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Question by walkinglynn: Would money in our savings account hurt our chances of the bank agreeing to a short sale?
We relocated from Virginia to another state for my husband’s job. After a year on the market, we realize our VA home is under water and we want to discuss a short sale with the lender before we go into debt paying for two residences every month. My question is this: Will having money in our savings account hurt our chances at a short sale? Should we pay off our student loans and a car loan to lower our savings account BEFORE talking to the lender about a short sale? I’ve talked to HUD housing counselors and they were not helpful. At all.
Answer by Steve D Having the money ion the bank will hurt (you have resources you can use to continue paying) and also paying off or down the loans will hurt, since it will lower your debt-to-income ratio, meaning you have more money to put towards your mortgage payments. The problem is going to be that as long as you have enough money or income as measured by assets or debt-to-income to pay your mortgages,. the bank is not going to let you walk away from your obligations.
www.buyingpalmbeachhomes.com BANK OWNED “PRICED FOR A QUICK SALE”. BANK FORECLOSURE. Very nice two story home, in good condition! Great, newer neighborhood, close to turnpike. Please submit pre-approval, copy of escrow check, the attached seller’s addendum and the attached Chinese drywall addendum with all offers.
Question by Ashu K: buying a home from bank in virginia?
i live in virginia,and i have a neighbour home that is for sale by the bank. how safe is it to buy a home from the home is it posible to negotiate and get a good deal? this is first time am getting into this home buying thing, so am naive on this.
also, if a house cost, 150000, and i have a credit score of fair rating, how much down payment should i have to make to the bank
some people say its 3% other say nothing at all.
Answer by Landlord Actually you need about 20%, it is getting tough to get loans for more then 80% of the appraised value these days.
Of course it may appraise higher then the 150, in which case you would be OK.
You need to contact an agent, we can’t determine anything from what you are saying.
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