Zillow Advice RSS: Question-Discussion-Guide,Home Selling,CA http://www.zillow.com/advice/CA/home-selling/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate How long will it take for defaulted borrower to be able to buy a home now? http://www.zillow.com/advice-thread/How-long-will-it-take-for-defaulted-borrower-to-be-able-to-buy-a-home-now/512160/ <p class="MsoNormal">In order to obtain a loan you would need to have no mortgage lates in the past 12 months. If you are refinancing an existing FHA loan you are allowed a 30-day late mortgage in the past 12 months as long is not within the past 6 months.</p><p class="MsoNormal">With BK, there needs to be a 3 years period form the discharged date on FHA loan and 4 years for conventional.&nbsp;</p><!--EndFragment--><br \><br \>0 replies Fri, 20 Sep 2013 16:54:00 GMT http://www.zillow.com/advice-thread/How-long-will-it-take-for-defaulted-borrower-to-be-able-to-buy-a-home-now/512160/ 2013-09-20T16:54:00Z Solving Your Fresno Mortgage Crisis Just Got Easier http://www.zillow.com/advice-thread/Solving-Your-Fresno-Mortgage-Crisis-Just-Got-Easier/467558/ <div>5 Steps for a Successful Fresno Short Sale<br/><br/><div><br/><div>First, do you qualify?<div><br/>You must:<div>1. Have a verifiable hardship, like unemployment, medical bills, or relocation<div>2. Must have a monthly income shortfall<div><br/>If you meet these qualifications, follow these five steps to a successful short sale:<div>1. Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale.<div>2. Gather financial information (i.e., bank statements, pay stubs) from at least the last three months.<div>3. Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford.<div>4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency.<div>5. Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved.<div><br/>Jeremy Smiley, Realtor<div>Short Sale Specialist<div>[Promotion and hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]<br/></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div><br \><br \>0 replies Tue, 06 Nov 2012 22:23:00 GMT http://www.zillow.com/advice-thread/Solving-Your-Fresno-Mortgage-Crisis-Just-Got-Easier/467558/ 2012-11-06T22:23:00Z Is it legal in Calif if a home is in short sell that the owners are still renting out the property http://www.zillow.com/advice-thread/Is-it-legal-in-Calif-if-a-home-is-in-short-sell-that-the-owners-are-still-renting-out-the-property/405270/ Is it legal to rent out a home that is in SHORT SALE?&nbsp; If not, how do I find out who holds the mortgage on that property?&nbsp; I have craigslist people living next to me in a short sale house that party everyday!<br \><br \>9 replies Mon, 27 Jun 2011 21:35:00 GMT http://www.zillow.com/advice-thread/Is-it-legal-in-Calif-if-a-home-is-in-short-sell-that-the-owners-are-still-renting-out-the-property/405270/ 2011-06-27T21:35:00Z Should I still do a short sale even though I filed bankruptcy in april? http://www.zillow.com/advice-thread/Should-I-still-do-a-short-sale-even-though-I-filed-bankruptcy-in-april/470641/ I filed bankruptcy in april and i received&nbsp;an auction sale date notice for my home.&nbsp; Should I still do a short sale and what are the benefits of doing it rather than foreclosing on the home? Since i filed bankruptcy then the mortgage should be wiped out right?<br \><br \>5 replies Fri, 07 Dec 2012 02:14:00 GMT http://www.zillow.com/advice-thread/Should-I-still-do-a-short-sale-even-though-I-filed-bankruptcy-in-april/470641/ 2012-12-07T02:14:00Z FHA Mortgage Cluster http://www.zillow.com/advice-thread/FHA-Mortgage-Cluster/479870/ I&nbsp;have a uniquie situation and instead of starting a new thread I guess Ill post here. Ill try and shorten this as there is a lot of detail.<br/><br/>Grandfather owned home in the Bay Area, CA that he bought in 1977.<br/>Grandfather added a second floor addition and expanded the kitchen in 1985.