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Jeff Brinker

XYZ Brokerage

Email: jeff@xyzbrokerage.com

Phone: (206) 555-1234

Website: www.xyzbrokerage.com

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5014 Marne Drive/Status- I've lost my home. Have nothing to refi. Can you help me?

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ladylee62

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Can you help me purchase a home to utilize the 1st time home buyer credit now available through the stimulus plan under our new president? Or Do you have any advice to pursue?  Right now, my former home is vacant and an "investor" can't sell or rent the property.  What help is there for me?
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March 12 - Saint Louis
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Stephanie Grossman, "stephhug"

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What do you mean you've lost your home? Were you foreclosed on or were your thrown out of the property you were renting? If you are a first time buyer, or haven't owned a home in the past 3 years, I can definitely help you find a home and get you the $8000 credit....assuming you are qualified for a mortgage. 
When you get some time, give me a call and we'll discuss your options.
I look forward to hearing from you.

Stephanie Grossman
Coldwell Banker Gundaker
314-313-5403
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March 12
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sunnyview

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I believe that if you have not owned a home for the last three years, you make less than 75,000 a year (or 150K if you are married) and you buy before Dec 1, 2009, you would be eligible for the home buyers credit of $8000 or 10% of the purchase price of the home. The specific criteria from the IRS is here. Based on what you have posted, I would think that you would be eligible.
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March 15
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ladylee62

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I was subjected to "predatory lending" when I refinaced my home in 2002 which entailed unaffordable mortage payments and high interest rates. An investor offered a short sale on my property to prevent foreclosure, allowed me to remain on my property under "lease purchase" agreement. Was approved for a loan to purchase property with 85% Ltv but needed to carry back a 2nd which was denied by the investor. I voluntarily left property in 2004 when I could no longer continue struggling with the unaffordable mortgage and lived temporarily paying rent at a senior citizen community which will provide credit reference. Entire story was televised on Channel 2 news for Action with news anchor "Margie Ellisfor".  I'm currently trying to rent and/or 2/yr.lease purchase to allow time to reestablish creditability.  Can explain more details by contacting me to provide my home phone when necessary. Was wondering if I qualified for 1st time home buyer under the $8,000 credit offer through our current president's stimulus plan since I have not owned a home from 2004 til now 2009 and ongoing?

Thanks for responding to my 1st question through Zillow.com.
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March 15
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sunnyview

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I don't that you would qualify for the first time buyer credit at all because you have owned a home in the last 3 years. Refi/loan modification is off the table because the house has gone back to the investor. I do not think that you would be able to qualify for a loan now if you have lost a house recently. I think it will take about 3 years minimum to rehab your credit and you must have a minimum down payment to purchase of at least 3.5% with any lender at this point. If you lost your home, now it not the time to buy credit or not credit. My suggestion is figure out what went wrong with losing your first house, rehab your credit, save for a down payment and don't buy until things are more stable for you and the market.
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March 13
 

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