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A Farm of My Own:  Real Estate Mortgage questions  |
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delicia
True Blue Farmgirl
917 Posts
delicia
cincinnati
ohio
USA
917 Posts |
 Posted - May 05 2010 : 10:13:11 AM
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Hi Ladies, I work as a Home Loan Consultant at Home Services Lending. I know that with the current economic times that some of you may have financing questions and I am happy to help if you do. I can answer what I know and talk you through things so that you can understand. Educating yourself is the best policy in any situation.
delicia |
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clothedinscarlet
True Blue Farmgirl
1333 Posts
Siobhan
Battle Creek
MI
USA
1333 Posts |
Posted - May 05 2010 : 10:34:34 AM
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Here's a question for ya, Delicia. How long after a short sale will I be able to get a decent rate on a home loan? My husband and I moved two and a half years ago from Myrtle Beach, SC to Battle Creek, MI for a job change and our house sat on the market for a year and a half (while we paid the mortgage that was based on our old income and struggled each month to make ends meet - thank God we always did) before we just worked out a short sale with the bank. It sold almost 2 years to the date after we moved out. And now, we are stuck with that ugly bruise on our credit and are unable to do anything but rent here which is hard for our family of five. So, here we are with no debt (not even a car loan), decent income and settled down in a city we will likely call home forever and we can't get a house. I even looked at the USDA loans that someone was talking about yesterday on here. We would qualify for it, but from what I read they don't allow you to actually have "land" in the puchase, which I just have to have land, not just a lot with a home on it. I want to be out in the country with at least 3 acres to have chickens and gardens and sheep and goats and all that "farm" type stuff. So, with our decent income and good history with payments and such, is there any way that a lender will even consider us anytime soon with the words "short sale" on our record? I know it's not as bad as "foreclosure" (at least that's how it was told to us), but it seems like there's no hope for at least a few years or so.
Farmgirl Sister #1110
Siobhan - AKA Liza-Jane (my farmgirl name), wife to my best friend, Trent, and mommy to Camden (11/28/05) and Bennett (7/11/07). and Truman (7/28/09) |
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delicia
True Blue Farmgirl
917 Posts
delicia
cincinnati
ohio
USA
917 Posts |
Posted - May 05 2010 : 11:09:06 AM
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Siobhan, With an FHA mortgage you can have 5 acres of land, also that is a mortgage that is more forgiving where you have a few credit mishaps. Currently I can do a 30 yr mortgage fha with a 600 credit score. You will need to write a letter of explanation just going over that because of a job relocation you moved any your home did not sale so you enede up doing the short sale. I will check with an underwriter to be positive but, I am going to say 2 yrs after a short sale. I will email my underwriter and get back to you with the exact time. Keep doing what you are doing and keeping your credit good it will also help to have the rental history because they like to see that and if you can keep putting money away in your checking or savings account each month that is a real plus. I will check now and answer again.
delicia |
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kristin sherrill
True Blue Farmgirl
11303 Posts
kristin
chickamauga
ga
USA
11303 Posts |
Posted - May 05 2010 : 3:59:54 PM
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Delicia, we have our mortgage with Bank of America. Not by choice. They just bought Countrywide. I do not like them at all. They don't seem to know about anything that's going on with us. One person says one thing and another says something else. I would LOVE to refinace as soon as we can. And get away from BofA. They are brutal. Get 1 day behind and they are on the phone or sending foreclosure notices. My husband has to call them all the time. Our payment is due on the 1st but we never get a bill til after the 4th or later. ANd also my name is not on the account and they will not talk to me at all. I did get one guy to talk to me then he transferred me to someone else and she said they were not supposed to give me any info. I just get so mad. My hubby sent them a fax saying they could talk to me and they must have given him a wrong # because they have no record of it being sent. And that;s a big thing for him to have to do driving a truck and finding a fax machine. Anyway, are all banks like this? I have a friend who is dealing with them and they are about to foreclose on her for being a few months behind. And she talks to them all the time about her situation. It's a mess.
Thanks for listening. ANy advice you have for us would be great. Oh, and we are always getting these late notices and we are not late. Also several months ago they were putting all our payment money and putting it in a special account. No one told us this. That is straightened out but now we are in another mess with them.