<br/>Grandfather died in 2009 and left home to our family.<br/>Come 2013 we are deciding to sell.<br/>We recieve and offer on the home. Buyer will be using an FHA mortgage.<br/><br/>Here is the issue:<br/><br/>FHA lender is getting concerned because the city cannot locate the actual copies of the permits that were issued in 1985 to remodel the home. We have copies from the city building department&nbsp;which show plans that were submitted to the city for approval. These include drawings and other structural diagrams.<br/><br/>The city assesors office also has copies of an inspection that was completed after the home was remodeled. It grades the work and then issues some new dimesions for square footage. The house is also classified as a duplex after the inspection. In addition to the inspection report, there is a sheet of paper that lists off the work done and the permit numbers.<br/><br/>The problem is the the copies of the exact permits, even through we have the numbers, cannot be located. The city states that they have been lost. The lender is concerned that the work was not permitted even though we have a large amount of evidence that shows it was, including the fact that the city reassessed the homes square footage and classified it a duplex.<br/><br/>Question:<br/><br/>Is this typical of FHA loans nowadays to pick everything apart? Will another lender be more flexible in this regard? Are FHA regulations really that strict that common sense cannot be used?<br/><br \><br \>2 replies Sat, 23 Feb 2013 06:26:00 GMT http://www.zillow.com/advice-thread/FHA-Mortgage-Cluster/479870/ 2013-02-23T06:26:00Z We owe $464k and Zillow has our house zestimated at $462k. http://www.zillow.com/advice-thread/We-owe-464k-and-Zillow-has-our-house-zestimated-at-462k/399128/ <p>Sorry to hear you guys are going through a hard time. It doesn't cost anything to do a short sale. You have several options such as a loan modification, short refi, a deed in lieu or a foreclosure.&nbsp; It is best to contact your Tax advisor and an attorney so they can suggest which option is better for you.&nbsp; You can go to the <a href="http://www.makinghomeaffordable.gov" rel="nofollow">www.makinghomeaffordable.gov</a> website to review all of these options.&nbsp; As far as a short sale affecting your credit, it will depend on how many months you are behind on your mortgage.&nbsp; Some clients of mine, aren't behind at all when they do a short sale and they are the one's who have rebuilt their credit the fastest.&nbsp; There is also a new law that passed this year that says once a 1st lender approves a short sale then they will have&nbsp;no recourse to collect on the remaining debt. Although it is a different story if you have a 2nd loan on your home.&nbsp; Every situation is unique so it's hard to tell you exactly what to expect but feel free to contact me with any other questions.&nbsp;&nbsp;</p><br \><br \>0 replies Mon, 16 May 2011 05:23:00 GMT http://www.zillow.com/advice-thread/We-owe-464k-and-Zillow-has-our-house-zestimated-at-462k/399128/ 2011-05-16T05:23:00Z A dignified Alternative to Foreclosure http://www.zillow.com/advice-thread/A-dignified-Alternative-to-Foreclosure/366830/ When a mortgage becomes unaffordable, avoiding foreclosure becomes a primary goal.&nbsp; It is unique situation that adjusts priorities and changes perspectives.&nbsp; For the millions of homeowners unable to make their mortgage payments today, there are alternatives to foreclosure that can lead to an entirely different, more positive financial outcome.<br/><br/>One of the leading solutions to foreclosure today is a short sale.&nbsp; In a short sale, the lender agrees to accept the sale amount, even if it is less than what is owed on the mortgage.