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 rlemaire77
Joined: 02 Jan 2008
Posts: 2
1.77 Dollars($)
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 Posted: Wed Jan 02, 2008 6:20 pm Post subject: I am considering a short sale or even a quit deed claim ... |
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| My credit is still getting "repaired", my median score is 573 with an annual salary of 54K, 10K in savings and a 7 year stable work history. My main issue, my FICO score is too low. I have been diligently working to make all my payments on time and settling past due accounts for the past year. My current landlord wants to take back the rental property leaving me with 2 months (59 days now) to make a move. The market drastically dropped these past 6 months in favor of the buyer, of course. However, I need to know if these 2 options (Short Sale and Quit Deed Claim) are recommended? Or should I try to go and rent again for another year, keeping in mind that the market may go back up in favor of the seller then ... I live in Miramar, FL and houses are now selling with at least 30-60K below appraised value. Please advise. Thanks! |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Wed Jan 02, 2008 6:31 pm Post subject: |
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Hi rlemaire77,
Welcome to the forums
I think you wish to buy a home as the market is favorable for the buyers. That is right. You can buy a home with really low price now. It is better to buy a home rather than renting if you have a stable income scarce.
But I can't understand here "I need to know if these 2 options (Short Sale and Quit Deed Claim) ". Can you please explain a bit what actually you want to know so that we can help you?
Best of luck,
Larry |
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rlemaire77
Joined: 02 Jan 2008
Posts: 2
1.77 Dollars($)
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| Posted: Wed Jan 02, 2008 6:35 pm Post subject: Thanks for replying so promptly! |
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| I was advised that I could not qualify for a mortgage where my monthly payment would not exceed $1,600. My advisor told me about these 2 options and I am not sure where to go? What each option entails, advantages and disadvantages ... Please advise |
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kpatrick
Joined: 29 Oct 2007
Posts: 127
Location: Atlanta, Georgia
35.51 Dollars($)
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| Posted: Thu Jan 03, 2008 8:56 am Post subject: |
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Hi rlemarie,
I think what they are telling you is that you may get more bang for your buck if you look into buying a home that is in foreclosure. Generally the lender is just looking to cover the debt owed on the home...so even if the home is worth $300K, if all that is owed is $190k, they are generally just looking to cover the $190k that they have into the deal.
But if you have been approved for $1600 in payment, that generally means about $190k in loan amt...can you find something in that price range? You need to find a reliable realtor, someone who has been referred to you by a friend or famiy member, or someone you know personally, and they can show you all the options in your rice range. Foreclosure and otherwise.
Kim
_________________
For more information on credit repair, please visit my blog, http://creditrepair4u.wordpress.com , or my site, http://freecreditreportnow.org . |
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Guest
0.10 Dollars($)
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| Posted: Thu Jan 03, 2008 3:19 pm Post subject: |
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| So tell me what is the difference between foreclosure and a short sale? |
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Guest
0.10 Dollars($)
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| Posted: Thu Jan 03, 2008 3:21 pm Post subject: |
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| Please disregard my previous reply. I've just checked out your blog. Thanks! |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Thu Jan 03, 2008 3:59 pm Post subject: |
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Hi,
Welcome to the forum.
If you default on your mortgage payments the lender will foreclose the mortgage. And when you face problem on your mortgage payments, if you sell the house and try to pay off mortgage that is short sell. In short sell the sell price is lesser than the amount what you owe to the lender.
Foreclosure hurts your credit much more than Short sale. Foreclosure is even regarded worst than bankruptcy.
Best of luck,
Larry |
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