There is a lot to consider (i.e. bankruptcy chapter, date of discharge), but there are things you can to raise your score quickly (for free!). Hopefully you find the below link useful. Good Luck!... more
If you have the ability to pay off the mortgage with cash you will solve their problem. You can have an attorney structure a loan/purchase agreement with your in-laws so that the home becomes collateral for your good deed. However good deeds don't always go unpunished. Are they under water? In other words do they owe more on the mortgage than the house is worth. You need to have an appraisal done so that you are assured your generosity is covered with adequate collateral. If a cash transaction is not possible have your in-laws seek legal advice.... more
Hi Refat_b,
If it was sold for more money than you owed, then you probably could have sold it yourself for a profit, and saved your credit rating. Good Luck
No, the buyer is not required to give a cancellation letter, but generally the lawyer will send a letter to the sellers lawyer with the letter of declination so not to jepordize the buyers down payment.... more
In response to an email inquiry I received about my answer below............I am posting the reply here....
The amount of the legal action reported on Realty Trac may not represent the total liens on the property, but only the amount of the party who filed a complaint (legal action.)
Example: Market value of house - 500K. 1st Mortgage - in default.......Amount reported by Realty Trac is $380,000. That may not be the only lien that has to be cleared.... There might also be a HELOC (line of credit) for $85,000. In addition, there might be liens as a result of other judgements. The homeowner may have fallen behind on other bills, also. There could be 2 other liens as a result of judgements that total $77,000. The total of all of these liens may exceed market value. Looking at the Realty Trac number of 380,000 does not provide the full picture.
If the 1st lender forecloses, the subsequent liens may be wiped out. As an REO property, the lender would own a property valued at 500K market.
Reatly Trac data is often outdated.... more
Pre-foreclosures (depending on existing mortgage) would be transacted normally. One must keep in mind that often the pre-foreclosure needs to be a short sale. Home buyer need to be prepared to invest time in trying to purchase a short sale, however the time invested may be wort it.
If you are in New York drop me a line and I will be more than happy to discuss your individual situation.
Servicing the NYC area,
Short Sale and Foreclosure Defense.... more
Hi, Sardar how about this? I would serve as your buyers agent on this steal
Property Details
Price: $79,900 Bedrooms: 1 Bathrooms: 1 Living Area Size: 870 Year Built: 1948
Wonderful building in Jamaica. Close to all transportation with easy access to Manhattan. This is a great property that will not last long! Dont Miss this investment opportunity. Schedule your personal tour today.
These distinctive characteristics represent factors which have a strong influence on this community. Factors are considered "distinctive" if this community falls into the top 25% for these characteristics nationally.
Stable Population
Moderate Residential Turnover
Closest Major Sports Teams: New York Mets
Community Summary
Population Growth (since 2000) 4%
Population Density (ppl / mile) 38,053
Household Size (ppl) 3.09
Households w/ Children 38%
Housing Stability
Annual Residential Turnover 18%
5+ Years in Residency 25%
Median Year in Residency 2.47
The Fair Market Rents show average gross rent estimates based on figures provided by the U.S. Department of Housing and Urban Development (HUD).
Studio $1,067
One Bedroom $1,154
Two Bedroom $1,284
Three Bedroom $1,580
Four Bedroom $1,776
The Crime Index compares the risk or probability of future occurrence of certain types of crime in this community as compared to the national average. The national average for each type of crime equals a score of 1.0, so a score of 2.0 would represent twice the risk as the national average, and a score of 0.50 would represent half the risk of the national average
Eric D. Jarman, Licensed Real Estate Agent
LEVAN REAL ESTATE
310 E 46th Street
New York, New York 10017
M: 347. 2074907
T: 212.686.9288
F: 212.656.1756
ej@LevanRealEstate.com
www.LevanRealEstate.com... more
Hi, Rafael I can help you with that Information. Are you interested in residential 1-4 units or residential above 5 units? Are you looking for properties to buy with cash or will you use public funds? I will be calling you to ask further.
Eric D. Jarman, Licensed Real Estate Agent
LEVAN REAL ESTATE
310 E 46th Street
New York, New York 10017
M: 347. 2074907
T: 212.686.9288
F: 212.656.1756
ej@LevanRealEstate.com
www.LevanRealEstate.com... more
As a home buyer you could also try to search short sales, which are negotiated directly from the bank.
Let me know if you need any help with them.
www.goforshortsale.com
347-753-0400... more
Hi, it seems that you are now in what is called, month to month lease.
The only thing that I believe still applies from the original lease is the Notice to vacate from landlord and tenant.
