I would talk to a lender that specializes in credit repair. He or she can help speed up the repair process and before you know it, you will be in your home. You should also focus on saving for a down payment of atleast 3.5% down plus closing costs. Your lender can give you an estimate as to what those fees are. You may be able to get the seller to pay for some of them :) Good luck!... more
You can check with Evelyne Jamet at Vitek, 916-452-8800. I wouldn't say you need "non-conforming", more like a loan for poor credit. Though, be forewarned, most of the loans for recent short sale situations do require 20% down. Alot depends on your credit and financials pre-short sale.
Let me know if I can help you further.
Freeway Circle is in the Twin Rivers District.
High school will be Foothilll High School, not
too far away off Hillsdale Blvd.
It is always recommended that you contact
the district to confirm attendance choices.... more
Loan modifications are not public record and a lender releasing that info to someone not authorized to get it could be a legal issue. You could make a request to your landlord but it's up to them to agree to provide it. A rental agreement is money paid for the right to live there, not really a requirement the landlord pay their mortgage.
New requirements in January require owners to disclose the filing of a Notice of Default to prospective tenants but that's about as far as it goes.
Brian Barnes from Paradise Financial does it. His number is 916-230-4750. I checked with him before I posted his info and he says CALHFA funds might be able to be used along with this program for added benefit.
Great lender, I always recommend him based on performance in our market with agents.
Total Guess - after the election in November we won't get eye water to cry with!! I fully expect that government and lenders will be less sympathetic to those that have honored their mortgages and paid on time even though they've lost all equity in their homes.... more
The dream client has the skill to listen, (sort of like the dream salesperson). They know that they need to do research and due diligence on a property they offer on and get into contract on. They know to ask questions when they don't have the answer themselves. They know that neither the listing agent nor the selling agent determine market value. The actions of sellers and buyers in the marketplace determine value. They read the voluminous disclosures that we provide them. They know that no home in their price range is 100% perfect, and they know that buying a quality home for pennies on the dollar exists only on fraudulent late night infomercials.... more
I have to start w/the fact that I am not a fan of lease to own transactions.
Very few wind up with a successful transaction or happy parties. But that aside:
First thing is managers have nothing to do with the transaction, your contract is
the binding agreement between yourself and the seller, so hopefully your
understanding of the deal is what the contract says. Otherwise you have a problem.
If there is a dispute between your self and the seller over what the terms of the
agreement is I would suggest you sit down with a real estate attorney to get a
professional opinion.... more
I thought that was always the case, but a lender will respond here more accurately.
I do know that the IRS is much more active in doing 'offers in compromise' to help people reconcile on back taxes, penalties and interest charges. If you want help with that, call Ed Cook. He's a CPA and has been very successful at doing offers in compromise for clients. He can be reached at (916) 705-4958.... more
Are you referring to homes situated in a HOA there, condos or apartments? If you're referring to a home or condo, it's up to the HOA rules, wherever the HOA may apply. However most HOA's do allow dogs. Some limits on size are sometimes part of the rules.... more
Typically it takes about 4 to 6 months to go through the short sale approval process, longer if a second lender is involved. You will submit the purchase contract along with short sale documentation including your hardship letter, financials, lender's application forms. Generally it then goes into 3 stages. Usually the servicer will screen the application for preapproval, then the bank will order a bpo and it goes to the underwriter, then negotiation on the price, and finally investors approve it.... more
Congrats on getting into contract! But this is just the first stage. Now that your offer has been accepted by the seller, listing agent would be submitting it to the short sale lender along with the complete short sale package.
Short sale lender will due their due diligence ...get an appraisal and a BPO done and decide if they want to accept your offer the way it is, reject it or counter it...
You would have the same choices once you get short sale lender's counter...accept it, reject it or counter..
Once you and the short sale lender have come to terms on the purchase price..your transaction moves forward to the point where your loan agent will order the appraisal. I
If the appraisal come higher...you now got instant equity in the house and you don't have to do anything... be happy!! they can't tell you to increase the purchase price :-)
But if the appraisal comes in lower than the purchase price and I hope you have appraisal contingency in place... you can negotiate with the short sale lender to reduce the price, pick up the difference yourself or cancel the contract ...get your deposit out.
Well, you only need 3.5 % down to use an FHA loan. You should check with a lender, see what you qualify for. A great lender will have a few different options for you, if you can qualify for a loan, they will know. You are correct that $150,000 is a good purchase price. You should be able to get a decent home in various areas with that much budget.
Only way to find out what your loan scenario looks like is to talk to a lender. Try Evelyne Jamet at Vitek. She has been a miracle worker for many of my clients.