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33603 : Real Estate Advice

  • All9
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  • Home Buying6
  • Home Selling0
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Activity 7
Mon Feb 6, 2017
Tony Grech answered:
If you are looking to do an FHA loan, then yes you will likely need to wait 6 months. They're not gonna take that much higher of a value without it seeming extra risky. Conventional, however, shouldn't pose that much of a problem depending on what your objectives are.

What is your goal in refinancing? Are you looking to cash out some of that equity or just refinance the current balance into a better rate? Also, is the current loan a recorded lien against the property or is it unsecured?

If you are trying to take cash out, then you need to wait. These limits are put in place to discourage fraudulent lending based on inflated property values. If the loan is not secured against the property, you need to wait. It's because the loan will be considered cash out anyway.

If you are just looking to refinance the balance on a recorded, secured, mortgage, then you should be able to refinance and use the newly appraised value without waiting 6 months. Now, that doesn't mean a bank will necessarily approve the loan. You may have to justify why/how the home is worth that much more in such a short time after buying it - document improvements made via receipts, work orders, etc.

Could be that the bank may have a 're-capture fee' meaning that if you pay off the loan within 6 months then they are required to pay back any commission they earned on the original loan. That would certainly be motivation to tell you that you MUST wait
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Fri Apr 17, 2015
Sue Archer Reynolds answered:
As the others have mentioned, a short sale does not convert to a foreclosure. 'These are two separate solutions for a homeowner when they can no longer pay their mortgage as it appears you can't.

You have been living in your home, virtually for free, and you are asking how much they will offer you to move? Have you been maintaining the home such that your neighbors are also not suffering from your misfortune by seeing THEIR property values decline?

I offer a free one hour consultation to help you understand the options available to you. Those options are specific to which loan servicer and lender you are tied to. The loan servicer is who you receive your mortgage statement from. They follow the rules set out by your lender (possibly a government agency such as Fannie Mae, Freddie Mac, or FHA). This would allow us to see what options might be available to help you transition from your current situation into a new home and relinquish your rights to this home.

The benefits of a short sale is that YOU have more control over the resolution. While you experienced a hardship that put you in a bind, forcing this situation, it's best when you can determine the way this situation is best resolved. Foreclosure is almost always the worst choice. It hurts you, your neighborhood, and all taxpayers who are subsidizing these losses.

We would discuss the questions the lender would ask you, and how they interpret those answers, We discuss the type of options available to you and how best to make it happen for you. Having this information might give you the peace of mind that you need. If you are already working with a realtor, that is a Certified Distressed Property Expert (CDPE) or a Shortsale Foreclosure Resource (SFR), make sure that they have provided you this information. Your home cannot be sold without your lender's approval so it takes negotiation both with a buyer on the market and your specific lender.

I hope it all resolves smoothly for you.
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Fri Apr 3, 2015
Alma Kee answered:
Your bankruptcy attorney should be able to answer this for you. In Florida our foreclosure process may be different than in Virginia but your attorney should be able to answer your questions.

Also if your property owes more than it can sell for you may be able to do a Pre-foreclosure, Short Sale as long as the Bankruptcy Trusteee allows it.

Hope this helps.

Alma Kee, Realtor
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Tue Nov 18, 2014
Dena Karlin answered:
Hello Shomari,

An "Acquisition Fee" is an amount charged to compensate for expenses incurred in arranging a lease. These types of fees typically include charges and commissions paid for the acquisition or purchase of property, such as closing costs, real estate commission, and development/construction fees. The amount can be paid up front or added to the loan amount and paid over the term of the loan.

Please let me know if you have any further questions I can help answer for you :)
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Mon Jul 25, 2011
Margaret Hassani answered:
I would suggest calling the Property Appraiser's office at (813) 272-6100 if the property is in Hillsborough County. They can explain to you over the phone how the value is determined. You can ask your questions and if you're not satisfied (and you own the property) you can ask for a review.

If a property owner disagrees with their value they should contact the property appraiser's office. The first party to review an appraisal with the property owner is a member of the Property Appraiser's Office. Usually, objections are settled during this phase after the property owner's position is considered and an appraiser gives a complete explanation of how a value was derived. If unsatisfied after that initial review and possible adjustment, the property owner may then petition the Value Adjustment Board.
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Wed May 27, 2009
Joe Chang answered:
I would definitely have your attorney/lawyer explain this to you carefully. Open mortgages that are not paid off or cleared up at time of closing can really become a roadblock later when you try to refinance and or sell the house. Understanding what is open and what appears as a lien on title is a smart way of being a little extra informed and to be prepared of these issues were to pop up again. If it's a weird title issue then make sure you get the owner's title policy when it is issued (generally one-four months after closing) and keep that in a safe place.

*Please note that this is general information only, and not to be construed as legal advice, if you would like a consultation please feel free to call and make an appointment"
Law Offices of Chang & Scolavino, LLC
Paterson and Freehold, New Jersey
"Criminal, Real Estate, Litigation and Immigration Law"
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Mon Nov 17, 2008
Derek Joyner answered:
I would say dont take any real estate agents advise on this issue. Pick up the phone and call the attorney who helped you out when you were going thru the process. If any real estate agent gives you advise on this please ignore it. We are real estate agents not chapter 13 attorneys. ... more
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