The USDA is the only true $0 down loan other than a VA. If the area you're interested in is not eligible then you could always do a cashout refi to cover your down and closing. Let me know if you have additional questions.... more
Hi "Jane Doe,"
It is going to depend on a lot of additional factors. How much you can get for rent? How a short sale will affect your credit? What do you want to do long term with (or without) this property?
I would be happy to assist you. I work in both San Diego and South Riverside Counties.
Real Estate Broker/ Realtor®
McAllister Homes Real Estate
Residential Sales & Property Management
firstname.lastname@example.org EMAIL... more
You are absolutely right. You have the right to choose the type of loan you want and if you qualify for a FHA and want that program, you should stick to them. Not all lenders are qualifed to make FHA loans. It has a lower maximum loan amt and have more guidelines for a lender to follow as well. Many lenders and their sales people are really hungry and probably want to put you in a higher loan amount among other things. You need to ask alot of questions and make sure you get what you want. Good luck.... more
If you are delinquent, your credit score will have gone down. You still have to qualify for the VA loan so you would most likely not qualify. The VA isn't going to want to give you a loan if you can't make the payment....Now, if you bring your current mortgage current and keep making the payments, you may be able to qualify for a new loan a little later - assuming you have proof of income and no other credit issues.
Hello, thanks for posting on Trulia, you will get plenty of great advice here. To answer your question you posted depends really on what you are looking at investing in. Are you looking at condos or single family residences? Also are you looking at holding on to the property to rent it out and to hold on to it or to fix it up and resell. There are properties that are available within your price range within the Temecula Valley just depends on if you are willing to go outside of Temecula and maybe into Menifee or other areas. If you would like to contact me with any questions my contact info is below.
Best regards, Kristi
Realty One Group SW
BRE# 01868162... more
Most unfortunately for you, a seller does not have to re- negotiate a price. They were willing to sell at the price offered but are not willing to do so at the appraised price. There is no law that requires they be reasonable. Of course, they should be using comparable properties in the immediate area like a licensed appraiser must do, but they are not offering you a professional appraisal. They are simply trying any tactic possible to support the price they want, reasonable, rational or not. Was that Seller represented by a Realtor? I wonder because Realtors do not typically try to circumvent using actual comparable sales to determine fair market value.
Take some deep breaths, take a walk, smile, and look forward to finding another home. Things have a way of working out -- we wish for you a home even better than the other. Ask your Realtor to continue sending you new listings and browse the internet if you wish. Maybe after a few months, those other sellers will even realize that if no one can get a loan at their current asking price, they will eventually have a more realistic asking price. The market is still at or near the bottom, so you have some time on your side to find another home at a good value. Best of luck to you! Please let us know when you find your new home.... more
I would suggest you rent for at least another year and in the meantime try to establish a credit rating closer to 700. For a conventional mortgage you will need at least 20% deposit/down on a mortgage and 30% if you are buying a condo. Plus you will have to pay closing costs. It is better to take the money and put it in savings or investment until you are in a more comfortable position. Good Luck.... more
Go to Trulia.com. log in.
On top right corner under your name, click Listings, and then drop down to My listings:
It should show the house you have listed on there.
There is a button called EDIT LISTING
one of the options under there is DELETE listing.
Hope that helps! I guess that means you got the house rented!!... more
There are a lot of questions that can not be answered without knowing all the details of your home. Call or email me to go over the details. I can help you make a decision. If you find you need to sell quickly I have several investors that can make a cash offer and close in a week.
Hi Pattym500, I am very sorry to hear of your situation. I'M NOT A LAWYER OR TAX professional, nor am I aware of ALL the details of your circumstances; however, here's my opinion:
Assuming you sold at current value, the lender would take on a $88K loss. Since this is a non-owner occupied property with a recourse loan as you state, a deficiency judgment to collect the $88K can be attempted if a judicial foreclosure is used. This is not allowed under a trustee sale foreclosure. The predominate method of foreclosure proceedings in CA are via Trustee Sales due to the expense of a Judicial foreclosure.
The forgiveness of debt (cancellation of debt) is treated as ordinary income by the IRS despite the fact that the borrower has received no cash at the time of a short sale or foreclosure. However, if the cancelled debt amount is considered "qualified principal residence indebtedness" pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, which lasts until 2012, there will be no taxation on this forgiveness of debt.
I think its safe for me to assume you do not want to pay income tax on $88K. So, your options appear to be keeping the property as a rental until it can be sold, or moving back into this former primary residence. In any case, no matter what anyone posts on this subject, your situation should absolutely be reviewed by a RE Lawyer AND Tax professional.
Best, Steve... more
The first thing you need to do is to see your tax accountant to see if you will have any possible tax liablity if you do a short sale. Typically if you are selling your primary residence on a short sale in California there is no recourse.
Also a lender cannot garnish your wages, bank accounts, assets, etc. without a judgement from the court (like a small claims judgement). Your lender's loan is secured by your home...you probably did not sign a "personal" guarantee.
Don't be afraid to attempt a short sale..they do take patience, work, and a real estate agent with knowledge and skill in that department.
I know you have alot of questions...if I can help, please call me or drop me an email.... more
With a minimum 30 day late on any current mortgage you are not going to qualify for any mortgages. Lenders are extremely careful these days and your default shows inability to make payments no matter what the price range. Your best bet would be to attempt a loan modifiaction for your current home or worst case scenario a short sale. Then try to find a rental until your credit improves. Good luck to you.... more
Pay the difference, negotiate with the seller over the difference, or back out. You could also pay for another appraisal. The seller might be willing to help on that too.
Best of luck,
Joan Wilson –Realtor, Ecobroker, SRES, Reo & Short Sale Specialist
Some possibilities are that the other offer was submitted with a larger down payment, such as a conventional loan with 20% down or the other borrower could have had better credit scores, or better debt to income ratios. The banks look at all of that and the underwriters even look at the job stability of the borrower. If you are in a profession that could have layoffs or are self employed that can be a factor. I know it is frustrating but keep trying. Good luck to you!... more
This sounds like a short sale....prepae for a 4-8 week wait on an answer, depending on the seller's lender and the experience of the listing agent. Add your 30 day escrow on top of that....at least 90 days.....could easily be 4-5 months.... more
Hi George. I use virtual tours on all of my listings, but I have not switched to video tours because you need high speed Internet access to view them and at this time, there are just not enough people yet who have high speed Internet access. The idea is to make the tour available to as many people as possible and using video tours defeats that purpose. In a few years, things will probably be different, but for now, I'll stick to the traditional virtual tour with panoramic photos and slide shows.... more