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Financing in 95403 : Real Estate Advice

  • All29
  • Local Info4
  • Home Buying11
  • Home Selling1
  • Market Conditions2

Activity 10
Sat Nov 19, 2011 answered:
Thu Aug 15, 2013
The fact that you are making the payments is only half of the answer, the other half is that you probably qualify to make the payments and so a modification is not in your future. ASC will not modify your loan if you can afford the payments even if you stop making them. To them, this is a good debt and they will wait and see.

Unfortunately, as you well know, there is no program for you unless you are already a Freddie or Fannie loan.

There is a silver lining and that is that since you have a 7/1 ARM, your interest rate will likely stay the same or go down in this environment. Typically on a 7/1 ARM, the first adjustment could go to the maximum of 5 to 6% above the start rate but it is based on index + margin and the indexes are all low so the ultimate rate should be low as well.

If you would like, I would gladly look at your note and let you know what to expect. My email address is and my number is (866) 385-1650
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Wed Mar 24, 2010
Anna M Brocco answered:
Not knowing any of your financial details--why visit with any qualified loan officer(s), see exactly what your budget can handle and check your credit score--he/she will be your best source of advice. ... more
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Fri Dec 18, 2009
Arlee Geary answered:
"Depends on what kind of property. If it is 1-4 unit, it does. If commercial or large multi-family property, no. Generally, you need to take the property out of the LLC to get agency financing. If you move the property from an LLC to a member personally, don't believe any seasoning is required because the chain of title and vesting will be of record". These answers are from Steve Sanders at Wells Fargo. For further information, you can reach him at 707-328-2098. Hope this helps. Arlee Geary Century 21 Alliance. Santa Rosa, CA ... more
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Sun Nov 8, 2009
Pam Buda answered:
Generally this is a matter that can be addressed through a letter of explanation to your lender, and with the appropriate paperwork at title and in your loan documents. Your husband, if you are married when your deal closes, will have to sign a quit claim deed disavowing any ownership interest in the property in order for your lender to issue a mortgage to you in your name alone. Your agent, lender and escrow officer can explain the details of your specific case to you.

Good luck with your short sale purchase. In Sonoma County, 14% of closed sales are short sales. Of those properties listed for sale as short sales that go into escrow (contract accepted by owner subject to bank approval) only 44% actually are sold via the short sale. That is as opposed to 92% of REO (bank-owned) property sales that close, and 88% of conventional (non-distressed property) sales that close after an offer is accepted. Each case is different and a property evaluation of the circumstances by you and your agent can help you to determine the best short sales in which to invest your time and energy.
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Mon Jul 6, 2009
Craig Saxon answered:
Hi Amy,
First, I would suggest you talk to your credit union, bank or mortgage broker and ask them their opinion. My understanding is generally it takes 5-7 years because of the time it takes to get it off your credit report, but it really depends on the lender's policy and may vary with the circumstances. If lenders start taking into account the unusual market conditions we've had the last few years, and they're eager to make loans, the time may be shorter or they may make the loan with a higher interest rate to compensate for what they perceive as added risk. It also may depend on your relationship with the lender. For example, if it's a credit union or bank with whom you've otherwise had an excellent credit history, they may make you a loan within a shorter time. Another alternative may be a seller that's willing to finance your purchase and make you the loan themselves. Good Luck!
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Wed Jun 24, 2009
Craig Saxon answered:
I would urge you to talk to an attorney rather than a real estate broker.
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Sun Jan 20, 2008
Wendy Taylor, CRS, GRI answered:
Wait to buy your car until after escrow closes. Contact your mortgage lender and ask. I have had clients who didn't heed this advice and found out they didn't qualify for the better rate because of excessive debt.

Good luck!
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Sun Mar 27, 2011
Michael Stollmeyer answered:
Have your agent assist in finding 3 or 4 mortgage brokers you can trust, and shop around.
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Fri Aug 10, 2007
Michael Stollmeyer answered:
Bank of America, Countrywide, and Washington Mutual. Mortgage brokers have the ability to shop hundreds of lenders to find you the best deal.
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