Advice

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Credit being repaired...waiting for disputed items to come off report..

Answer

Yes you must wait for them to be removed.  Most lenders will not let that pass.  I am assuming your credit needs to come up as well?  If not and Depending on how much derogatory accounts are for you may want to have them paid at closing instead of disputing them.  Check with your loan officer this may be an option.  

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Loan To Value Ratio on FHA Loan

Answer

It would be the last known value of the house, most likely your sale. If your loan is a 30 yr fixed and you have owned it for 5years your MIP will automatically cancel off at 78%. If you have a 15yr fixed it will cancel at 78%.  On FHA with cash investment down payment of 3.5% with 30 term at todays rates it would cancle at approx 10years and a 15yr in a little over 2 years.   There are new changes coming, any loans endorsed after June 3rd 2013  MIP will now be for the life of the loan.   Hope this helps

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I'm looking for a buyer's agent who is willing to offer a rebate on the commission.

Answer

What's the benefit to you?  The seller pays commissions not you the buyer. A strong agent is worth having on your side. There are many ways to structure the transaction that can save you thousands!!  Your buyer's agent should present a complete market analysis to you which will have comps for property sold, active with contract and pending.  Should also outline comparable features and upgrades between each of the comps. Again, your buyers agent can save you thousands!!!!! 

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Deficiency Judgments

Response

I agree, Distressed property owners should contact a local expert/Realtor for free advise and options. 

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Deficiency Judgments

Deficiency judgments occur when a lender ends up auctioning a foreclosed property for less than the value of the mortgage note. The lender may pursue a deficiency judgment against the homeowner. Florida allows for deficiency judgments against homeowners and requires the lender to file a separate lawsuit to seek the deficiency upon completion of the foreclosure process.Foreclosure is the judicial process in which your lender must seek to regain possession of the property. The best option to avoid a deficiency judgment is to contact a good Realtor who knows the foreclosure process. Depending just how far along the foreclosure process is you may want to consider alternatives to foreclosure. Deed-in-lieu, where the borrower signs the house over to the bank and most likely will show up on credit as a foreclosure, or a short sale, where the bank accepts a sale of the house for less than the face value of the note and usually show on your credit as a debt settled for less then amount owed. Both ways will relieve the homeowner of the house and gives the bank possession or partial compensation.   Time is ticking and exemptions are set to end by Dec 31st 2012 that may cost you tens of thousands to be paid to Uncle Sam... Contact your Realtor Today!

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Relocation Monies from BOA Outlined

The relocation assistance payment is calculated based on the appraised value of the homeowner's property. The total amount will be no less than $2,500, but no more than $30,000. If the property is the principal residence of a tenant or other occupant, the occupant may be eligible to receive $2,500 of the relocation assistance. If you are eligible for an amount above the $2,500 relocation assistance, the additional amount will be paid to you. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which include but are not limited to the following: a full walk-through appraisal must be completed and you must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the property must close by September 26, 2013.

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New Short sale guidlines streamlining sales

Starting November 1, Fannie Mae and Freddie Mac are playing by new rules:  a new set of guidelines to stimulate short sales by streamlining the process, opening doors to let homeowners out of underwater mortgages.  Short sales have become a popular tool of foreclosure prevention, with Fannie Mae completing over 70,000 short sales last year, and nearly 40,000 in the first half of 2012.  For a homeowner experiencing negative equity—the current value of the home is less than the mortgage balance due—a short sale is often the best choice to retain as much credit as possible.  The basics of the new Fannie and Freddie short sale guidelines are as follows:  Homeowners with certain hardships can be eligible without being in default.  Those hardships include death of a borrower or co-borrower, divorce or legal separation, illness or disability or a distant employment transfer.Reduction in documentation required.Limit of $6,000 to subordinate lien-holders (this is supposed to prevent subordinate lien-holders from scuttling the deal while they try to negotiate a higher payoff).Eligibility for military families who get Permanent Change of Station orders.  Note, these new short sale guidelines apply to Fannie Mae and Freddie Mac loans.  To find out if your loan is owned by Fannie Mae or Freddie Mac, visit either www.fanniemae.com/loanlookup or www.freddiemac.com/corporate. 

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Can I use FHA / VA for 2nd time purchase, first house paid off?

Answer

Yes you can.  If you have VA eligibility that's great!   There is a considerable difference.  VA initial cash investment  is $0, no Monthly Mortgage Insurance, Seller concessions of up to 4% allowed to help cover closing costs and prepaids, however there is an Funding fee for first time users of 2.15% of the purchase price and 3.3% for second time usersReasonable and customary amounts for any or all of the Itemized Fees and Charges designated by VA, plus1% flat charge by the lender, plusReasonable discount pointsFHA will require 3.5% initial cash investment, FHA charges two Mortgage insurance premiums, a monthly and annual,  seller concessions of up to 6%.VA would most likely be recommended by your Loan officer.  Your VA addendum outlines specific closing costs that the seller is required to pay for you.[Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]

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Todays fast moving real estate, be prepared

In today's fast moving market, Buyers are missing out on dream homes because they are not properly advised.  So many times  buyers have said to me, "We need to find a house first, then we will pre-approve"  Well they found the perfect house go pre-approve then submit an offer only to find out someone already beat them to it. If you are considering financing, I recommend to pre-approve first.  [Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]

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