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Ramsey : Real Estate Advice

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  • Home Buying7
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Activity 7
Sun Jan 15, 2017
Robert Spinosa answered:
I am going to focus specifically on jumbo loans here and not conforming, FHA and VA, which are much more standard and addressed on many different forums. In CA, here at the beginning of 2017, these are our required waiting periods after a foreclosure. After seven years, most investors will allow a foreclosure without restriction:

One year after a foreclosure:
*$1,000,000 max loan amount with a 20% minimum down payment and a 640 minimum FICO score
*$2,000,000 max loan amount with a 25% minimum down payment and a 660 minimum FICO score

Two years after a foreclosure:
*$1,000,000 max loan amount with a 15% minimum down payment and a 680 minimum FICO score
*$1,000,000 max loan amount with a 20% minimum down payment and a 620 minimum FICO score
*$2,000,000 max loan amount with a 20% minimum down payment and a 640 minimum FICO score
*$2,000,000 max loan amount with a 25% minimum down payment and a 640 minimum FICO score

Three years after a foreclosure:
*$2,000,000 max loan amount with a 10% minimum down payment and a 720 minimum FICO score
*$2,000,000 max loan amount with a 15% minimum down payment and a 680 minimum FICO score
*$2,000,000 max loan amount with a 25% minimum down payment and a 640 minimum FICO score

Five years after a foreclosure:
*$1,500,000 max loan amount with a 20% minimum down payment and a 680 minimum FICO score
*$2,500,000 max loan amount with a 20% minimum down payment and a 740 minimum FICO score
*$3,500,000 max loan amount with a 25% minimum down payment and a 740 minimum FICO score
*$4,000,000 max loan amount with a 30% minimum down payment and a 740 minimum FICO score
*$4,000,000 max loan amount with a 35% minimum down payment and a 680 minimum FICO score

If you have questions or could use help with a scenario as above, don’t hesitate to get in touch. Thank you!
... more
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Mon May 12, 2014
Joel Johnson answered:
You should be fine as long as you show up at the designated location and time for the sheriff's sale. It wouldn't hurt to contact an attorney. Here's a name and number:
Thomsen & Nybeck
Brad Boyd
952-835-7000
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Sun Feb 24, 2013
Alan Grizzle answered:
If you are in Georgia you have one year. You have to pay whoever bouth it back what they paid for it at the sheriffs sale plus 20%. Afther a year the new owner can foreclose on your right of redemption. ... more
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Thu Jun 14, 2012
Patti Ann Kasper answered:
In many cases, there will not be a deficiency judgement, but there are exceptions. As more and more homes go into foreclosure, servicers and their investors are getting aggressive about securing deficiency judgements whenever possible by doing a judicial foreclosure rather than a foreclosure by advertisement. This is especially true when the lender has some indication that you have the ability to pay.

As Chris stated, a short sale may be an option...

But that too has its issues. You may want to consider the tax consequences as well. In some, but not all cases, the IRS will waive the taxes on the "forgiven" mortgage amount. But the Mortgage Debt Forgiveness will sunset at the end of the year. http://www.irs.gov/newsroom/article/0,,id=254930,00.html
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Wed Oct 5, 2011
Christopher Pagli answered:
Hi, you can go to www.homefair.com and www.spotcrime.com for great in-depth reports for any area. Another option is contacting the local police dept as a back-up.

Chris
0 votes 3 answers Share Flag
Tue Sep 30, 2008
Pamela Stetson answered:
Hi Nick --- I am happy to help you with your quest ... I concentrate in the area ( I have lived here most of my life ) and can help you find your next home.... email me at CupaT@aol.com for more info or for a list of available homes in your price range.
Regards,
Pamela
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Sun Aug 17, 2008
Lenny Frolov answered:
You need to find out if and when a sheriffs sale is scheduled, that will start the timeline. If there is an attorney on the paperwork you are receiving you can call them to find that out. ... more
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