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Financing in 92509 : Real Estate Advice

  • All23
  • Local Info5
  • Home Buying13
  • Home Selling0
  • Market Conditions0

Activity 20
Thu Feb 9, 2017
John Bender answered:
Can't really answer your questions based on the information you've provided. We would need to know WHY you're getting denied. You can check this link guidelines on min. required seasoning of various housing issues:

Keep in mind, once you pass the min. required timelines you still have to show creditworthiness to the lender. That means a good FICO, income, assets, and reserves.

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Sun May 1, 2016
Brad Yzermans answered:
I'm not real sure how long a Died in Lieu stays o credit....probably at least 7 to 10 like all the other major derogs.

FHA will require a 3 year waiting period to purchase again....unless they change that guideline.
VA has a 2 year waiting period to purchase.
USDA has a 3 year waiting period.
Conventional financing (Fannie/Freddie) is 2 years w/ 20% down payment or 4 years w/ 10% down payment.

If you have an extenuating circumstance, that may reduce the waiting period, but is on a case by case basis.
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Thu Aug 15, 2013
Gerard Carney answered:
Fri Aug 5, 2011
Brian Rayl answered:
If you have the ability, offer to repay the past due debt in full in exchange for an agreement to have the hit to your credit report removed. That would be a first step that I would take.

Other than that, speak with local lenders about what programs are available to you. I have heard of Wells Fargo doing some loans down to 560, but that requires a higher down payment and comes with a higher interest rate.

Best of luck in your situation,

It's more than real estate. It's RAYL-Estate!

Brian Rayl, REALTOR®, e-PRO, SFR
Keller Williams Elite
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0 votes 6 answers Share Flag
Wed Jan 19, 2011
Tracey Martin answered:
You need legal advice. It doesn't sound right to me. If you can't afford an Attorney, look for free legal services in your area. As far as the tax lien goes, you may be able to get your local Congressman's office to help you. Make an appointment to speak to an Congressional aide in the local office. Make sure you take, the loan papers, the deed, and anything else you have to verify he is not on title. ... more
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Fri Mar 19, 2010
Alma Kee answered:
Perjury is a Federal Felony and you can go to jail for up to 7 years. Is it worth it?
0 votes 3 answers Share Flag
Sat Mar 13, 2010
Diane Wheatley answered:
Yes, I'm afraid you do. Your 2nd mortgage still remains a secured debt and they can come after you one day far, far away when equities are at a level that it would make sense for them to foreclose. Right now, most likely you do not have enough equity to cover the amount of the second mortgage so there is no incentive for them to foreclose.

Now if your first trust deed forecloses before your second then the second is "wiped out". But only "wiped out" in their ability to also hold a trustee sale to reclaim their asset. In that event the second trust deed holder can file a deficiency judgment against you for the amount of the unpaid debt. If you receive a 1099-C that would mean that they are holding you responsible for the unpaid debt and defining it as income to you which you will need to provide to your tax accountant.

There are many exceptions to this scenario that you may qualify for to elude any tax consequences or a deficiency judgment. Bankruptcy is the most common method of preventing a second trust deed holder to pursue you any further as you would include the judgment in your bankruptcy and request the court to strip it off of your total debt. This is possible if you can prove that the value of your home could not repay any portion of the second trust deed if your home were to be sold.

Be careful about the laws of your state as they relate to forgiven debt if you should receive a 1099. Federal tax code prohibits deficiency judgments on a primary residence where the loans are termed purchase money loans. If your loans are refinance loans or your second is a HELOC or line of credit taken out after the purchase of your home it could be termed a recourse loan and subject to tax consequences.

I understand that the state of California stopped providing protection to borrowers with deficiencies and now require them to pay state income tax on cancelled debt beginning January 2009.

There are many details that you must consider when making a decision on which path to take to best protect your financial interests. It is imperative that you consult with a real estate attorney or tax advisor before you make any decisions. Best of luck to you.

Diane Wheatley, Broker
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Fri Mar 19, 2010
Brian LeBars answered:
As I am not familiar with the specific development what I would ask is the owner occupancy of the project. Most lender will want to see owner occupancy over 51% do do a conventional loan. ... more
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Sat Aug 24, 2013
Jane Grant answered:
Do you mean a VA offer? It depends, where are you looking. It sometimes takes a bit of effort but if you write your offer a certain way then it will increase your chances!

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Wed Feb 17, 2010
David Marquez answered:

You should be able to Refinance your home as long as there is equity on your home.
Interest rates are still great right now so it would be a good time to make your move.
I can do a value check for your and tell you if you will be able to refinance base on my findings.
Feel free to send me an email with your home address and loan balance/s
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0 votes 6 answers Share Flag
Fri May 29, 2009
Forefront Real Estate answered:
Hi Jose,
That amount will be a sufficient down payment for an FHA purchase price of $287,000. And today, FHA released more on the $8,000, first time buyer tax credit. It can be used for closing costs and to buy down your interest rate. I've attached a link here outlining it for you:

If you have any other questions, please don’t hesitate to call or visit our website shown below.

