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None None's Advice

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  • 76 Contributions
  • 3 Best Answers
  • 14 Helpful

None None wrote:

What should I do with my home?

Answer
The association can fine for violating the bylaws. Then if you don't resolve the issue and they want to play hardball after you haven't complied with thier demands and paid thier fines, they can seek to foreclose on the unit.I would recommend speaking with a real estate attorney as if you do a lease with an option to buy , you will need an attorney to draw up the contract.  The problem that I see with the lease with an option to buy is that lets say you find a buyer, they are going to want to pay todays market prices for the home.  You say todays market prices are about 85K and you owe 120K. So if you sign up a lease with an option to buy for 85K and they rent from you for two years and now they want to exercise the option to buyfor 85K and you still owe 110 to 120K on you will need to come up with the difference at closing
July 27 2011
(0)

how long does it take for your mortgage score to go up

Answer
Deby,Most loan originators can offer you some advice on how to tweak your credit scores, by paying some bills down or paying them off. If you visist my website and go to my recommended professionals- I have a credit repair company on thier, contact them they will look at your credit and can put you on a plan and follow up with you to get your credit socres increased. They do charge a feefor thier services.  YOu can try to clean your credit on your own but you will have much greater success when using a company that specializes in this on a daily basis.
July 27 2011
(0)

What should I do with my home?

Answer
I would contact other homeonwers in your subdivision and find out what they think about the NO RENTING in your bylaws. IF you can gain enough support you can go before your board and look to amend the bylaws of your association. IF you can get them amended them you can rent the property out.  As another poster said the banks aren't just going to grant you a short sale when the only hardship that you have is that the value of your home has decrreased.  When speaking with the board of your association , I would mention that thier strategy of no renters has helped your home values decrease as it has eliminated a strategy for homeowners that are underwater and can't sell. They have left homeowners with the follwoing options Short Sale and Foreclosure.  If people in your sbudivision had the option of renting your units you would maybe have a few less short sales and foreclosures which would help eliminate the errosion of your home values.
July 27 2011
(0)

Can I get a first position Home Equity loan on a house that has been partially renovated?

Answer
You need to get a Hard Money loan. Thier are several Hard Money lenders in Chicago.
July 18 2011
(0)

question about a 4056 t audit

Answer
DWD69,This will be a problem, however I just closed a purchase last week and my buyer hadn't filed his taxes for 2009 or 2010 yet. I made him go down to the IRS office in Lombard the week before and file his taxes in person and get the returns stamped by the IRS office.  Crazy thing is that the IRS owed him money for both years.
June 13 2011
(0)

Do I have to hire a real estate attorney in order to purchase a home in Illinois?

Answer
Not required, but highly advised.  If you need the name of a good attorney let me know I can send you a few names and contact info
June 12 2011
(0)

Advice on buying a co-op

Answer
Agree with Phillip,I used to have a program to finance co-ops. but the program turned out to be a white elephant. Youl could never find comparable sales for your appraisal. You will end up spending alot of time to not get approved for financing.
June 12 2011
(0)

Would to like to refinance with an FHA Streamline loan.

Answer
Rate should be between 4.25 and 4.375. You will need to bring some cash to closing to set up a new escrow account, but keep in mind that you will receive a refund from your existing account with within 30 days. You will also get to skip a payment.  The FHA streamline is a great product due to the lack of appraisal feature.
June 11 2011
(0)

Va Loan almost complete but have a question about underwriting?

Answer
It all depends on the Lender are you working with a Broker or a Banker/Direct Lender or one of the Big Banks? The loan officer that you are working with should be able to provide you with a status on what is needed from the underwriter.
June 11 2011
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What will my ARM adjust to?

Answer
@ Andrew sorry to have upset you. I was busy locking loans and getting loans approved outside of this website so I may have over looked a couple of the previous postings.
May 04 2011
(0)