There is quite a bit more to the guidelines than just the 10 day policy. Since the guidelines don't kick in until April 5th you will not be able to hold the banks to them on the deal you are already involved with. That article is excellent, hope it helps you get a good understanding of the improvements to come.
For an excellent explaination of the Short Sale Process and Why things take so long you can read this article:http://www.thechicago77.com/2010/02/the-short-sale-process-part-1-how-to-hit-a-bulls-eye-while-blind-folded/It's called "The Short Sale Process - How To Hit a Bull's Eye While Blind Folded" and has been getting a lot of buzz for it's in depth explanation. Hope you find it helpful.
You're only upside down now if you are trying to sell now. Also, no one mentioned loan modification - check with your bank first about this, you may qualify. Loan Modifications should be your first step before any of the other options mentioned (except do nothing). Good Luck!
This should cost you from 500-1000 and will be worth every penny. Asthe purchase of distressed properties in foreclosure or short sale havemany financial pitfalls make sure this attorney has experience inforeclosure deals. If so, they will be worth their weight in gold.
There is an excellent article explaining the steps and time frames of ashort sale in great detail. You can find it here: http://www.thechicago77.com/2010/02/the-short-sale-process-part-1-how-to-hit-a-bulls-eye-while-blind-folded/Good luck!
First of all stop listening to "everyone" and their misguided opinion.If you want definitive answers talk to someone who knows; a mortgagebroker or a bank. Typically banks have tighter restrictions and if yougo to a mortgage broker they will be able to shop around to get you abetter rate. Call them, have a five minute conversation with them andthey will be able to tell you if you can buy and how much you qualify tobuy. Age has NOTHING to do with it as long as you are not a minor.
First of all your house is only worth half what you owe if you try tosell. If you hold on to it and wait for the market to rebound propertyvalues will rise up again. To answer your question, if you walk awayfrom your loan this will ruin you chances of buying a house again formany years to come. There are several other options: A loanmodification; if you qualify this will allow you to re-negotiate yourloan with the bank to lower your payment significantly to help you stayin your home, Deed in Liu of Foreclosure; where your bank agrees to take the deed to your house and let you walk away from the loan and a Short Sale; sounds like you would not qualify for given that you are able to make your payments every month. It is no secret that real estate is aLONG TERM investment. If you jump ship now you are making one of the most common mistakes of any novice investor. Buying high and selling low is a sure way to steer yourself toward financial ruin. Keep making your payments and keep your home. Values will go up again in the years to come you just have to weather the storm. Contact your bank and tell them your concerns, you may qualify for a Loan Modification.
The answer is "no" you would not qualify unless you closed on the saleof this property by June 30th (and a bunch of other qualifications thatdon't matter if you're not closing by June 30th). It's odd that yourRealtor did not know the answer to this question.
Market time does not affect appraised value but it does affect perceivedvalue in the eyes of potential buyers. Higher market time equals lowerperceived value in many cases.
Yes there is something that you can do, move on and be glad you only lost $250! In this market people are losing their homes, you should consider yourself lucky that you are in a position where you can eat the $250 without a huge impact to your lifestyle such as losing your home. From a legal stand point, the appraiser provided a service and got paid for it. Whether or not you like his dollar amount doesn't effect the fact that he performed a service you hired him for. The good news is, if you go with a different underwriter (your buyer's that is) they will order a new appraisal and if it really was a bogus appraisal the first time, the new appraiser will come back with a better number.Good luck.