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60178 : Real Estate Advice

  • All5
  • Local Info0
  • Home Buying1
  • Home Selling1
  • Market Conditions1

Activity 4
Sat Jun 20, 2015
Bob Brandt answered:
I believe they are trying to cover their risk in case another heir comes forward. What does your attorney say?
0 votes 1 answer Share Flag
Mon Mar 31, 2014
Kelly Robinson answered:
It can take up to 30 days before the bank will even look at approving a short sale. They have to first decide if you qualify for a loan modification. If you don't qualify for the modification, then they consider you for a short sale, and there is wait time for that. As you can see, short sales can take a very long time. They have to go through all the steps as it is required. Good Luck! ... more
1 vote 10 answers Share Flag
Sat Feb 8, 2014
Jennifer Zuithoff answered:
The general rule of thumb is that your monthly debt to income ratio be 43% or less of your gross income. This includes all housing related expenses, plus credit card debt, auto loans, students loans, alimony/maintenance, and other trade lines. Re your credit card balances, the minimum payment amounts will be used in the calculation.

This may be a helpful calculator... you plug in all factors, including loan amount, interest rate, monthly expenses (there's a line item for each), etc. and it will tell you the income you need for that loan amount:
http://www.bankrate.com/calculators/mortgages/income-required-mortgage-calculator.aspx

Your credit score is critical. And assets will be closely reviewed. You'll show two months bank statements, all pages. If there are lots of overdraft fees, that's a red flag.

Get a pre-approval as soon as you can. You should not be charged for this. If you are asked to pay an app fee, call a different lender.

Good luck.
Jennifer Zuithoff, Mortgage Loan officer, Avenue Mortgage, Naperville
630-890-3599
jenniferz@avenuemortgage.com
... more
0 votes 8 answers Share Flag
Thu Mar 7, 2013
Debra (Debbie) Rose answered:
Way to go Jim!............... Bravo!

Talk about an agent reaching out to help...............he deserves a "best answer" for that one Laurie, and he gets a thumbs up from me! ... more
0 votes 4 answers Share Flag
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