WF bought my mortgage
I just bought a short sale. (Seller owed $168,000 to Wells Fargo.) I bought it for $140,000. My mortgage company (Mortgage America) sold my mortgage back to Wells Fargo. I guess they like my house. LOL Irony amuses me.
How many counter offers did you make on your offer to purchase?
I am very interested in a house that is located in a master planned community. It has pools, tennis courts, volleyball courts, tyke's water park, basketball courts. The house is a foreclosure. It is missing all fixtures (blinds, ceiling fans, etc) and appliances and even the fence that came with the house. It's about 3000 sq. ft. 4 bedrooms, 3 baths, 2 car garage, all hard wood floors on first floor, very solid home builder. They initially listed the house at 245K in Dec. It was listed at 220K as of February 2010 (It has come down twice). We submitted an offer for 10% off the listed price initially. So far it has gone like this. Buyer: 198K and 3% of closing costs Seller: 219K and 5500 in closing costs Buyer: 204K and 5500 in closing costs Seller: 218K and 6490 in closing costs Buyer: 207K and 8000 in closing costs Seller: waiting for response Now I'm just speculating here but the computer keeps coming down $1000.00 but way up on closing costs. I understand about buy down and when it is and isn't beneficial and since the computer has been so generous with closing costs, we decided to ask for me to buy down the interest rate in case we can't get them below 210K which is where we would like to be. How many offers are routine when it comes to these realestate transactions? Also, why do you think they'd be so willing to go up on closing costs but not want to come down on the listing price? The listing agent said they would not be willing to just take the last 6490 they offered off the listing price (and us pay the closing costs). They'd rather do it this way...I am speculating as to why... Message Edited by soliloquy on 03-08-2010 04:34 PM
Categories: mortgage Tags: closing-costs, even-the-fence, floors-on-first, house, listed-at-220k, listing, master-planned, message-edited, take-the-last, the-listing, very-interested
Question about filing for the $8000 tax credit
Hello everyone, Thanks to this wonderful site we closed and moved into our first home last week.:-) My question now is this: We closed 02-17-10 on our house. Can we do our 2009 taxes now AND file for the $8000 tax credit at the same time? Or since we closed this year in 2010, do we have to wait until next tax season to file for the tax credit? If we could it with our 2009 taxes, that would be awesome. Anyone know for sure how it works? -Mariachidude
Categories: mortgage Tags: 2009-taxes, closed-02-17-10, home-last, house, our-first, question-now, taxes-now, wonderful, year
Buyer is walking 1 week before closing – :-( Options?
Thought we were actually going to make it. A week ago friday I found out that due to the verbage on the appraisal ("working farm") the USDA loan program wasn't going to work out for us to purchase our farm. Scramble time!! Friday early afternoon I got a call and thought I had our problems solved as the current mortgage WAS assumable! SQUEE!! then the other shoe dropped. Saturday evening as we were getting ready to go see Wicked (HIGHLY recommend, btw!), my agent calls me with bad news. At a week from the contract closing date, our buyer has decided she found a FSBO she likes better and is planning to walk away from our sale. I can't buy the farm without selling my house first (both mortgages = too high DTI). I'm utterly devestated because this is my dream farm we're talking about and now I may lose it if I can't find another buyer quick enough. House has been on the market since mid September, we've had exactly *1* showing which was this "buyer". That was in early november. We had to wait while she worked on her credit - house remained on teh market. Listing was marked as "sale pending" around Jan 20th when the actual contracts were signed. We were still waiting for her credit to clear up and thus didn't schedule inspections until into february. They (loan officers) were working hard with her to clear up her credit -- it wasn't a matter of IF she qualified but a matter of WHEN. When a medical collection popped up on the radar at the pull on February 1st, there were more delays as she quickly paid off more CCs and they waited for the credit bureaus to respond so they could do another pull. Closing would have to be pushed back but we hadn't officially changed it yet and were looking at maybe 2 weeks. The contingency on her contract was that she must qualify for financing. Technically, as of this weekend, she hadn't... because they hadn't gotten the paperwork back from the bureau so they could DO another pull. I'm not a lawyer but I'm thinking that doesn't count. Loan officer was sure she'd get the loan. In addition to be heartbroken over the possibility that I've lost this farm, I'm absolutely livid! Yes, I should get her earnest $$ ($500), but I'm consulting a lawyer and have definite plans to sue her for any/all of the following: the cost of the inspection for the farm ($495) - if we end up losing the farm the cost of the appraisal for the farm ($372) - if we end up losing the farm the cost of the storage unit I had to secure because when we moved the closing date to Feb 26th, she changed her mind from 1 week occupancy to at closing and I agreed meaning I'd be homeless for a week ($320) the difference in sales price when I finally do sell it the cost of mortgage payments between now and when it does sell and although it's probably a pipe dream, I'd love to make her pay for what I'm losing since I took money out of my 401K (on a loan) to pay for ALL closing costs for this transaction. Yes, it was my decision (therefore the idea it might be a pipe dream to go after her for it) but I bent over backwards to accommodate her and this thougth is the result of feeling taken advantage of and flat out screwed by this girl. I can hold a grudge - my best friend nicknamed me "Pitbull" several years ago. I hate feeling this way and I do hate resorting to a lawsuit, but again... feeling used, screwed, taken advantage of, angry, frustrated, depressed and again heartbroken that this may cost me this farm. Thanks for listening. Anyone looking for a cute, reasonably priced, well maintained 2 bedroom house outside Dayton, Ohio? Message Edited by tleventer on 02-22-2010 05:54 AM
Categories: mortgage Tags: agent, appraisal, closing, contract, farm, from-the-bureau, house, losing-the-farm, message-edited, mind, possibility, pull, storage
Can we realistically make this work?
