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Quality of Life in Henrico County : Real Estate Advice

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  • Local Info1
  • Home Buying7
  • Home Selling2
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Activity 2
Sun Sep 20, 2009
Betty Hesaltine answered:
Hi Rachel,
Sounds like your life has been in a bit of an upheaval in the last couple of months. It sounds like you are doing the best you can under the circumstances, and it is great that you are thinking about the future! First - you have a great rate on a 30 year loan and as the home equity loan is variable that should be the first thing you try to buy down when you have the opportunity. I am not a mortgage lender, nor a banker but common sense suggests the following:
Look at your other credit areas. Are you maxed out on all of your cards. Do you have a car that you are paying monthly on also? Where is your monthly check going beside home expenditures and taxes? I
Can you rent out a portion of your home to provide income?

I would not think about a short sale unless it is absolutely necessary as it does not help your credit rating in the future.
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Wed Jun 24, 2009
Angelique Baker answered:
Hello Rachel, it is possible to have your friend to purchase the property but you will have to check the your bank and/or read the documents (fine print) from the bank "carefully" to see if they prohibit you from purchasing your house back in the near future. As for the bankruptcy, you should be able to purchase a house in about 2 years after the bankruptcy has been discharged for the 2 years and you have obtain and keep good credit doing that time. I hope I have answered your question and I wish you much success. If you have any other questions about mortgages, I would be happy to put you in touch with a mortgage specialist in my office. Please give me a call at 804-270-1600. Thanks Angelique. ... more
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