It sounds like everyone dropped the ball on this one (agent, loan processor) as the bank always requires signed copies of the purchase agreement (the only agreement that is legal).
Chances are the agents errors and omissions insurance would cover such a mistake. But you would probably be looking at collecting compensatory damages (actual loss) as opposed to also collecting punitive damages. Compensatory damages might be limited to the cost of reappraisal but could go further in collection of any damages in regards to lost value of your home due to the appraisal.
As always you would need to speak to an attorney. But I would wait until it was determined that they couldn't fix the problem they created. And for sure I would expect the lender and/or agent to cover the cost of any reappraisal due to their apparent negligence.... more
From your question, it sounds like more information is needed to really formulate a good, clear and concise answer. In general, I would suggest you speak with your bankruptcy attorney for the answer to your question. If s/he doesn't know, perhaps a better question can be produced that will enable the Trulia community to better answer your question or point you toward the appropriate expert. I also apologize for this "non-answer."... more
When you are late with your mortgage & every time your late that will be reported. But once they take your home on the foreclosure (which will take several months) it will show up on CBR as a foreclosure. At that point your credit doesn't really matter to much. You will have to work hard to rebuild your credit.
So reading between the lines. You are saying you are paying the mortgage in the bankruptcy payment to the courts but did not reaffirm the mortgage with the lender.... more
First thing is you have to be at least 3 months behind in your mortgage before the lender can even start a foreclosure presidings. 2nd if you are just now 1 payment behind it is time for you to possibly list you home & then once you get a second payment behind we can talk about a possible short sale. Please call me anytime at 816-863-7797 I'll be glad to assist you.... more
Rather than relying on any opinions, if unfamiliar with the area/street why not revisit more than once and at different times of day, possibly chat with locals/neighbors, etc., then determine if your comfort level can be reached...... more
Beth becuase you had a short sale in 2010 the availability of a mortgage is limited as most loan crieria states you have tio wait 2 years. There are conventional programs that require a larger deposit. Your best bet is to seek for a local and trusted mortgage company, they will have more access to types of loans than a bank. beware of internet or out of town companies that make promise stoo good to be true. Good luck working things out... more
You can go to www.HomesByLender.com & then click on the map where you want to look for a property. They have all the foreclosures.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow Hold-Backs!... more
I have a Place for Sale in Englewood Shopping Area in Independence MO. This Shopping Area has been designated as Independence's only Art District. If you have a business that has something to do with Art this is for you. That is what I meant as not a Rental but a Unique Opportunity for someone.
If you are interested in owning let me know and I will send you info.... more
Selling infill lots such as the one(s) described in your question requires very specific expertise because very few parcel of this kind are offered sale. Before listing it must be determined if the lot(s) are listed as individual parcels with separate tax id numbers or if they are lumped together with the other parcels. Second do the lots you want to sell make up a legal size lot that can built on per the City code. If they are separate and legal then it should be pretty straight forward determining a price that will move the property in the time frame you require. If not it will require some paper work be filed with the City to separate the specific lots and this can take some time to complete. I actually own a couple of lots in the Volker neighbor that I am holding for future development so I am very familiar with the area and the market for this type of property. If you please I can provide a free assessment of your situation that can be completed in 24 hours.
It will be pretty unlikely for either. A home that has been foreclosed will be owned by the bank and they are not going to do a rent to own. A builder usually can't get the construction loan converted to a rent to own either.... more
Please pack the kids in the car and go visit your prospective new neighborhood. Walk around, talk to people, play in the nearest park do some shopping nearby.
Ask the residents what it is like to live there; are there 747's landing nearby and was it built on a toxic dump? Does anyone have a problem with termites and does it flood every monsoon season? Is there a lot of wind in the afternoon and do they know of any registered sex offenders? Do they have coyotes living off their pets and does the earth move regularly? Do they have a lot of churches or long lines at the unemployment office?
In the current market environment, you will need to find a competent lender partner who can advise you on the latest market rules and conditions. If you don't have a local lender you like, ask your agent for a referral, If you are going to be a serious investor, a strong agent and a smart lender are the first two team members you need to put into place. Investing is not a do-it-yourself activity.
Rebecka it is unusual unless you are looking at listings under Realty Trac, Realty Trac actually does not list or sell homes but takes a feed of homes in foreclsoure, the price you see is not a price but could be what they owe. Realty trac is in the business to get you purchase access to their site, not in the business to sell homes. If you see a home you like, before investing any time into you can either click on the listing agents profile and email tehm direct or click on the link to send you more info.... more