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Fha Judgment All Locations : Nationwide Real Estate Advice

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Activity 238
Showing results for Fha Judgment [Clear search]
Fri Aug 5, 2011
Phil Rotondo answered:
Before proceeding, get a 2nd and a 3rd opinion from other Real Estate Agents and from people who have done this before in your neighborhood.
Also - Please remember that predictions are very difficult....especially about the future. ... more
0 votes 14 answers Share Flag
Mon Mar 21, 2011
George Raymondo answered:
We are a Direct Lender with a Hard Money or Private Lending Division. But before you venture down that road, are you absolutely sure you don't qualify? You would be amazed who can qualify for a FHA loan today. FHA will allows income from several sources and is way more liberal that any conventional program. You can use alimony as long as you have a court order or judgment and documentation that you actually receive it. That goes for child support too, in order to calculated it needs to continue for a minimum of 5 years. And finally, pension income is the least of your worries. We can gross up to 125% of actual. If you can't show all your cards and make a winning hand, then of course as a last result I can offer you Private Money Financing.

George Raymondo
NMLS# 242639
www.AFN-Loans.com
graymondo@afncorp.com
... more
0 votes 1 answer Share Flag
Wed Jul 6, 2011
Pat & Steve Pribisko answered:
It depends on what your "small blemish" is. Your best bet is to make an appointment with a loan officer at your local bank. Your will find out quickly whether or not you qualify for a mortgage loan. And, if you don't, ask the loan officer what you need to do to become qualified. ... more
0 votes 12 answers Share Flag
Tue Mar 18, 2014
Loren Hoboy answered:
Candidly, you should pay down your debts, finish cleaning up your credit report and get your FICO score up to 640 to qualify before reaching for a new home. Even with a 640 score, you will find that lenders will limit your monthly loan payment + monthly tax payment + home owners insurance, + FHA mortgage insurance, +monthly HOA, and + your other monthly debt payment to about 1/3 of your monthly income. ... more
0 votes 8 answers Share Flag
Tue Mar 22, 2011
Suzanne MacDowell answered:
Hi Jennig,

That is really a question for a lawyer. I have to say, however, that walking away from a home is never a good idea. There are other options you should explore before making a final decision. If you walk away the bank absolutely will foreclose and the foreclosure could stay on your credit report for a very long time. You need to be very familiar with the foreclosure laws in Pennsylvania, I don't know whether PA is a 'recourse state' or not, but if so the bank could pursue a 'deficiency judgment' against you for many, many years in the future. Your credit score will be even further devastated and that could effect your ability to get financing on so many things, including credit cares and automobile loans, far far into the future. A bad credit score can even increase your automobile insurance rates these days or even negatively affect your ability to find a good job.

I would highly, highly recommend you discuss with a good realtor (look for the SFR designation) and a real estate attorney ALL your options including short selling the home and deed in lieu of foreclosure. These options are far more desirable than foreclosure and any negative effects on your credit will be much more short lived. You have gone through a bankruptcy, the negative effects of that on your credit score will soon be a thing of the past, why would you want to reset that clock now?

Do yourself a favor and talk to both an attorney and a realtor before doing anything else. Good Luck! If I can be of help feel free to email me at suzanne@exitrealtygold.com or call me at 201-602-4458. I am not licensed in Pennsylvania, but I will do whatever I can to help.
... more
0 votes 7 answers Share Flag
Tue Feb 15, 2011
Debra B Albert PA answered:
New Parents,

First, call a professional and have the damage repaired and the termites treated.

Second, check to see if there was anything you could have done to be aware of the problem.

Third, fix it, learn from it and enjoy raising your family in your new home.

Was there anything in the sellers home disclosure? How about your home inspection?

The sellers property disclosure is required and required to be accurate. Please realize that it would be possible to be unaware of the problem until the termite situation results in damage and could be difficult to say that the seller "knew". That would depend on information that I do not have.

The other protection that you have is your home inspection before closing. Did you have one done? Even if you did not contract a termite, a home inspecter should recognize termites as well as wood rot in his inspection.


Debbie Albert, PA
Keller Williams of the Treasure Coast
... more
0 votes 10 answers Share Flag
Sat Feb 12, 2011
Karen Church answered:
Hello,
I would advise you to go see a lender. They are free and can answer any questions that you may have regarding getting pre approved for a home loan. They can also assist in credit rebuilding, which can only take a few months sometimes. I wish you the best of luck.
Karen J. Church
www.EugeneHomesGal.com
... more
0 votes 13 answers Share Flag
Tue Oct 2, 2012
Cricket Yee answered:
It is my understanding that if you have refi'ed, then the lender can come after you for the deficiency. Sounds like things were pretty chaotic on the short sale end of it-- were you working with an experienced agent? I would contact a real estate attorney about what the deed in lieu protects you from. It might be built into the instrument itself. ... more
0 votes 9 answers Share Flag
Wed Feb 2, 2011
Anna M Brocco answered:
Consider visiting with any qualified loan officer(s), after reviewing your overall financials, a determination on qualification can be made, the type of loan, how much, etc.; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future. ... more
0 votes 11 answers Share Flag
Tue Mar 1, 2011
Mark Fleysher answered:
Hello LV Home Owner,

Compared to many LV Home Owners today, this is actually not a huge difference. A short sale is definitely possible, but not necesarily your only option. Another option to consider is to rent out your home, if it covers your mortgage. If you'd like, you can contact me direct and I can assist you with an evaluation of the rental market, and discuss a short sale as well.

