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Foreclosure in San Pablo : Real Estate Advice

  • All43
  • Local Info4
  • Home Buying23
  • Home Selling0
  • Market Conditions1

Activity 3
Tue Jul 1, 2014
lilmorena94014 asked:
Add some detail about your question
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Fri Dec 27, 2013
Audi C answered:
Obviously you want to refinance to get out of it. Several things to consider:
1. What is the property worth? Typically you need at least 20% equity for a lender to refinance.
2. What interest rate are you paying now? The current rates are anywhere from 4.5% to 5% based on your credit rating. If your credit rating merits it and you can get a lower interest rate, then go for it.
3. What is your home income ratio? Typically a lender will require that you have sufficient income to sustain a new loan. You may have to come up with some cash to meet the requirements of a new loan.
Good luck!
Audi Constance
Better Homes and Gardens Mason McDuffie
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Sun Mar 8, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
The best thing I can suggest to ensure the home seller gets the best information. Please check out a blog I did 3/1/09 indicating the benefits and draw backs of foreclosure and short sales under foreclosures in milwaukee county or check out the article I pulled the information from by elizabeth Weintrab on

The original article is at:

There are reasons to do short sales and lenders do take them in consideration when doing a new loan but they hit your credit hard. I am a realtor that works short sales and just want my customers/clients to understand the worst thing that could happen to them. Look at the article it puts it into perspective.

It sounds like you can do a usda loan as long as you meet the requirements and your in the right location.

Good Luck!
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