale or deed-in-lieu-of there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Period to Buy After Foreclosure
* Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
* Buying After a Foreclosure With Extenuating Circumstances
The waiting period is 3 years up to 7 years.
* Buying After After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure With Extenuating Circumstances
The waiting period is 2 years up to 7 years.
* Buying After a Short Sale
The waiting period is 2 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. It's a reason to stay current on your payments while the home is on the market as a short sale.

In addition to the waiting period, some loans require 10% down and a minimum FICO score. The home you purchase must be your principal place of residence, not a rental nor a vacation home.

Lastly most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this states with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony the caries a major jail term so be aware.
Good Luck
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