My house is in pre forclosure now off market assumed sold how can i find out how much? Can I purchase another home smaller one with cash ?

Asked by Purrsnikittyprim, Essexville, MI Tue Jun 7, 2011

Husband has passed recieving some life insurance want out of this home. Can I legally purchase another home and pay cash. I dont want to deal with this home.

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Marla McWill…, Agent, Coeur d Alene, ID
Mon Oct 24, 2011
Sorry for your loss, Purrsnikitty!

You can purchase a property for cash regardless of credit, or foreclosures in the past. As both other agents mentioned, your best bet is to find a REPUTABLE financial adviser to guide you thru the best path for you under your current circumstances.

This adviser should come highly recommended from someone close to you that has many years experience with the adviser.

Good Luck to you! :-))
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Brian Brump…, Agent, Boise, ID
Wed Jun 8, 2011

Sorry for your loss. I agree with Tracey, you should probably consult with an attorney and a financial advisor on how to best handle the life insurance settlement. The last thing you're going to want to do is end up losing a new home if the lender on your current home decides to purue you for any deficiency. That will depend on the type of loan and the investor's guidelines.
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Tracey Martin, , Salinas, CA
Tue Jun 7, 2011
You can purchase another home with cash. The Fannie Mae and FHA guidelines only apply to people who are getting a loan. If you do not need a loan, then you should not have a problem buying another home. However, you should speak to your current lender and let them know that your husband has passed and you just can't stay in the home. They may let you do a deed-in -lieu. Your best bet is to speak to an Attorney to make sure your current lender, cannot try and take the home you purchase, to cover the deficiency for your current home. Good luck and my condolences for you husband's passing.
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