We've been dreaming of buying forever, but the bad past history combined with high debt has always made it hard. We've tried before and been burned - when our DTI was at it's worst, I might add. We've been renting the house we live in for 1 year. We signed a 2.5 year lease with plans to finally buy at the end. The landlord is being foreclosed on. I am sick and tired of moving and the thought of this (renting a foreclosed property) happening again is debilitating. We haven't been able to find a new property to lease, so we're planning on riding out the foreclosure tide until the new owner tells us we need to leave, or the bank offers us cash to leave. Property values around us are at their absolute lowest point so it would be a great moment to buy if we could only get approved. I'm in the middle of a DMP. My credit counselor says it would be possible to be approved by a lender. My CRs show a several 30s and 60s in the last year - before the DMP started. We could have between 3% and 5% downpayment readily available. I have no collections, no judgements, no liens. I make around $55K a year plus $5K in my freelance business. With the DMP, my DTI is a lot better now than it was before -- Used to be around 65%, now hovers on or around 39%. If I work agressively on the DTI to get it down to 35-30%, am I a good candidate?
Categories: mortgage Tags: absolute, been-dreaming, before-the-dmp, buying-forever, foreclosure, freelance, house, the-foreclosure, their-absolute, until-the-new
Anyone have current experience getting a mortgage after BK? (2009-2010)
Hi All, I was wondering if anyone had any current experience getting a mortgage with a BK on their record. Lending is so tight nowadays that its hard to compare the situation 3 years ago to today's lending environment. I had a BK discharged in March 2009 (divorce) and am studiously saving for a down payment so I can buy a home while the house prices are down. Have any of you had any trouble lately getting approved for a mortgage because of your BK or were you approved? My experian credit score is 644. Thanks for sharing your experiences and advice!
Categories: mortgage Tags: down-payment, experian-credit, experiences, home-while, house, lately-getting, lending, mortgage, Record, situation, tight-nowadays
Reduced Income is leading to Mortgage Problems
Hi out there. I'm facing an overwhelming situation and have been trying to work it out on my own but I discovered this great site and am hoping to get some advice/input/info etc about what options to take. Here's my situation: Live in Virginia and while I was younger (5 years ago) I got way in over my head with credit card debt. So to start fresh I filed a Ch. 7 bankruptcy and began to steadily work hard to rebuild my credit. Then about 2 years ago, when I was making very good money and had improved my FICO as much as I could with a Ch 7 I was able to buy my house. Things were going great, paid all my creditors on time, always paid more than owed etc. Then I lost my job with no warning in Sept 2008 and was unemployed for 5 months. I ate up all my savings trying to keep up with my mortgage payment (which when I bought the house was less than a third of my monthly income) but in January 2009 I fell behind. My mortgage company at that time stated they didn't participate in any "modification" options but did work out a forbearance with me. I have since found a job thankfully but my income has been slashed over 50% compared to what I had. Plus the "forbearance" to pay off the past due amount has increased my mortgage payment and said payment is 68% of my monthly income. I've tried everything I can to increase my income/reduce debt (2nd job, slicing all services to bare minimum etc) but I'm obviously still struggling. And since I fell behind on all my debt due to my unemployment my FICO has plummeted to 513(mid score), so all other financing options are a lost cause due to the credit crunch as well as the reality any financing I get will end up costing me more in the long run than my current situation. I've contacted my mortgage company to see if they would do an extension of the loan (40 years) to lower the payments but have to receive any type of response. So where I need the community...What options make sense?? Is Ch 13 an option since I filed Ch 7 just 5 years ago and if so would it really renegotiate my mortgage payments?? And since my score is already so low would it really affect it much more?? Is there anyway to force my mortgage company to modify my loan if they're not one of the banks mandated to do so?? Should I just walk away since it's been a year and I can't get my income up where it needs to be?? And if I walk away, what's the best way to do so?? Short sale (in this market?), deed in lieu or foreclosure (again with the same question about how it would affect my already nasty score). Can I still be held responsible for the mortgage if in forecloses in VA? If I do short sale/deed in lieu/foreclosure, how long do they usually take and do I have to keep up with the mortgage payments during any of those process's until i vacate the premise?? Update: Spoke to Mortgage lender who stated they can not modify my loan at all due to it being deliquent and therefore exceeds the orginal purchase cost(???). My roommate has a family illness and may have to move out therefore reducing my income even more. I know that I gave A LOT of information and asked A LOT of questions, but I'm lost and struggling with my decision so any help/info is so greatly appreciated. It's amazing how quickly life can turn around on you and while I know I'm not alone out there, it sure does feel like it sometimes. So thanks to all who respond to this.