<br/><br/>Distressed homeowners want to get their lives back to normal as quickly as possible, and part of the normalcy is the ability to own a home again.&nbsp; Here, a short sale can help.<br/><br/>A short sale offers more than the opportunity to strengthen your future financial stability.&nbsp; It offers peace of mind.<br/><br/>To learn more about a short sale or other foreclosure alternatives, contact a licensed real estate agent who specializes in&nbsp;distressed properties, such as short sale.&nbsp; Many offer free consultation.<br \><br \>20 replies Sat, 18 Sep 2010 17:56:00 GMT http://www.zillow.com/advice-thread/A-dignified-Alternative-to-Foreclosure/366830/ 2010-09-18T17:56:00Z Facing Distress? http://www.zillow.com/advice-thread/Facing-Distress/442965/ BANK OF AMERICA HAS ANNOUNCED AN INCENTIVE FOR HOMEOWNERS WHO FACE FORECLOSURE AND NEED TO SELL THEIR HOMES. &nbsp;[promotion deleted by Zillow moderator]<br/><br/>THIS IS A LIMITED TIME OFFER AND IS AVAILABLE TO HOMEOWNERS WHO CANNOT STAY IN THEIR HOMES AND REQUIRE TO SELL. &nbsp;YOUR MORTGAGE WILL BE COMPLETED SETTLED.<br/><br/>[Promotion deleted by Zillow moderator.&nbsp; Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>.]<br \><br \>0 replies Wed, 16 May 2012 04:25:00 GMT http://www.zillow.com/advice-thread/Facing-Distress/442965/ 2012-05-16T04:25:00Z what is the value of my home. http://www.zillow.com/advice-thread/what-is-the-value-of-my-home/578310/ For accurate information, you should speak to a Realtor. He/she has access to homes that have recently sold that are comparable to yours. &nbsp;Depending on why you would like or need to know the value of your home, you can also contact a licensed Appraiser. &nbsp;They do charge a fee.<br/>A home is worth what a qualified home buyer is willing to pay for it. &nbsp;If a mortgage is being obtained by the buyer, the home has to sell to the bank as well.<br \><br \>0 replies Wed, 11 Mar 2015 12:09:00 GMT http://www.zillow.com/advice-thread/what-is-the-value-of-my-home/578310/ 2015-03-11T12:09:00Z our home is only worth 160,000, we got caught in the recession, what would happen if we forclosed? http://www.zillow.com/advice-thread/our-home-is-only-worth-160-000-we-got-caught-in-the-recession-what-would-happen-if-we-forclosed/281477/ Well if you haven't already contacted the lender being two months behind on your mortgage they will soon be contacting you.<br/><br/>Talk to your lender and tell them you can no longer afford your home, and you would like to do a short sale. You may need to show financial hardship before the lender will agree to take the loss.<br/><br/>If the lender refuses to do a short sale, let them foreclose on the home. California foreclosure laws are very lenient when compared to other states. They will allow you to stay in the home longer than the laws of other states. Here is a link that explains California redemption laws (the period after the sheriffs sale).<br/><br/><a rel="nofollow" href="http://www.foreclosure.com/statelaw_CA.html">http://www.foreclosure.com/statelaw_CA.html</a><br/><br/>In the long run, don't expect to be able to buy a home for at least two years. But you will need that time to build up cash reserves to buy anyways, so it's a moot point. Count on renting. <br/><br/>Here's a list of HUD approved counselors in CA that can help explain the process to you.<br/><br/><a rel="nofollow" href="http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&amp;searchstate=CA">http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&amp;searchstate=CA</a><br \><br \>0 replies Wed, 23 Sep 2009 15:49:00 GMT http://www.zillow.com/advice-thread/our-home-is-only-worth-160-000-we-got-caught-in-the-recession-what-would-happen-if-we-forclosed/281477/ 2009-09-23T15:49:00Z Is Tour Mortgage Dragging You Down? http://www.zillow.com/advice-thread/Is-Tour-Mortgage-Dragging-You-Down/442201/ <br/>It's tough to watch the news these days.