Profile picture for Christine Thompson ABR,SFR

Christine Thompson ABR,SFR

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    Premier Agent

    ABR, Resort Specialist, SFR (15 years experience)

    Specialties:
    Buyer's Agent,
    Listing Agent,
    Foreclosure,
    Short-Sale

    Advice

    • (4 Contributions,
    • 0 Best Answers,
    • 1 Helpful)

    Contributions are sorted newest to oldest.

    Home value 305k, first @5.25% $286k, second @8.5% $52k and is 3 years old.Need lower pmt & % sugges?

    Answer

    Lenders, please step up...  I was really hoping for a good answer here.  Isn't money still tight because of all the restrictions on mortgages these days?  Won't a new mortgage, refi, home equity or any other type of financing require a new appraisal on the collateral?Amamdani is saying he has a home valued at $305,000 (based on current appraisal? tax assessment?  broker opinion?) and he owes $338,000.  That makes him "upside down" in his mortgage by $33K, and he "needs" to lower his payment/s.  We also have to assume he doesn't have the $33K to pay the deficit.Also assuming he wants to keep his good credit score and not intentionally default on his financial obligations (walk away & dump the house on the lender), is there ANY type of help or government program out there that can help a responsible borrower?  We know there are some programs that help irresponsible or distressed borrowers. 

      (0)
    Why was my short sale purchase offer rejected ?

    Answer

    In a short sale, it is the property owner/seller who accepts the offer, then presents it to the bank for their acceptance which then starts a potentially lengthy process.  Some lenders in a short sale will not even look at  offers... and may not even start the short-sale process with the seller until the seller presents a ratified (accepted) offer.  "Cash is King," but it doesn't rule over everything.  In this case, you may not have known how close to foreclosure the seller was, so the better *terms* for the seller were undoubtedly the guaranteed, faster closing at an amount that would not leave the seller with a deficiency judgement. 

      (0)