Kris
Happiness is simple. |
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delicia
True Blue Farmgirl
917 Posts
delicia
cincinnati
ohio
USA
917 Posts |
Posted - May 05 2010 : 4:12:56 PM
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Kristin, unfortunately the big Banks are like this and I work for Home Services but, we sale most of our loans to Wells Fargo. Did your husband use someone local with Countrywide when he first got the mortgage? If he did that person may now be with BOA and he could call them and try and get them to help him. If you are not on the loan they will not talk with you. I know it is a pain in the butt and you want to be sure that you are not being recorded late on your mortgage because if you are that will affect if you can refinance or not. If you have lates show up on your mortgage most banks will have you wait for 12months before you can do a refinance. If you have a local small bank you might try checking with them if not and you want me to look into doing a refi just let me know. Again you would be with a large corporation but, the good thing is that I am someone that you can speak with and I will try and help you if you have issues. You may also think about setting up your payment electronically with an automatic withdrawal. You might also consider having your payment taken out bi monthly. When you do this you pay the same amount monthly but, you can pay your house off like 7 yrs earlier because you are not paying as much interest because your loan amount changes faster. If you want to email me and tell me what your rate is I can tell you if it even makes financial sense for you to refi. if you have a good rate it may not be worth your time to refi. unless you save 1 full point on your interest rate it is not worth doing a refi. depending on why you are doing a refinance because of paying closing cost.
With your friend she is doing the right thing by staying in contact sometimes the bank will not do anything until you have missed a payment. I am not sure that they can forclose if you have only missed 1 or 2 payments and she may want to check with their mediation department because a lot of places are finding it is better to work with the home owners than to do a foreclosure so tell her to be sure that she knows her rights. If she can work with them they may lower her interest rate, payment or do something to help her to try and stay in the house.
I hope this helps if you have any other questions or I did not answer something that you wanted to know just let me know.
delicia |
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nubidane
True Blue Farmgirl
2916 Posts
Lisa
Georgetown
OH
2916 Posts |
Posted - May 05 2010 : 4:31:02 PM
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Siobahn
I do real estate appraisals, & I just did one about a month ago, USDA Rural Develpoment on 7.2 acres with an older farmhouse, well and septic system.
I've done several of these in the past year on acreage.
I know the USDA program will only be around for a short while; their funds are running out.
Delicia, I know how things have tightened up for lenders, but man oh man, you would not believe how hard our appraisals are underwrittn now. I used to get a stip once every 6 months. Now I spend half of my mornings clearing up some new requirement. The latest is they want me to measure the distance from the septic to the lot line.
Uh, I am not a surveyor.
I feel like they are trying to put more & more liability on us appraisers. Oh well, when I get sued & have to quit, I'll have more time to garden!
Sorry for the rant...
Siobahn, I hope you find a plat of land soon,
& Kristi, I feel your pain! |
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delicia
True Blue Farmgirl
917 Posts
delicia
cincinnati
ohio
USA
917 Posts |
Posted - May 05 2010 : 4:41:27 PM
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Lisa, we have got to get together soon. It has tightened up and you should see all the paper work and things I have to get from people. I wonder what is going to happen now that the tax credit is over. I am lucky to be in a Real Estate office but, am worried that things are going to get very slow. I know that we are not allowed to talk with the appraisers now we order through a 3rd party company. They are kind of in a panic because this is so much more than they expected and I think that there are more foreclosures that are not on the market yet so that will keep the prices of properties lower.
delicia |
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nubidane
True Blue Farmgirl
2916 Posts
Lisa
Georgetown
OH
2916 Posts |
Posted - May 09 2010 : 08:35:30 AM
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The no talk thing has been both a blessing & a curse. THere were some LO's that I liked & some that I absolutely cringed to talk to. I had a few I was pretty good friends with, & will still occasionally speak to, but not much. It is funny how I am working like a mad woman, but rarely talk to a soul.
I am fortunate to be doing pre listing appraisals on REO proerties, so even when forclosures go up, I stay busy. I am ready fo a semi break though. |
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A Farm of My Own: Real Estate Mortgage questions |
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Real Estate Mortgage questions
