Hello, I just performed a HUD search for properties in Lakewood, CA and could not find any. In all honesty your question does not make sense for such a large organization would always have a list of escrow companies which they would revert to. Not once have I ever heard of HUD asking the home buyer to select an escrow company for that could be even worse. You may want to investigate this on your own for your agent may not be telling you the whole truth. Visit this link so that you can obtain information on HUD contacts: http://www.hudhomestore.com/Home/Index.aspx... more
Maritza - it all depends on what your monthly payments are on your consumer debt (car loans, credit cards, student loans, etc.), as from an initial glance $96k/year should qualify for a much higher sales price than $325k if you have no consumer debt payments, and even if you have $1k/mo in consumer debt payments. Sounds like your loan officer isn't explaining what is preventing you from qualifying for more, is that the case?
Shane Milne | Lending in all 50 states | NMLS #81195... more
There are many wonderful areas of Lakewood, and a lot depends on what schools you'd like them to attend. There is a website greatschools.com that rates the schools, and then you can find the school area boundaries there. Best of luck in your search. Let me know if I can be of assistance. My email is email@example.com and phone number is 714-343-9470... more
You may be able to qualify alone depending on what your monthly liabilities are. Don't get in over your head, you don't want to be a slave to your house payment. If you think your sibling will buy with you & then leave you in a couple years & now the house payment is all yours, take into consideration now that you may end up needing a roommate later on to help you with the mortgage payment.
Shoot me an email directly if you'd like to talk to me some more. I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
Long Beach, CA... more
Much will depend on your finances, the type of loan you qualify for, etc., visit with any qualified loan officer(s) first, see if you do qualify for a mortgage, how much, and then go from there.... more
A few hours since your question was asked & no one wants to tackle the answer. Well, here you go:
If a short sale was approved, the bank can't sell the property at auction unless the parties to the short sale did not adhere to the terms of the short sale approval letter. An example would be: going past the approved close of escrow date for the short sale, without getting it extended.
It is possible to reverse the sale, if it recently actually DID sell at auction & you were within the terms stated in your short sale approval letter. (email me if that happened to you)
If your short sale was approved & you actually did already close escrow. NO the bank can't just sell the note.
Please email me directly with details, you've got a strange situation & I don't feel as though I'm giving you all of the correct & detailed answers you need, through Trulia.
You will not receive a refund of MI when you pay off your FHA loan using a conventional loan. You would receive a prorated refund of your MI if you stay with an FHA loan. However you are looking at rates above 5% today with cost I would not expect any benefit in refinancing at this point except obtaining some cash for investment.... more
Your potential buyer.
Seriously, you're going about this the wrong way. The Seller is the Principal to the transaction, not the Seller's Agent. If the Escrow company cannot get the Seller to perform, neither your agent nor the Seller's agent is going to change that.
After you have received the opinions of your agent and your agent's broker, then it may be worthwhile consulting an attorney who specializes in residential real estate.... more
My "peace of mind" answer to you is ... find another comparable home in the same area and move-on.
I would hate for you to miss the $8,000 tax credit (and the CA $10K tax credit for new home purchase) if you don't close by the end of the year while waiting for this property as it could take up to a year or may be longer for a final decision from the bank.
The homeowners have responsibilities, they do not have the power to do anything they want, especially when they are in default. There are real estate laws where all parties have to adhere to.
Please don't get too attach because the whole process of shortsale or REO purchase is very time consuming. All banks have the obligations to exhaust all possibilities to keep the current homeowner in their home. The homeowner has upto 5 days before the auction date to cure the past due issues. The timeline to auction date is upto 4-6 months subject to many unforseen delays which then could lead to +1year.
You should know that "Wamu now Chase" means a tremendous amount of potential delays because the loan may not have an assigned asset manager. No one is paying any attention to the loan, thus the delays you're experiencing. The current homeowner is reaping the benefits of Wamu being acquired by Chase. Bank acquisitions always result in delays.
The shortsale and/or REO processes are not complex at all. They are quite simple. They both require a lot of phone calls, direct follow up (emailing won't work.)
The winner is the one with the most patience.... more