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Found 8 results

  1. Hi guys, Well, I've been trying to buy a house, I was shooting for a conventional loan but just found out that since I had a short sale I don't qualify for a conventional per new rules (funny, earlier in the year I was able to do conventional, who's making these rules? lol), lender said FHA will work. Is there any loophole that allows me to do conventional? If not I still want to see what you guys think about the numbers under my situation. This is my situation: - short sale in november 2011 - 680 credit score (thanks for advice was able to take out some disputes) - 130K price These are the numbers my mortgage person is offering under FHA: - APR: 5.472% - Finance charge 122,382 - Amount Financed: 123,982 - Total of Payments: 246,364 - Interest Rate: 3.875% - Principal and Interest: $600 - Estimated Taxes and Insurance: 534 Not happy about the upfront 1.75 MIP Fee, but next november I will qualify for a conventional so I might look to refinance if the rates look appealing. Any advice will be greatly appreciated. I could wait and get another house maybe next november but with this house I could have roommates that will basically pay for all my expenses and the street has the space with just the right layout to accommodate all the cars, sweet! Thanks and Happy New Year!
  2. Hello, if a similar post exists, please let me know and discard my post. Thank you. Three years ago, I had a lengthy short sale. At the end of the process, I settled with the bank by paying as much as we can on the loan with a balance as debt forgiveness. In the after settlement letter, the bank said the debt forgiveness will be reported as "account paid in full for less than the full balance". As little as I understood back then, I didn't think this would be a problem for getting a mortgage in the future when we rebuild our life. Now we are trying to buy a home and getting a mortgage, the lender pointed out this particular report on the short sale three years ago. Currently on my CR, it says: XXX Bank INS 03/11 91125 Coll/ChrgOff TRU01 acct#YYY 180 M 637 06/07 88215 0 * 03/11 637 3822 (EFX,XPN) SECURED UNPAID BALANCE CHARGED OFF The lender indicated that this line is a concern for the underwriter and should be changed to something like "balance is zero". Could you please give me some advice/directions how I can fix this: 1. Should I contact the short sale lender and request them to change the report? If so, what should I ask them to change to? 2. Or should I dispute with the CRAs (if it's disputable)? Thank you so much for your help!
  3. I found my dream home, its a short sale. Realtor doesn't want to put a offer on it she says 113,000 is to get me interested. Then when I put a offer on it the bank will come back with the real price. I say okay lets see what happens am I missing something.
  4. CBer's, I want to ultimately get a second mortgage charge off tradeline removed or at least changed to a more favorable status. First attempted a loan mod that was eventually denied. I then proceeded to do a short sale. The dates and amount from the short sale are correctly reported on my CR. I have read Psych Doc's transcript, which had a lot of good information, but I didn't see specifics for dealing with a mortgage charge off. When dealing with the OC he recommended using the FCBA, but to me that seems more for credit card billing errors. I am thinking I should try sending a validation letter, but wanted to get some advice. If it matters the OC is B of A, the amount is $73K, first payment missed was 12/2009, short sale closed in 03/2011, and I am in California as was the short sale. Any help would be greatly appreciated. Regards, Erik
  5. Okay, here's my story...I obtained a VA loan through BOA, then re-financed through Wells-Fargo Home Mortgage, I later sold my home via short sale after missing three payments to get Wells-Fargo to agree to it. The re-sale price was about 1/3 of what I paid for the house initially (thanks to the housing bubble burst). My questions are: 1. Is the VA loan I initially obtained wiped out when it was re-fied by Wells-Fargo (i.e. did Wells-Fargo "pay off" the VA loan)? Or... 2. Did the VA loan (guaranty) transfer to Wells-Fargo when I re-fied? 3. If the VA guaranty transferred, wouldn't it mean that the VA covered any delinquency that I owed after settlement and therefore, Wells-Fargo shouldn't be reporting negative on me?--Currently reports 120 days past due as last reporting. Thanks in advance!
  6. Hi, I'm 12 months deliqent on my mortgage payment for my condo, as part of my short sale process. If I pull out of the short sale and try to do a traditional sale (prices are on the rise here), will there be less damage to my credit, or is all the damage already done? Thanks!
  7. I sold my home as a short sale in October 2010 and the mortgage was originally with Wilmington Trust/Dovenmuehle. I walked away from settlement owing nothing (so I thought) and when I checked my credit report in January 2011 it was reported as "Settlement Accepted;Paid in Full/less than full balance" Balance Due=0, Account Status= Paid In 2011 M&T Bank purchased Wilmington Trust. I didn't have any accounts with them so I received no notification other than what I heard or saw on the news. So imagine my surprise when I checked my report yesterday to discover that M&T reopened the account March 2011, showing a past due amount of $10,311 and that account had been placed in collections and closed in December 2011. It's still showing an amount due of $10,311 despite the account being closed. My questions are: a) how can they do this without contacting me via phone, mail, etc? are they not required to let me know that I have a $10k account in collections? c) is there any way to fix it/get it off my CR?
  8. Bk chapter 7 discharged in 9/2010 Filed Bk Chapter 13 after the Chapter 7 discharge to save the house, but the Bk Chapter 13 was dismissed shortly afterward (around 12/2010) because all debts were already discharged in the Chapter 7 and I did not have a job. In Bankruptcy court for Chapter 7, I agreed to allow the lender to foreclose. They did not start foreclosure even though NODs were previously issued. I pursued short sale. The short sale closed in 12/2011. I am getting conflicting responses to the following questions: When can I qualify for a loan? Are we counting from the BK Chapter 7 discharge, the Chapter 13 dismissal or the close of escrow of the short sale? Could I qualify for first time homebuyer assistance?
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