<br/><br/>For millions of homeowners, trying to balance their budgets while maintaining a mortgage that is more than the value of the home itself is becoming nearly impossible.<br/><br/>Add in the threat of scams, con artists and people who are willing to take advantage of vulnerable homeowners and the scale continues to tip the wrong way.<br/><em><br/>[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy]</em><br/><br \><br \>1 reply Wed, 09 May 2012 21:10:00 GMT http://www.zillow.com/advice-thread/Is-Tour-Mortgage-Dragging-You-Down/442201/ 2012-05-09T21:10:00Z Feeling Trapped By Your Mortgage? http://www.zillow.com/advice-thread/Feeling-Trapped-By-Your-Mortgage/442203/ <br/>If you feel like a prisoner to your home because of unaffordable mortgage payments, you should know you are not alone.<br/><br/>Millions of Americans have found themselves in the same situation, and millions more will feel trapped before the mortgage crisis is over.<br/><br/>Fortunately, you have professionals on your side willing to help.<br/><br/>[self promotion deleted by Zillow moderator.&nbsp; Please see our Good Neighbor Policy]<br \><br \>0 replies Wed, 09 May 2012 21:13:00 GMT http://www.zillow.com/advice-thread/Feeling-Trapped-By-Your-Mortgage/442203/ 2012-05-09T21:13:00Z Do the banks prefer short sale or foreclosure? http://www.zillow.com/advice-thread/Do-the-banks-prefer-short-sale-or-foreclosure/343002/ Hello bshunter,<br/><br/>These are excellent points you make regarding short sales vs. foreclosure options in California.&nbsp; Zillow offers links to more information as well.&nbsp; We have posted detailed info on the new HAFA Mortgage Program on our website, where homeowners can Find Foreclosure Help Online. Thanks for the post!<br \><br \>0 replies Mon, 12 Apr 2010 18:01:00 GMT http://www.zillow.com/advice-thread/Do-the-banks-prefer-short-sale-or-foreclosure/343002/ 2010-04-12T18:01:00Z Obamas' blow to the rich :-( No mortgage interest deduction!!! http://www.zillow.com/advice-thread/Obamas%27-blow-to-the-rich-No-mortgage-interest-deduction/204582/ Obamas' final blow to rich in america. you are going to loose mortgage interest deduction so don't earn more. read <a rel="nofollow" href="http://www.calculatedriskblog.com/2009/02/obama-proposes-to-cap-mortgage-interest.html">this</a><br \><br \>192 replies Fri, 27 Feb 2009 14:55:00 GMT http://www.zillow.com/advice-thread/Obamas%27-blow-to-the-rich-No-mortgage-interest-deduction/204582/ 2009-02-27T14:55:00Z On The Edge of Losing Your Home? http://www.zillow.com/advice-thread/On-The-Edge-of-Losing-Your-Home/442205/ Is anyone you know struggling to make mortgage payments? With millions facing foreclosure today, chances are someone you know is in this situation.<br/>[Promotion removed by Zillow moderator]<br/><br \><br \>0 replies Wed, 09 May 2012 21:16:00 GMT http://www.zillow.com/advice-thread/On-The-Edge-of-Losing-Your-Home/442205/ 2012-05-09T21:16:00Z ADVICE ON SELLING PART OF A LOT AS RAW LAND http://www.zillow.com/advice-thread/ADVICE-ON-SELLING-PART-OF-A-LOT-AS-RAW-LAND/377612/ The best answer I can give is this:&nbsp; finish the subdivision. The raw, yet approved to build upon land will have much more value than it does attached as excess land to your parents home lot.&nbsp; As to advice on capital gain and your mortgage obligation, 1. Talk to your accountant about capital gains tax and 2. Talk to your lawyer about reading over your parents mortgages and get his advice. You may find it simpler and possibly required to pay off both loans and get a new one.&nbsp; Interest rates are so low right now, you may actual end up ahead of the game as regards the mortgages.&nbsp; Good luck!