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Troutdale : Real Estate Advice

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  • Home Buying6
  • Home Selling1
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Activity 14
Thu Jul 16, 2015
Ruth and Perry Mistry answered:
Frankly you can find out what the lien is.
The bank will know what it is.

If you are getting a good deal on the house, then prudent to pay
the lien, let the seller go and then move into your new home. ... more
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Sat Jul 11, 2015
Lexi answered:
have you thought of leasing it out? to help pay the mortgage and any repairs. (to someone with good rental record)
0 votes 4 answers Share Flag
Sat Jul 11, 2015
Lexi answered:
DON'T just "walk away", but tie up as many loose ends as you can.
Many leases state that if BOTH AGREE, then the lease can be formally ended early. Best idea is to ask the owner to agree to that! and in writing. Since you obviously can't pay, it might make sense to him/her. Make sure you are giving notice at the very least, and make sure you are taking all utilities out of your name when the Mfg home passes to the new owners (bank). etc Tie up those loose ends!

It wouldn't hurt to go to the Oregon statutes pages about mobile homes and leases etc.
READ THEM. and see an attorney.
http://www.oregon.gov/ohcs/CRD/mcrc/docs/oregon-revised-statute-chapter-446.html
... more
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Sat Jul 11, 2015
Lexi answered:
this is NOT an eviction, it's more like a foreclosure. Is your agreement in writing and all legal in its provisions? make sure it is.
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Wed Jan 29, 2014
Jennifer Peterson answered:
I would talk with a real estate attorney or credit company to see what steps you are able to take. Also, if you haven't already, try contacting the lender and see if you can get them to look into it and update your credit report. You may also be able to dispute that information on your credit report which makes them prove it's accurate or update it. Good luck! ... more
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Wed Jan 29, 2014
Jennifer Peterson answered:
I would talk with a real estate attorney or credit company to see what steps you are able to take. Also, if you haven't already, try contacting the lender and see if you can get them to look into it and update your credit report. You may also be able to dispute that information on your credit report which makes them prove it's accurate or update it. Good luck! ... more
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Tue Jul 2, 2013
Tom Inglesby answered:
if I was working with a realtor and they did that to me I would be working with them anymore. short sales are getting far and few between banks are countering them now so the deals are getting harder to find but there are some you just need to find them. Tom inglesby , remax ... more
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Tue Jul 2, 2013
Susan Agli answered:
The situation you are referring to has gone away or so it seems. If you are a first time home buyer be sure to look at neighborhoods where new construction is being done. Check for quality of the build, I have seen windows that were not aligned with another window, doors put on backwards, which to me means sloppy workmanship. Most realtors can give you referrals. If you are looking at a home that is not custom you can check out the model homes, walk around on a weekend and ask the people living there if there were any problems with the new house and how soon did the builder correct the problem. There are extensive lists on line that can give you a better understanding. Search the inter-net, builders have websites and the government has tips for you to use and what your legal rights are when purchasing a new home that is not yet under construction. ... more
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Sat May 25, 2013
Lana Lavenbarg answered:
If the land lord is renting you the land you have 2 choices-sell it to someone they approve of or sell it to someone who will move it to another site - that is just my opinion.
0 votes 3 answers Share Flag
Thu May 2, 2013
Corri Klebaum answered:
As stated before 20% down is going to be your mark unless you are going for a bank owned then 10% will do.

Please keep in mind you will need to have at least 6 months full payments in reserves possibly more. You may count 60% of any retirement accounts if needed to meet this rule and 70% of stocks held. In addition you may not count the new rents to be collected in your debt ratios unless you have 2 years prior landlord experience and can back that up on your federal tax returns. There are instances where that is not required but there is no way of knowing without a full application and running it though the automated underwriting system.

Feel free to call on me if you have any additional questions I am here to help!
... more
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Sun Apr 28, 2013
Priscilla Beggs answered:
I think Fannie/Freddie rules are 3 years post-foreclosure, so 12 months more should get you there, but I know there are "foreclosure deletion" programs, too.
0 votes 11 answers Share Flag
Sun Sep 12, 2010
D answered:
Nobody will be able to give you an absolute answer you can depend on because none of us know your scenario as well as you do. But the true answer lies in what you probably already know. Does your credit report make sense? Meaning, if one were to look at your credit report would it be obvious you had a hard time and you could not afford the mortgage due to an unforseen circumstance that can be documented? Or will your credit report show other late payments implying you allowed other credit to be late as well?

Will the amount of your payment be the same amount as the amount of your monthly rent? If so, a landlord will see if you could not afford the mortgage payment, you would not be able to afford the rent payment as well. We are a landlord and we rented to less than perfect credit. For us, reviewing the credit report & matching it up to our tentant's circumstance was clear. We could see what they said made sense and could be documented as true. However we also required the tenant provide first, last & a higher deposit due to the added risk.
... more
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Thu Feb 25, 2010
D answered:
Hello! Bob's mention of how lenders view short sales is correct. We all hope for a less stringent viewing on this issue some time in the future.

It is a big decision whether to short sale, foreclose or hold on. If you have not tried to obtain a loan modification you should try. You mention you have a 1st & 2nd. Was this 2nd used to purchase the home? If so, you have a chance of having the 2nd forgiven. If not, it may be more difficult to coordinate the two lenders. If you find you have trouble, here is a link of agencies that will work with your servicing lenders at no charge. http://www.cbs.state.or.us/dfcs/ml/foreclosure/counselors.html

These agencies are the ONLY truly free agencies certified by the State of Oregon. There are many companies out there claiming this status but if they are not on the list, they will charge you eventually. If you find you cannot qualify for a loan modification, a short sale will help you avoid having to answer if you ever had a foreclosure on a loan application. You can also read information regarding the IRS cancelation of debt for the portion of mortgage your servicing lender had to write off.
http://www.irs.gov/newsroom/article/0,,id=174034,00.html


Crystal Beard
Ambient Home Lending - Lending throughout the State of Oregon http://www.ambientlending.com - 50% Off Special ~ See website for details!

Web Reference: http://www.ambientlending.com
... more
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