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Steve Neuenschwander's Advice

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  • 281 Contributions
  • 5 Best Answers
  • 36 Helpful

Steve Neuenschwander wrote:

How is Credit Score affected if I stop making payments

Answer
Carl is correct.  However, it is not simply that alone.  It also deals in how you have made your other payments on credit cards, utilities, etc.  If other payments have been current then a drop of 200 points would sound about right.  Like Carl stated, you will need several years to rebuild your credit.  It will take at least 7 years to get the foreclosure off your credit score.  Until then even with a lot better credit it will still be an obstacle for you to overcome as the basis for your scores was the foreclosure which means you did not manage that type of loan very well.
June 05 2011
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Lived abroad for five years, now back in the US, is a mortgage possible?

Answer
You could try and get this on your own without your husband's information.  It takes a solid marriage as you would be the sole homeowner until such time you refi and put both names on the deed.  If you are in a community property state you would probably have to get a signed statement from your husband as well.
June 05 2011
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I have a 581 FICO score and would like to get a mortgage.

Answer
The 580 credit score does not leave you out.  However, it does make it very difficult.  First you have to find a lender that will go that low.  There are a few out their.  You will most likely have to have more than normal money to put down or face higher interest rates.  Each lender has their own underwriting rules.  Find a good loan originator or mortgage broker who has access to lenders that meet your credit score issues.  If that does not work, you may be able to buy this house under a land contract with the seller.  Generally, that means a down payment, probably higher interest rates and a short time to pay off the loan with possibly a balloon payment at the end.  It will depend on what the seller is willing to do.  I own a home in Cleveland  [Content deleted by Zillow moderator. Please refer to the Good Neighbor Policy for more information.]
June 05 2011
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How does an interested party pursue purchasing a foreclosed property?

Answer
This home should be listed for sale by a real estate pro. Once you see the sign on the yard contact an agent and have them walk you through the process.  I would like to caution you that buying a foreclosure in this market is riskier than normal due to all the mortgage fraud.  The vast majority of homes were foreclosed by the wrong lender and that could be issues for you later as you may be buying a clouded title.  You need to insist the lender who foreclosed can prove they legally own the home by producing a clear title.  You also need to ensure the local title company will issue title insurance on the property.  Many title companies are now refusing to issue insurance due to the mortgage fraud mess.
June 05 2011
(1)

What Do You Know About Federal Trustee Services?

Response
There is one exception to the FTC new rules and that is if your are a private organization.  FTS reorganized under a non-profit trust in order to circumvent that particular rule.  In there case, however, it is a scam as even under their new name the same old practices, and failure to do the work, failure to pay their agents and employees still exist.  It is true that a forensic audit and securitization audit do not in and of themselves avoid foreclosure for you.  What they do do is prove who is doing the fraud, who does nor does not own the note.  From that information you contact a real estate or loan experienced attorney and go for a quiet title action via the judicial process.  While there have been minimal success outside the courts, the only sure way is through the courts.  I also point that the judicial process is two steps.  You have to go through the federal courts to get a favorable decision that the lender, servicer, etc., has not legal right to your property.  You then have to go through the local circuit courts to obtain the quiet title relief.  It is all time consuming and very expensive.  It still does not relieve that fact that if you are a seller and considering a short sale, deed in lieu or a foreclosure sale, if you do not know who actually owns the note then you are passing a clouded title to the new owner.  It also leaves you on the lamb for potential legal civil action.
June 05 2011
(0)

Are real estate agents really necessary anymore? If so, in what way?

Answer
The problem with the real estate profession is little is done to really promote the profession.  Yes, individual agents are out promoting themselves, but the industry as a whole is perceived as an expensive burden on the public that a seller wants to avoid.  The biggest complaint is the commissions.  While as an individual agent is not your fault that one charges the seller for the entire commission it has put one an enormous burden on the seller and a significant loss on the equity in their home.  This practice also has deminished the perceived value.  Another area which was started as a way to even the playing field between agents and also put a dog in the fight for buyers is the MLS concept.  Unfortunately, the industry as once again found a way to demean that purpose by agents taking both sides of a commission and basically conning a buyer into believing they are getting equal representation when they are not,  As you should recall the original purpose was two fold.  First, primarily to protect the buyers but also opening the market up so everyone had an equal opportunity to list and find buyers for any given property.  Right now the industry has the same approval as used car salesman and attorneys.  All there are perceived to be no more than wallet grabbers and the product or service they offer is questionable.  With the market as it is, now is a good time to get back to some very old, tried, and proven principles.  The first being each side is responsible for their own commission.  After all, the buyer selects and uses the services of their chosen agent.  Buyers need to be responsible for their own closing costs and down payment.  No one steps in except, perhaps a family member to take care of closing costs and down payment on other goods or services.  As far as the MLS is concerned there needs to be a return to its true intent.  A sharing of a listing with another agent bringing the buyer and an open market for all to benefit.  I am sure their are other issues as well.  This puts our services back on an even playing field that agents, sellers and buyers can all equally benefit.
January 23 2011
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How can I get a listing of foreclosures, short sales and bank owned properties in New Jersey?

Answer
Google foreclosure fraud cases then ask yourself do you really want to go their?
January 21 2011
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how can i find foreclosure houses along the beaches off clearwater / treasure island

Answer
I can help you.  Google foreclosure fraud cases and get educated.  Then ask yourself.  Do you really want that headache?
January 21 2011
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To short sale or not? That is the question.

Response
See my post to your other question and while you are at it Google "foreclosure fraud cases."  Get educated.
January 21 2011
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Does a short-sale make sense in my situation?

Answer
There is a 98 per cent chance the lender forcing in to this situation has no legal authority to do so.  Therefore, if you have been paying the wrong lender but did not know it, and you are and don't know it, then I would think it would be better to save your house than pass your clouded title to an unsuspecting buyer that once they find out can sue you, keep the house and collect the value of your house again in punitive damages.  Of course, you may have a counter suit against this bogus lender.  Do you really want that headache? You can save your house.  You only need to ask.  By-the-way you can walk away from this owning your own house and free and clear from any debt.  You will be able to thank the predatory lenders chasing you.
January 21 2011
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