But, what is your question?... more
For your own satisfaction, why not visit visit with any qualified loan officer and see what your budget can handle--it could very well turn out that paying down some debt and repairing your credit may be a better idea.... more
While short sales are a challange I certainly dont hate them. If you are an educated, skilled professional it can be a fairly smooth, quick process. The situation is already too bleak for a seller in distress to deal with a Realtor who is not professional as well as compassionate to the sellers unique issues.
One challange making things extremely difficult to overcome can be Mortgage Insurance on a second.
Good luck with the article,
Shari... more
If you are not working with a Realtor now is the time to start interviewing and choosing one that will be most helpful with respect to your search.
Anna
Stacey
If an investor purchases the property and wants you out the will most likely initially try to strong arm you. If you dont move out, the will have to go through the courts and evict you.
In all likelyhood the lending institution will take back the property. You should have contact information on the papers you were served with as a tenent in the house. Contact thier attorneys and ask...... Fannie and Freddie loans have provisions for owners and tenants to stay in the properties, but the guidelines are changing all the time. You can also attend the auction to see who purchases the property.
Best of luck
Douglas Montgomery, Broker
Home NY Corp.... more
Ronald
Tried reaching you via email. I can give you the information and update you on the status of the property if you touch base with me and give me the information.....
Douglas Montgomery
hudhome@pipeline.com
Douglas@homeNY.com... more
Although I can’t answer questions on specific scenarios or markets (such as NY), I can offer several suggestions
1) Check websites of regional lenders with high loan volume or concentration in your state.
2) Use Trulia to identify the lowest priced listings in your area. If you live in a “sand state” (CA, FL, AZ, NV) this will likely be an REO.
3) Check “Homes for Sale” (or similar) on websites of large companies which are known to have large number of REO, such as Fannie Mae, Freddie Mac, Countrwyide, Ocwen, C-BASS, etc.
4) If you don’t find a property you’re interested in, identify which REO broker appear to have the most listings. If they’re good, they will typically represent other servicers too. Contact that office to find a buyer's agent who will help your search. It won’t cost anything
Here isa link for info on purchasing an REO from Fannie Mae:
\\http://reosearch.fanniemae.com/reosearch/
and another for Freddie Mac:
http://www.homesteps.com/
Keep in mind that REO managers usually deal exclusively through qualified REO brokers and aren’t able to answer inquiries from the general public (otherwise we’d be doing that all day!) In general you won’t get a better deal by going directly to the lender, assuming you can even figure out who it is. The listing agent will be paid either way and can help you navigate through maze and extra paperwork required. They will require some basic financial information from you to verify you’re qualified.
My personal opinion, having gone through three major real estate boom/bust cycles since the early 1980s, is we haven’t hit bottom yet. It may still be too early to buy if your primary motivation is a quick profit. But don’t let that stop you from getting into a home.
Good luck on your search!... more
Robert
Are you wondering if you might be a candidate for loan modification? Many homeowners - and by many, we mean thousands if not millions - are finding that a loan modification is the right solution for a failing mortgage. How do you know if you should pursue a loan modification?
Been trying to refinance but can't. Just about everyone that has an adjustable rate mortgage has attempted to refinance. The problem is that most are getting turned down. Ever since the housing market went into steep decline and lenders began collapsing, it has become seemingly impossible to get approved for a new loan using traditional means. However, many of those same homeowners have been able to get their loan modified in a workout agreement with their lender.
Got laid off from work or suffered some other hardship. Life happens and there's nothing you can do about it sometimes. Perhaps you got laid off from work. Maybe there was an illness in the family that required monetary support and kept you from working. Car accidents. Injuries. Unexpected events. Market affected your income. They're all legitimate reasons that can get you behind on a mortgage that you can otherwise afford. Hardships such as these are often accepted by lenders as justification for loan modification.
Home value has dropped. The market is in decline and home values are falling. In many cases, loan modification may not be an option when you get upside down on your home loan. A lot of people in this situation are better off with a short sale. Still, it is absolutely worth your time to at least explore the option with a loss mitigation specialist. At the very least, they can help you get approved for a short sale.
Simply can't keep up with the mortgage. In a tough market, many people have seen their income drop substantially through no fault of their own and can't afford the home they once easily made payments on. You may be able to get a loan modification that makes that home more affordable. If not, again, a short sale is an option as well.
Do you think you need a loan modification? Get in touch with a reputable loan modification specialist that can negotiate on your behalf. You have options, but they only exist if you pursue them. Don't waste any time getting help.... more
i have been a lic agent for 6 yrs and throughoout the 6 yrs i focused on pre foreclosures and my broker does the paper work in getting a pay off to clear the home owners debt.
alberto-9178260705... more