Flickr photo by ethorson.Q: We have income that we are unable to document on our FHA loan application. We need to qualify for just $50,000 more than we are approved for. We have elected to have a co-signer, but we would like to have a co-signer release after 12 months of on-time payments built into the loan. We do not want o...
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As homeowners grapple with declining home values, and in some instances, mortgage payments that have dramatically increased, GreatWest GMAC Real Estate professionals are increasingly be queried about Short Sales.
Often a seller will become concerned because they are unable to make house payments, but do still have an ability to make all or part payment of the negative equity. They may hope to also hope to preserve their credit score. They wonder if a short sale will be right for them.
As homeowners grapple with declining home values, and in some instances, mortgage payments that have dramatically increased, GreatWest GMAC Real Estate professionals are increasingly be queried about Short Sales.
Often a seller will become concerned because they are unable to make house payments, but do still have an ability to make all or part payment of the negative equity. They may hope to also hope to preserve their credit score. They wonder if a short sale will be right for them.
The answer is, probably no. Sometimes if a seller is able to pay back all or part of the ne...
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From FreddieMac website how towork with lender to avoid/stop foreclosure:
Working With Your Lender to Stop Foreclosure
Have These Documents Ready
Have these on hand for the conversation with your lender:
Last two pay stubs and most recent tax return
For a self-employed borrower, complete signed federal income tax return for the previous year or year-to-date profit and loss statement.
Bank statements
Proof of other income like alimony or Social Security
Information about any second mortgage on the property
Completed Form 4506-T [PDF], Request...
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As homeowners grapple with declining home values, and in some instances, mortgage payments that have dramatically increased, GreatWest GMAC Real Estate professionals are increasingly be queried about Short Sales.
Often a seller will become concerned because they are unable to make house payments, but do still have an ability to make all or part payment of the negative equity. They may hope to also hope to preserve their credit score. They wonder if a short sale will be right for them.
The answer is, probably no. Sometimes if a seller is able to pay back all or part of th...
Read more
Read more | 0 comments
| Link directly to this article.
