Posted by Jason Vogler on May 14, 2008 at 22:02:35:
you need to contact me asap!!
I need HELP. - Posted by Danielle Sipes
Posted by Danielle Sipes on May 09, 2008 at 06:13:35:
I really hope someone can help me. I need someone to buy my house ASAP. I am a single mom with 2 kids and I am recently divorced. Because of this I cannot afford the mortgage payments any longer. I heard of real estate investors buying and then renting back, and I need information on that, as well as any contacts that might be helpful. I am running out of time and need advice.
Re: I need HELP. - Posted by Stan
Posted by Stan on May 09, 2008 at 06:22:26:
IF someone buys the house from you, are you going to want full retail for the house? If so, they are going to need to cash flow this house. If you can not afford the payments, you probably will not afford the rent. Your terms (unless you got some sort of sub prime mortgage) should be more favorable (bein owner occupied) than an investor. I would suggest you start looking for a more affordable housing.
Re: I need HELP. - Posted by Danielle
Posted by Danielle on May 09, 2008 at 06:27:19:
I dont want full retail for the house. I know I am not going to get that anyway. The house was appraised at 150,000 and in the yr 2000 was purchased at 82k I am only asking 70k for the house.
Re: I need HELP. - Posted by Craig
Posted by Craig on May 10, 2008 at 10:34:56:
Danielle
Please contact me ASAP at:
club3006 at y a ho o dot com
or call me at 4 4 3 7 5 6 2 2 67
Re: I need HELP. - Posted by tampasteph
Posted by tampasteph on May 09, 2008 at 09:40:07:
How long ago was the appraisal done?
What are you doing to market it, and what price are you marketing it at?
Steph
Re: I need HELP. - Posted by Stan
Posted by Stan on May 09, 2008 at 06:39:53:
A couple of questions:
1.) What is your current total payment (PITI)?
2.) What monthly rent can you afford?
Re: I need HELP. - Posted by Danielle
Posted by Danielle on May 09, 2008 at 10:13:58:
I am putting up ads and trying to make contacts with real estate investors and friends of real estate investors. I have been through 12 mortgage companies to try to refi but my credit is so bad they can’t help. I’ve tried 4 gov’t lending companies and they wont/can’t help either. I contacted my current mortgage co. about remodification and they are going to send me out a packet I need to fill out.
The house was appraised last August, and when I went to see a bankruptcy lawyer he pulled up the address and he confirmed the houses around me were going for that amt as well. The lawyer was actually the one who advised me to try this route.
Re: I need HELP. - Posted by Danielle
Posted by Danielle on May 09, 2008 at 06:47:28:
I’m sorry but I don’t know what PITI is. The monthly mortgage payment now is 1048.11 and the monthly pymt I can afford is about 700.00.
Re: I need HELP. - Posted by tampasteph
Posted by tampasteph on May 09, 2008 at 10:35:58:
If it’s worth $150k and you are willing o take 70k, I would not think it would be hard to find a buyer, unless the house is totally wrecked.
Have you tried Craigslist? I would put up an ad that says something like, “Desperate Seller Needs Out” Selling at 50% of value… Something like that should get your phone ringing. Also find out where there are local real estate investor meetings, and go there and pitch your property.
Where are you located?
Re: I need HELP. - Posted by Alexander
Posted by Alexander on May 11, 2008 at 23:12:11:
Your interest rate must be 15% with thia pmt.
How is the condition of the house? Why don’t you just try to sell thru a realtor?
Re: I need HELP. - Posted by Rich-CA
Posted by Rich-CA on May 09, 2008 at 12:21:44:
PITI is
Principal
Interest
Taxes
Insurance
If you have taxes and insurance escrowed through your lender (meaning they make the insurance payments and pay the property taxes) then the amount you pay monthly is the PITI.
Re: I need HELP. - Posted by Danielle
Posted by Danielle on May 09, 2008 at 10:53:58:
I am in Hagerstown MD and if I’m not mistaken there is a meeting on Tuesday the 13th in Frederick
Re: I need HELP. - Posted by Danielle
Posted by Danielle on May 12, 2008 at 19:22:51:
Here is the entire story…
The ex is still on the deed to the house. In our divorce decree I was supposed to give him 6k to take his name off the deed and allow me to be the sole owner. That was under the assumption that I could get it refinanced. However since then I have tried 14 different mortgage companies;4 of which, were gov’t lending and nobody could help me. I even emailed our Senator to see if there was anything out there for someone in my type of a situation she didn’t know of any. I ask’d the ex if he wanted to buy out my half, or if he knew of anyone that did, and he just got very upset and said no. I have also tried to get a co-signer to help me get the house refinanced and I can’t even get anyone to do that. The mortgage company is going to be sending out a remodification packet to me and I’ll be faxing that back ASAP. Here is the information from my most recent mortgage statement…
The total amount I am behind is: 3360.61
It is at a 8.65% ARM and the insurance and taxes are included in the monthly payment of 1048.22
The principal balance is 109,023.99 I have gotten the house refinanced 3 times within the time we bought it. It is through Ameriquest who was bought out by Citi Residential Lending.
I have gone to see a bankruptcy lawyer and he advised me to try a real estate investor as a last resort, and maybe if I could get someone to buy it then I could pay off my other debts and wouldn’t have to file bankruptcy. To be honest with you I really don’t know how this process works, but any help you could give would be greatly appreciated.
Re: I need HELP. - Posted by tampasteph
Posted by tampasteph on May 09, 2008 at 11:23:09:
Send me an email :stephanibuyshouses@earthlink.net
I know someone up there who might be able to help.
Re: I need HELP. - Posted by Jason Vogler
Posted by Jason Vogler on May 14, 2008 at 12:16:47:
Fannie Mae just came out with a new loan program offering help for those in need. This is for borrowers who are in foreclosure or going into foreclosure. Fannie Mae will give the borrowers a new loan for $15,000.00 or 15% of the (UPB) unpaid principal balance to bring their loan current and to pay for attorney fees and costs associated with the foreclosure. The good thing about this loan is the borrowers will have no payments for the first six months and then after that they will have a rate of 5% principle and interest, so for $15,000.00 their payment will be $87.77. The $15,0000 however, does not go to the borrower so they can go on vacation. The money goes directly to the lender to pay for their behind payments, attorney fees and associated costs. AND, it IS a loan. BUT it is stretched out over time at a lower rate and it is supposed to be used to keep the homeowner from going into foreclosure. So, someone four months behind could benefit from this program, then go in and modify their loan through principal reduction and interest rate reduction, thus improving the homeowners financial monthly payment structure for the better furhter down the road.
I can tell you we do about 160 loan modifications per month. The success rate is about 85% and it depends on how we can show your type of financial hardship. Typically, if you are upside down with your mortgage, you are late 30-60-90+ or you are in an adjustable mortgage we can get it done. The banks don’t want your foreclosed property. However, if you are making enough money and you are just really bad with your spending habits our negotiation becomes difficult. Keep in mind that when we work with your lender, we have to show proof of your financial hardship.
Jason Vogler
Sr Loan Consultant
Commercial Loan Broker
Construction Loan Broker
Foreclosure Expert
314-346-9064 cell
Re: I need HELP. - Posted by Danielle
Posted by Danielle on May 14, 2008 at 12:36:05:
Ok so how do I get started and what should I do?