Categories: mortgage Tags: affect-it-much, credit, credit-card, fico, house, income, loan, mortgage, virginia
What’s the difference in a real estate consultant and a buyer’s agent?
We have just started the process of buying our first home. We were introduced by friends to both a real estate consultant and a buyer's agent. Does it make a difference which one we choose to work with? I have looked online and can't find any information on the differences, but it seems as though using the consultant, she will be paid for by us and not the seller of the house, is this true?
Categories: mortgage Tags: consultant, house, seems-as-though, seller, the-consultant, the-differences, the-seller, true
Divorce and Short Sale Questions
I am currently going through a collaborative divorce and need to understand my options regarding a short sale. My spouse's name is on the 1st mortgage alone and I am on the 2nd alone. We are both on the deed, but did the mortgages this way to free up credit if we wanted to buy investment properties. Now we are getting divorced and owe probably around 45% more than the home is currently worth, so we are looking at our options. We live in FL if it makes any difference. I have around a 750 credit score and hers is around 800 I am guessing, and I want us to pursue the way which will least impact our credit both in short term and the long run, as I have an executive level job and credit is an important requirement in my field. A real estate company owner suggested we do a short sale, stating that our divorce is enough to qualify us for a hardship approval. Here's the catch.....between us we have enough money to pay off the 2nd mortgage, but it will take a significant hit to our savings. But, given that we are getting divorced we are splitting that account up, and frankly both need the money to secure a new home after divorce. Additionally, if we do a short sale, is there a way the 1st lender would consider a payment of say 80-90% so the 2nd lienholder would be more likely to approve and any hits to our credit could be spread out evenly vs me taking the brunt if lienholder 1 says they want the entire 100% of the 1st balance? If we short sale the house, can we get approval through the divorce alone as the hardship to where they will not pursue our savings account funds? And if approved, given that we have never and will never be a day late on the payment, can our credit be spared without a major hit? This is important to me because I need the mortgage interest deduction given my income and would want to immediately buy again, something I heard I could do if we have 0 mortgage lates prior to completion of the short sale. Lots of complex issues here, but I would appreciate any feedback I can get.
Categories: mortgage Tags: credit, divorce, executive-level, house, income, money, mortgage, need-the-money, payment, pursue-the-way, real-estate, sale-the-house, savings, want-the-entire
Feedback needed on getting a foreclosed home.
1st post so hello everyone. Heres my situation. I'm looking to buy a foreclosed home which has more space for my family. The house is priced at $215,000. Its tax value is much higher (don't know if that matters when trying to get a loan). My fiance and I are recovering from loosing our jobs back in 2001. We also had to let some things go in order to go to school. We have both been RN's and at our current job for going on 5 yrs. I have most of out loans in my name and she only has a Sams and Sears card on hers (trying to build her credit) both cards have less than $600 combined on them. Hers our breakdown: Me- FICO score 670 Income- $45,000 Double wide payment $490 Car #1 payment $600 Car #2 payment $290 Sams Card $70 on it. Her- FICO Score 650 Income- $45,000 Sams Card $250 on it Sears Card $300 on it. D/I gets me but she has nothing really on her since everything is in my name. How should we go about getting a loan since we arent married yet? Who should be the primary mortgage seeker? If it can be her we could get the $8000 tax credit couldnt we, since she would be a 1st time home owner? We can put about $10,000 down. The house we are looking at is listed with Homesteps and they have a Smartbuy coupon but it says it expired January 31st...anyone know if the coupon is still good? On Listingbook they said this: "Seller may pay up to 3% closing cost on offer accepted by 4/30/10, escrow closed by 6/30/10, but coupon MUST be submitted with origianl offer. Go to www.HomeSteps.com for istructions and coupon under SmartBuy purchase promotion." Oh on her FICO score it shows that in the 1 month predict FICO score if nothing changes option that her score would be $670-706. Is that thing accurate on predicting future FICO scores? If her score jumps that much then she would be the better option. Is it better to try and get an FHA loan? Any advantage to the house being listed with Homesteps? Message Edited by wanderlaisilva on 02-11-2010 06:48 PM
Categories: mortgage Tags: breakdown, cost-on-offer, family, house, message-edited, mortgage, nothing-changes, says-it-expired, situation