Pat Palmer-Broker/Realtor
Forefront Real Estate
Forefront Mortgage

154 W. Foothill Blvd #A308
Upland, CA 91786

Phone: 909.286.1301
eFax: 909.912.8002
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Sun Mar 15, 2009
Robert Chomentowski answered:
That was a smart move to just put your wife on the loan:) FHA does count your wifes debt against your debt-to-income ratio, but they are NOT supposed to use her credit rating to deny you a loan. So in other words the foreclosure in her name shouldn't prevent you from buying FHA. It should not matter what her score is.

But don't take this as gospel, I would have to talk to my FHA underwriter about it. Many lenders have "overlays" to FHA standard guidlelines. Where they impose their own guidelines on top of FHA standard guidelines. But I think you should be OK.
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Thu Dec 18, 2008
Dallas Texas answered:
The bank can stop foreclosure process at anytime keep working with bank, they truly dont want have your home. GOOD LUCK sorry to hear all. Maybe if you start making payments although you are running a few months behind might help ... more
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Fri Aug 3, 2012
Robert Chomentowski answered:

Most bank owned properties on the market require buyers to be pre-approved with their lender. They are trying to limit fallout as I've heard many of their escrows fail b/c the buyer can't get financing. I agree with you, it's a total hassle.

I'm a loan officer and when a borrower client of mine makes and offer on a bank owned home, I call the sellers lender and speak to them about the approval. They should NOT pull your credit again if you are working with another loan officer/lender.
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0 votes 10 answers Share Flag
Mon Sep 22, 2008
Luke Allison answered:
You probably should consider an FHA loan on the refi - whether it be no or then. FHA will only cosider the LTV of the first mortgage as long as the second mortgage holder is willing to subordinate their loan and stay in 2nd position. If the combined 2 loans are equal to less than your home's value then I would just go ahead and do the refi now. Actually, you may want to go ahead and do it now regardless.

If you have questions or would like to talk in person, feel free to call me.
Luke Allison
Flagstar Bank
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Fri May 8, 2015
Jeremiah answered:
I can do it if you are getting a decent deal and have the liquidity to deal with anythign unforseen. I require 20% cash or cross on the purchase price. Let me know and I can give you a quote quickly.

Jeremiah Lynn
Helvetica Group
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Sat Jul 12, 2008
Shel-lee Davis answered:

Often it is better to negotiate both the construction lending and purchase portion of your lending package at the same time. I work with a wonderful loan officer at Wells Fargo who specializes in construction to perm financing, straight contruction financing with straight mortgage loan and FHA 203K (home improvement / renovation loans). If you would like his referral information, please contact me through my profile. I have referred him to several people and they are all please to make his acquaintence and get the benefit of his years of expertise regarding the best way to structure the buy and improvement / renovation loans for their home.

Hope you get the home and loan you want, and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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Tue Jan 29, 2013
Michael Roberts answered:
Tom, A rate contingency is something unusual. If your offer is made on a CAR form you could limit the interest rate in the financing terms to one you are agreeable to. Most listing agents will find this is a handcuff however, an offer IS an offer and considering all the terms of your offer will need to be considered more seriously. In other words...strengthening your position through contingecy time periods, down payment, closing dates etc...may allow for some more favorable debate. Good Luck. BTW...Different lenders will quote different rate so, you may very well find a lender who has better rates.

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Mon Aug 20, 2012
Tisza Major-Posner answered:
Hi Glenda,

One of the requirements for a short sale to be considered is that the homeowner be unable to meet their loan commitment in any way. This will need to be demonstrated with bank statements, credit card debt information and a profit and loss statement if you have a business. Another requirement is that you have no other assets and a second home would indeed be an asset thus making the ability to short sell your first home difficult if not impossible.

If you have the funds available to purchase an additional home then, it would not be unreasonable for the lender to assume that you should be able to fulfill your commitment to repay the loan you promised to repay when you asked for it.

So, that being said, I don't see how you would be able to purchase another home and short sell the home you currently own without running the risk of getting into big touble.

Have you spoken with your lender to see if there are any options that they can offer you that might help to make your situation better? Have you spoken with a Realtor to see what the value of the home you currently have is right now? If you have not done either, I would highly recommend that you do one or both.

A short sale can remain on your credit for upwards of three years> But, for most people, especially if they are making an effort to fulfill their other credit commitments, the negative effects can begin to be reversed in as little as a year.

If you would like a CMA of your home, or to discuss other options that might be able to help you, feel free to give me a call.

Take care,

Tisza Major-Posner, Realtor, Keller Williams (909) 837-8922
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Wed Jan 12, 2011
Michael Roberts answered:
Hi Tracey, I would suggest a highly recognized Loan Broker. I am going to put forward a referral for you and recommend that you search out the testimonials too.,+CA&fb=1&view=text&latlng=37368867,-121919698,4920729198636087681

Elva Wormley
Allied Home Mortgage

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