1. We had a rental that was discharged in a bankruptcy- is that a foreclosure and how long do you have to wait (we have been told we can do now since its been 2 years, weve been told 3 years, weve been told 4 years).
2. Do you pay upfront in FHA the PMI for the lifetime of the 30 year loan?
2008 Presidential Candidate Ralph Nader discusses the sub-prime market meltdown, the imminent foreclosure on millions of homes, and Nader/Gonzalez solutions. Music by Eliza Wren www.elizawren.com Family photos courtesy of Eliza Wren Video by Karen Kilroy – karenkilroy.com
Even if you are close to foreclosure, and the bank has sent your file to a law firm? Do those companies that charge a fee upfront work? Are they successful in modifying a loan?
We are looking into moving into a larger home. Currently, we own two rental properties and would be looking to rent our current residence out. Will we be able to qualify for a new home loan in this circumstance? What are some equipment we should do to position ourselves to qualify? Our credit scores are both over 775. The houses would all take a 20k+ losses each trying to sell them in thise small sale/foreclosure saturated market. Any suggestions or advise is appreciated.
Suzy clarifies the difference between recourse and non-recourse loans. More information at: sccrealestateuncensored.com/2007/taxes-shortsales-foreclosure/ micasamidinero.com/2007/taxes-shortsales-foreclosure/