Friday, 30. July 2010
I went to look at a house yesterday and the real estate agent was explaining to me that the homeowner had bought the house for more than he was selling it for and that he had also taken out a home equity loan on the house. She said therefore it was the bank that would decide whether or not they would be accepting out bid because he owes more on the house than he can make off it. She didn’t say he was in foreclosure at all but she used a term for the situation that I can’t remember, I believe it was something having to do with stop or step, does anyone know?
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Tuesday, 22. June 2010
Okay so my mom and her sister own a house together. It was my grandparents house and they inherited it when they died. My aunt has been freeloading and living in there for FREE for the past year and a half. She doesn’t even have a job. Anyway my mom is ready to finally buy her out since her sister doesn’t have the means (obviously) to do it herself. What is her first step? Its not going to be an easy road since my aunt is playing the victim card and cant believe my mom would be trying to buy her out. Does my mom need to get a lawyer? Or just a real estate agent? What should she do first? Is this going to be generally easy? Also, does my mother need to qualify for a loan to buy her out? (since there is equity because the house is paid for)
Thanks for the help!
To answer your question- my mother does want to buy her out. I’m pretty sure that her sister will begrudgingly agree because she doesn’t really have a choice you know? Her sister isn’t holding on for any reason other than its a free place to live. So my question is I guess can she just go find a real esate agent to do an estimate and what not? I guess if she doesn’t agree then she’d have to get a lawyer and all that. Supposing that wont happen what steps should my mom take?
They both do no live in the house. My aunt lives there with her cousin…and she charges her cousin rent! And nothing is paid to my mother at all. Her cousin also pays for all of the utilities.
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Sunday, 6. June 2010
I am buying a house for 5,000, it appraised for 5,000. The mortgage person and the real estate agent suggested that I could take out a mortgage for 0,000 and pocket the extra ,000 at the close of the deal. Basically I would have a 5,000 mortgage with the ,000 cash in my pocket. Is this Ok to do in the mortgage world, I thought you had to take out a home equity loan, after you buy into the house with equity. The APR is 6.35% my credit score is 720
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Saturday, 22. May 2010
I bought a home for 169000 cash in full 12/2005.In 4/2007 I got a small equity loan on home for 55000 for a small Business I started.Economy so bad in 08 the Business failed and I’m behind in all bills and equity payments.I contacted a agent to list my home for sale before I get for closed and we went over info and I made a time to see him Monday.
Today I come home and find a piece of paper taped to my door saying my property will be for closed 4/26/09.Two hours later I get mail and 1 is from a lawyer explaining he can help me with filing chapter 13 and saving my home and utility shut offs and also do not contact a real estate agent or deal with any if contacted.The other letter was from a company real estate favors for closure specialist who says do not file chapter 13 or any type bankruptcy that they can help me stop a sheriff ale lower all my bills etc…How these people knew my home was about to be for closed I’m unsure and is weired I get their mail same day I get paper taped to my door.I truly do want to sell home and move but with a sheriff sale that paper said would happen quickly 4/29.I was told a real estate agent can not help stop for closure so I don’t know what to do.If I save the house we will stay jobless no family my son is mentally ill I’m disabled my boyfriend is illegal so he can’t get any type temp jobs.What would you do and you have deadline of loosing your home in 28 days?
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Friday, 21. May 2010
I bought a home for 169000 cash in full 12/2005.In 4/2007 I got a small equity loan on home for 55000 for a small Business I started.Economy so bad in 08 the Business failed and I’m behind in all bills and equity payments.I contacted a agent to list my home for sale before I get for closed and we went over info and I made a time to see him Monday.
Today I come home and find a piece of paper taped to my door saying my property will be for closed 4/26/09.Two hours later I get mail and 1 is from a lawyer explaining he can help me with filing chapter 13 and saving my home and utility shut offs and also do not contact a real estate agent or deal with any if contacted.The other letter was from a company real estate favors for closure specialist who says do not file chapter 13 or any type bankruptcy that they can help me stop a sheriff ale lower all my bills etc…How these people knew my home was about to be for closed I’m unsure and is weired I get their mail same day I get paper taped to my door.I truly do want to sell home and move but with a sheriff sale that paper said would happen quickly 4/29.I was told a real estate agent can not help stop for closure so I don’t know what to do.If I save the house we will stay jobless no family my son is mentally ill I’m disabled my boyfriend is illegal so he can’t get any type temp jobs.What would you do and you have deadline of loosing your home in 28 days?
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Wednesday, 19. May 2010
I paid 167,955 pd in full for my home.I got a equity loan 55000 lost my business in 08 and am behind in payments.I contacted a real estate agent to see what I can list home for.I know values have dropped allot but I’ve only been here 3 yrs and the agent said homes in my area are going for 78000 range and this is a quote from same agent I bought my home from even if I got 100000 that’s a almost 70000 loss and I think he’s just wanting to quick or short sale so it will flip real fast and line his pockets without letting me on what he’s trying do.If I sell for such ridiculous amount and pay off equity loan I won’t have enough to even rent a home much less buy a smaller cheaper home. Even with values dropped and I paid 168000 I’d be willing sell for 140000.My business was masonry and I know builders and bricked,blocked,and applied stone to aprox 6 houses in my area that are going for close to 200000.Can I contact a agent and list for my price 140000?Or do I have to list for what agent suggests?
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Tuesday, 4. May 2010
My daughter sold her house under the ‘short sale’ guidelines. She had a second mortgage on the house. She was led to believe that when she was approved for the short sale that it included an approval by the second mortgage lender. Now she is being told that she owes a huge chunk of money. She was never given this information by her real estate agent. Shouldn’t the second mortgage lender have approved of the short sale before the final closing? Does she have any recourse?
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