 Are house prices going to go down tis year? |
| we are first time buyers and cant really afford much so would it be worth holding on a little longer to see if prices fall?... |
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 Is it safe to tansfer deposit money before signing a contract? |
| I was told by the agency it is normal to transfer the deposit funds + the rent in advance before signing the tenancy agreement. Is that true? Because of the amount involved, I can't help but ... |
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 How can I buy a house when I am refused for a pre approved mortgage? |
| I only have enough money for a down payment but I still have to borrow a considerable amount. But according to the banks I dont make enough to buy a house. But I know once I get the house the ... |
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 Can a person be locked out for non payment of rent,? |
| I am renting a building from a private owner and I run a restaurant, I was in the process of moving to another reidential home with my family and did not open the retaurant for about a week , at ... |
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 Landlords, I need help encouraging a tenant to decide to leave...? |
| I have a tenant that has violated the rental agreement two too many times. I certainly have enough reason to evict him, but would like him to think it is his idea rather than risk evicting him and ... |
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 What are the chances of me getting a mortgage for this house? |
| The house is listed at 88K. I have been out of college for 1 1/2 years. My credit score is around 630 and have been employed with the same company for over a year. My gross income from my full ... |
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 Start paying rent on an apartment at 15??? |
| I am 15 turning 16 on march 28. My fiance is 14 turning 15 june 17 we want to have a apartment payed for by the time im 18 because thats when we are planning on getting married so thats like 2 years ... |
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 How to sell house ASAP. Been on the market for 4 months. Realtor not showing. Houses around me selling? |
| I signed a contract with a real estate agent 4 months ago to sell my house.(It is a 1 year contract) She has not been showing the property. No open house and the information on line is not accurate, I... |
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 How do 18 year olds get approved for apartments w/o a cosigner?>? |
| think about it most 18 years old are not gonna have 2 years of credit history...and alot don't have good terms with there parents....i know alot of timesthey get roomates...so if one person ... |
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 First Time Homebuyer - Down Payment? |
| My husband is in the military, and so right now we are living on base housing. We both work, so we can save some money for our down payment on a house. We both have pretty good credit and were not to ... |
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 Do my local council have an obligation to ensure that the TV aerial on my roof is right? |
| I recently moved into a 3 bedroom terrace house (rented from Leeds City Council) and am having difficulties with my television reception. Upon inspection of the aerial on the roof of my house, I ... |
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 OMG! Some apartment complexes are refusing to rent to people with tattoos and piercings? |
Just heard about it on CNN. In San Antonio, TX.
what the???
Is this sick and perverted?
I have tats thank you very much and I own my loft free and clear so I dont ... |
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 Can you really buy real estate with no money down or other people's money? |
| Figuring out if a bank will finance me to buy a second home for investment purposes. I know of a rental for sale. I don't have a lot of liquid assets and not a lot of equity in my current home.... |
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Stuart B | I'm thinking about leting my home go into foreclosure, to get a better deal on a bigger home. Is this smart? |
I bought the condo last year brand new for 244,000 and now the builders are selling the same condo for the starting price of get this 189,000 for a 1,743sq ft 3bed 2.5 bath 2car garage. My plan was to live in it for 5yrs then rent it out or sell it depending on how much money I would have made off of the home, as we all know the economy is not working in our favior. So what do you guys think? Is their a way I could have the bank change the sale price to what the condos are selling for now, or just walk away from it and buy a single home of my choice? |
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Lesh
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You're not being very bright are you. If you let your home go in to foreclosure who do you think is going to lend you money to buy another? What about the balance that would be owed on the home you let go in to foreclosure plus the other costs involved ? |
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bianca
 |
If you thinking about letting this condo go to foreclosure- you are very mistaken, assuming that any lenders will lend you the money for the next property right away. The lending guidelines are changing and lenders protecting them self from any risk of loosing money ( there will be you after the foreclosure). The better idea will be to modify your mortgage and later you can buy bigger house and maybe rent this condo? |
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Real Estate Guy
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bad idea. You WILL!!! owe the balance and the IRS WILL tax you.
