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Michelle Stinn's Advice

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  • 5 Contributions
  • 0 Best Answers
  • 0 Helpful

Michelle Stinn wrote:

How could this house have sold for only $1400 when it is worth $257,500?

Answer
This home never actually "sold" on the open market with an agent.  It was listed as short sale so the good news is that maybe the owner was able to stay.
February 07 2011
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I am looking for a broker that has negotiated a short sale with First Horizon/ Metlife. Anyone?

Answer
I am checking our records to be sure, but I think we can help.[Contact info removed by moderator]
February 02 2011
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I just filed for bankruptcy and working to bring up my credit. How long before I can get a mortgage?

Answer
You can purchase with an FHA loan in exactly two years to the exact date of discharge.  We help clients just like yourself everyday of every month.  Some key points to keep in mind: 1) DON'T be late on anything after a BK. 2) The time frame is based on the fact that there is not a short sale or foreclosure issue that could effect the timeline. 3) Keep credit lines open and paid down or off.  However, do use these lines of credit, just keep them paid on time and under the 30% of spending limit values.  4) If your new job is in a different line of work thatn your small business was, you do need some time on that new job, but it should fit in nicely with your two year FHA regulation time frame.  Please keep an eye on your credit report for free at www.myfreecreditreport.com to make sure that somebody you filed on isn't trying to pull a fast one on you and get old stuff cleaned up and/or removed.  Hope this helps and you are definately on your way to a new life, great credit and another home!
January 17 2011
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Housing market prices??

Answer
I would start by calling your current mortgage company and see what they have to offer before you lose hope or give up entirely.  I would also check with a trusted or referred lending professional and let the actual "expert" give you direction and not a neighbor nor a computer.  Those that handle your exact situation every day have more opportunities than you probably realize.  Good Luck!
January 15 2011
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Need advice about obtaining a home loan

Answer
A short sale is looked at by a lender in a VERY similar fashion as a foreclosure.  Looking at the basics, in both a short sale and foreclosure payments are not being made on time on one of your biggest credit advantages (a long term installment loan/mortgage). Also, please be aware that even though FHA itself allows a credit score of the high fives to low 600's, lenders can not resell these loans and usually won't do a loan with a credit score of under 640 (this has just occurred very recently).The best thing you can do for yourself is ask around to trusted friends and co-workers for a mortgage broker that they trust and ask that mortgage broker if they are well versed in FHA loans.  If not, keep looking, if so, then have them pull your credit and walk thru it with you to see what you need to do to be able to buy in this great market.  I have several as we do mostly FHA clients that I turn to in time of need for my clients. Also, please be aware that a home in Colorado in most areas will be a total PITI/MI payment will be 980-1400.  There are some areas that will have BEAUTIFUL homes for less than that, but not many.  You need a home that is in good enough condition to be allowed FHA financing and even though small, you need clean.  An $800 payment is a home selling in the range of 90-110 depending on taxes and that is VERY rare in most of the Denver Metro area.  You need to get to outlying areas for that low of a payment.  Anybody telling you different is NOT telling you the whole truth.
November 28 2010
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