I can help with any of your Las Vegas Residential Real Estate needs or questions; feel free to contact me direct.

--

Sincerely,

Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186
E. mfleysher@gmail.com
... more
0 votes 19 answers Share Flag
Wed Feb 2, 2011
Anna M Brocco answered:
In order to best protect yourself and any other assets you may have, do consult with an attorney who specializes in real estate--if you cannot afford one contact your local Legal Aid Scoiety for a pro bono attorney--free--and or Bar Association...
http://www.nhbar.org/lawyer-referral/
... more
0 votes 11 answers Share Flag
Mon Jan 17, 2011
Jason Opland answered:
Bank owned properties are almost always offered in "AS-IS" condition which simply means you are welcome to have inspections performed on the property to determine it's condition however, the bank will typically refuse to make any repairs or improvements to the home ad instead you will have the option of deciding if you wish to move forward with the purchase after you've done your proper due diligence. The banks will typically an addendum which they will require prospective buyers sign and this "AS-IS" condition should be outlined in this document. That said, if the roof is leaking and if this is a rather major repair expense you're looking at what I would suggest you do is get repair estimates from no less than two, preferrably 3 local roofing companies. I would then draft an addendum to the contract requesting that the purchase price be reduce by an amount equal to the lowest bid and I would submit these bids with the addendum. Time is of the essence here as this must be done before the expiration of the Request to Remedy Period which is usually 5 days but should be stated in your purchase contract. The bank will have he option of accepting your proposal, countering it, or denying it and in turn you can then determine if you're interested in moving forward with the purchase.

Jason Opland
... more
0 votes 13 answers Share Flag
Thu Feb 6, 2014
Gerard Dunn answered:
Robert -

Though the advantage goes to the buyer in this market - the closing costs are still negotiated. Depending upon your area - the costs normally paid by each party may differ.

Expectations for the buyer in this market is they find a "good" deal. Sometimes that is all costs paid - and sometimes it may be reflected in a lower price.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, D.C. and Northern Virginia
703-216-9100
... more
0 votes 11 answers Share Flag
Wed May 18, 2011
Jeffrey Masich answered:
Dear Lottie:

A short sale is better on your credit report than a foreclosure. You have protection in the state of Arizona as we are in a non-deficiency state, where in normal situations the lender cannot pursue the deficiency in your loan if you sell in a short sale or in a foreclosure.

All options available to you are available in the Arizona Department of Real Estate's "Short Sale Advisory". This excellent reviews all options available to you and not just short sales. I would highly recommend it. I keep the Advisory on my website for sellers because it so valuable. Your Realtor can share this document with you.

Jeff Masich
HomeSmart
Scottsdale
... more
0 votes 20 answers Share Flag
Tue Mar 11, 2014
Alexander Phan answered:
Does your house still have enough equity in it for you to sell? Do you have the cash to make the payment? If not the quickest way to stop/delay the foreclosure is short sale.

Get your home on the market ASAP to secure a buyer and present it to the bank. You still have several options but need to act quickly.

Contact us for a no obligation consultation.

Alexander Phan
Principal Broker
Keller Williams Realty Professionals
Alex@PortlandShortSales.com
... more
0 votes 27 answers Share Flag
Sat Apr 7, 2012
Kyle answered:
Tue Jan 4, 2011
Jessica Hood & Laura Roskelly answered:
Hi Dawn,

With a limit of just 3.5% down you are pretty much limited to FHA financing but I'm shocked the agent would discourage you from using an FHA loan. Check out this blurb on financing offered on the web site. I do not believe they are supposed to limit you or discourage you from obtaining FHA financing.

Congratulations on your impeccable credit. And best of luck to you in finding and settling on your perfect home!
... more
0 votes 6 answers Share Flag
Thu Jul 7, 2011
Dallas Texas answered:
Have you consider leasing the property?

You can also maintain yearly deductions confer with an CPA

If you allow property go to foreclosure tank your credit

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
... more
0 votes 167 answers Share Flag
Sun Dec 19, 2010
Suzanne MacDowell answered:
Hi Mnoman - The seller kept decreasing the price because they didn't have any offers! Very often buyers will not look at short sales due to the long time frame involved in getting the deal closed. People have deadlines and they just don't have time to wait around for the banks to say yes or no. So, short sale properties are very often sold at a bargain price. Sounds like you got just that, a bargain. Don't worry, your offer is probably the only one being submitted to the bank. If they think they can get more money they will give you a 'counter offer' and you can then decide whether to pay more or just say no and move on.

Best of luck to you.
... more
0 votes 11 answers Share Flag
Tue Feb 21, 2012
Madeleine Semaan answered:
I am sure you have an agent representing you.he or she should be able to explain those 2 items for you.anyhow it seems that chase is settling the debt owed to them,second title has to be clear and free of any liens or judgement befor close of escrow.both are standard verbage with short sale transaction that most of the banks use.
Madeleine
... more
0 votes 10 answers Share Flag
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