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Answers (8)
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
WOW.
I would suggest going to a different financial institution then the one you decided to default on.
Of course you can buy, you sound like a perfectly honest and upstanding candidate for a financial institution to lend money to. </SARCASM>
Also, you say:
"We were thinking of having relatives co-sign,"
What a nice person you are to involve your relatives in your problems, you have already proven that if things don't go your way, you will burn anyone without a second thought to obtain the best outcome for yourself. I sure hope you inform your relatives that you will default if your value drops. They would have to be the stupidest people on earth to enter into a transaction of any kind with you.
Also, you say:
"We were thinking of having relatives co-sign,"
What a nice person you are to involve your relatives in your problems, you have already proven that if things don't go your way, you will burn anyone without a second thought to obtain the best outcome for yourself. I sure hope you inform your relatives that you will default if your value drops. They would have to be the stupidest people on earth to enter into a transaction of any kind with you.
- Tara Talbot, "Tara Talbot"
- Contributions:147
You won't be able to do any traditional financing. Your wife's credit is good and her downpayment would be good. Does she make enough to qualify on her own?
The seller may be able to take a mortgage, however, the terms won't be as good as a traditinal loan. If you plan to pay it off quickly, this may be a good possibility.
- Roswell Moore, C.M.P.S., "Mortgage.Coach"
- Contributions:104
Hi Mr Winston,
You may be able to have a relative co-sign with your wife on a conventional loan, however, you will not be able to be any part of the loan for it to be approved.
From what you have described here in your scenario, in my opinion, you may be making a HUGE strategic error in how you are proceeding. Given your time lines, there may be a better plan for you to go about this that will minimize the long lasting effects of your current decision.
Please feel free to contact me for more details.
All the best,
From what you have described here in your scenario, in my opinion, you may be making a HUGE strategic error in how you are proceeding. Given your time lines, there may be a better plan for you to go about this that will minimize the long lasting effects of your current decision.
Please feel free to contact me for more details.
All the best,
Ros
Roswell Moore, CMPS
Certified Mortgage Planner
imortgage
- Randy Hooker, "GoingForIt"
- Contributions:395
You won't be able to obtain a traditional (HUD, Fannie, Freddie, etc.) loan.
If your wife has good credit and income, then why not consider her financing a home in her name alone?
I'm not a big fan of seller carry-backs or lease-to-own deals. There are way too many contractual land mines and pitfalls. So if you decide to pursue one of them, seek competent representation in a Buyer's Agent as well as an attorney.
If your wife has good credit and income, then why not consider her financing a home in her name alone?
I'm not a big fan of seller carry-backs or lease-to-own deals. There are way too many contractual land mines and pitfalls. So if you decide to pursue one of them, seek competent representation in a Buyer's Agent as well as an attorney.
- Jeff Masich, "Arizona Homes Land"
- Contributions:508
Dear HW:
With your current mortgage in default, no conventional lenders will lend to you.
Your family members may be to buy a home with an investor mortgage and you could later buy from them. Or rent with an option to buy from them.
Separately, as mentioned, you could get a "seller carry" mortgage and buy a home. With a decent down payment you will find a place. Your Realtor can give you a list of homes listed with "Seller May Carry" terms available.
May I wish you the best.
Jeff Masich
Arizona Homes and Land
HomeSmart
Scottsdale
With your current mortgage in default, no conventional lenders will lend to you.
Your family members may be to buy a home with an investor mortgage and you could later buy from them. Or rent with an option to buy from them.
Separately, as mentioned, you could get a "seller carry" mortgage and buy a home. With a decent down payment you will find a place. Your Realtor can give you a list of homes listed with "Seller May Carry" terms available.
May I wish you the best.
Jeff Masich
Arizona Homes and Land
HomeSmart
Scottsdale
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
You won't be able to do a traditional financing, but it may be possible to do so with Seller financing (somebody to carry the note). It may be possible with your situation, as you mention that you plan to pay it off in 5 years. You can have it structured similarly like a 30 year mortgage (loan amortized over 30 years), but have a balloon payment in 5 years. Or do something, like a Lease Option to Buy. Best of luck.
- Daniel Reynolds, "Broker Executives"
- Contributions:355
Yes, but only a seller carryback. 100k down is plenty. We find buyers homes all day long with that amount down. No need for a co-signer.Call or email with questions.
High Income / Currently in Default - Can I get get another mortgage?
Its a good time to buy now, but I don't have enough cash to buy outright and won't for another 24 months. So, was hoping to buy a home at $350K-$450K, put $100K down and get it paid off over 5 years.
We were thinking of having relatives co-sign, but their income is fairly low.
Need some expert advice and any suggestions.
Thx,
HW
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