<br \><br \>0 replies Mon, 13 Dec 2010 16:30:00 GMT http://www.zillow.com/advice-thread/ADVICE-ON-SELLING-PART-OF-A-LOT-AS-RAW-LAND/377612/ 2010-12-13T16:30:00Z Mortgage Insurance http://www.zillow.com/advice-thread/Mortgage-Insurance/315325/ I think more people will get into the housing market if&nbsp;the <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a> imposed on <a href="http://www.zillow.com/refinance/">refinancing</a> and purchasing is removed, or allow it to be written off. This may have been a good idea during the reckless lending, but now only those with outstanding credit and you have to go through an eye of a needle to get a <a href="http://www.zillow.com/mortgage/">loan</a>. They should remove the MI cause it does not benefit anyone.<br \><br \>5 replies Sat, 16 Jan 2010 05:48:00 GMT http://www.zillow.com/advice-thread/Mortgage-Insurance/315325/ 2010-01-16T05:48:00Z Where is the real estate market headed? http://www.zillow.com/advice-thread/Where-is-the-real-estate-market-headed/430676/ I don't think that people need to look at any market in terms of whether it bottomed. They should be look to their market for value. Some houses may be a a value that is supportable, where others may still be too high based on the local economy/underpinnings.<br/><br/>Some markets peaked early and seem close to bottom prices before the bubble. Others like my area, peaked late and are not at sustainable levels yet. Buyers need to focus on their area and each house individually with an eye on value. You don't have to buy at the lowest low to get a good deal and you have to consider how a mortgage rate increase will affect you buying power and the larger market.<br \><br \>0 replies Wed, 15 Feb 2012 17:20:00 GMT http://www.zillow.com/advice-thread/Where-is-the-real-estate-market-headed/430676/ 2012-02-15T17:20:00Z 1/3 of the public thinks its ok to walk away from Morgages http://www.zillow.com/advice-thread/1-3-of-the-public-thinks-its-ok-to-walk-away-from-Morgages/373003/ My personal belief is that if you are legally bound to pay then you should.&nbsp; However, there is an overwhelming amount of proof that all most all mortgages have evidence of fraud on behalf of the lender and subsequent parties to the note brought on by the lender.&nbsp; In that case, the homeowner has every legal right to walk away.&nbsp; If the homeowner had defrauded the lender that lender would have pressed criminal charges, seized the home and left the homeowner in jail and homeless.&nbsp; The same applies when the shoe is on the other foot.&nbsp; Nearly every single homeowner who purchased a home between 1997 to 2007 and probably currently as well has a legal right to walk away from his mortgage and keep the home as well.<br \><br \>0 replies Thu, 28 Oct 2010 23:45:00 GMT http://www.zillow.com/advice-thread/1-3-of-the-public-thinks-its-ok-to-walk-away-from-Morgages/373003/ 2010-10-28T23:45:00Z wells fargo is now asking for a pre hud form but will not tell me what it is or where to get one? http://www.zillow.com/advice-thread/wells-fargo-is-now-asking-for-a-pre-hud-form-but-will-not-tell-me-what-it-is-or-where-to-get-one/477589/ If this is related to doing a short sale, the lender that holds the mortgage will request a preliminary <a href="http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf" rel="nofollow">HUD-1&nbsp;</a> settlement statement which spells out all the expenses related to selling the home (agent fees, title transfer taxes, title/ attorney fees, liens, HOA fees etc). As the bank is paying most or all of the fees, they want to know the 'bottom line' before approving a short sale.<br/><br/>A title closing company can prepare a HUD-1 statement for you for a fee. You (or your agent / attorney) would then need to send it to Wells Fargo in order to get final approval of your sale.<br \><br \>0 replies Thu, 07 Feb 2013 00:32:00 GMT http://www.zillow.com/advice-thread/wells-fargo-is-now-asking-for-a-pre-hud-form-but-will-not-tell-me-what-it-is-or-where-to-get-one/477589/ 2013-02-07T00:32:00Z