Plus you will ruin your credit and will not be able to buy for 3 years and then with more money down and higher interest rate. |
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moneycrisis
 |
No, bad idea. |
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drewxjacobs
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What you are talking about is a short sale. The lender agrees to sell the property for less than what you owe, but there is no way you will emerge unscathed. |
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patrickehoward
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Banks are foolish but not clinical retards. They will see that you have walked from another property and that you are $40-50k under water. You will not be able to pick up another mortgage with that hit on your credit. (Assumes you do not have 50% or more to put down on a new home. In that case you may be able to pull it off).
Depending on your finance rate and your own comfort with your monthly mortgage and how much you really like the place (is it 'home' or investment) will determine if it is worth keeping. Don't forget that regardless of what you do you are still going to have to pay to liver somewhere, mortgage or rent.
I have the same thing happening in our neighborhood. As best I can tell I still have positive equity in my place. And yet I see these newer, bigger homes coming onto market for less than what I paid. I am considering pulling equity out of mine, using that as down payment on newer/ bigger place (while credit history/ score still in very good shape) and having close to same payment on bigger home.
Again this assumes you have 1. Down Payment min 10% and 2. Excellent credit with documented income. (If you do not have #2, consider Down Payment closer to 50% to even be looked at.
Best luck |
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josh_c
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You don't "lose" money until you actually sell the home. If your plan was to stay for 5 years, then do that.
The same thing that applies to stocks applies to houses in general -- buy low sell high. If you sell you are buying high selling low which is the exact opposite. You'll lose money, have a huge hit on your credit score and feel like a moron when the market rebounds and you realize that you would have been fine had you just let it ride for a while.
If you can afford it - stay there. Odds are the values will come back up eventually and you are going to the long route if you try and cash out now and go that direction.
Even if the value doesn't get as high as it was when you bought it, just the fact that you stay for a while and build some equity will help you out. The problem is that everyone thinks that if they can't sell their house and make a quick $100,000 whenever they want, then they should walk away.
You should stay because financially it is the right move, not to mention YOU signed a contract for what YOU thought was a fair value. If the builders are charging less now then it looks like YOU made a bad decision. Don't blame them and don't walk away cause you don't want to honor a commitment YOU made. How would you feel if you sold it for $50K more and then the bank said that they were going to tack that $50K on to your loan? You'd be angry -- yet you think they should be on the hook for the loss you incurred (which isn't even a loss if you DON'T SELL) |
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Sandra - Newport Beach Realtor
 |
No... It's not the smartest decision.
You would need to prove a hardship in order for the bank to agree to a short sale. If you are so hard up for money, why would someone loan you money for something else?
If you can afford your payment, stick it out or rent it out and move somewhere where it costs less to rent than your tenant is paying you to cut your costs.
I know it sounds like a good plan, when ethics are throw out the window, but this type of behavior will be the next wave of lawsuits based on fraud.
Don't be a part of it unless you enjoy living in a studio accented with iron bars. |
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mortgage underwriter
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You won't be able to get a home loan for several years. 4-5 years depending on the lender. |
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W. Wofford
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What's saving a lot of homes here in America is the ability to do Loan Modifications. The Emergency Mortgage Loan Modification Act 2008(H.R. 5779) is helping prevent homes owners from losing there house.
We do modifications for people in foreclosure, adjustable mortgages, balloon loans, 80/20 loans, high interest rates, neg am loans, loss of equity etc... If any of this sounds like a loan you have then we can help. I'll email you the modification package so you can understand how it works.
*THIS IS NOT A REFINANCE so there isn't any refinancing fees.
-Wayne
email Wwofford@YourAMA.com
Website: www.YourAMA.com
Direct: 516-506-4119 |
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