I was an investor and had some financial issues and wanted to know how I could put myself in a buying potentinal in order to get things in order to buy again.
I have some issues with my credit with defaulted payments on my resports and two of the homes I sold were through a short sale. So, I want to buy another house but I am dealing with some credit challenges due to what occured.
But how do I clean up credit issues when the payments have been defaulted? They were sold in short sales but it still reflects that I have this on my credit. It is not like it is a bill that needs to be paid. It shows it as being satisified and closed but it stil does exist.
Often times, if a house is in fact over-encumbered ( aka; underwater ), the second does not truly intend to foreclose. Rather, the threat of foreclosure ( incl. filing Notice of Default, etc. ) is used to "encourage" the homeowner to get it together and make the payments/cure the default ( or even to make a short offer ! ) .
Remember, the foreclosure action can be called off at any time, even at the sale, without any penalty, so what do they have to lose, except the expense of the Trustee costs for filing, etc..
Buying seconds short, i believe, is likely to be a major profit strategy over the next few years.
If you really want to help your friend, learn the importance of a "Qualified Written Request" ( Real Estate Settlement Procedures Act; RESPA ) and help him get one off asap.
One could ask for things like:
a true, correct and complete "payoff statement";
a "certified copy" of a "true, correct and complete" servicing history;
a certified copy of the front and back of the original promissory note;
a acknowledgement of who the current "owner" of the note is at the present time, and who the "holder" of the note is at the present time;
There are many other questions one could ask, and information one request, questions they would rather not have to address and information they would rather not have to provide ( or cant ! )
Kind of a vague question. Can you go into more detail?
I have some issues with my credit with defaulted payments on my resports and two of the homes I sold were through a short sale. So, I want to buy another house but I am dealing with some credit challenges due to what occured.
First step... Start cleaning up your credit yesterday!
[addsig]
But how do I clean up credit issues when the payments have been defaulted? They were sold in short sales but it still reflects that I have this on my credit. It is not like it is a bill that needs to be paid. It shows it as being satisified and closed but it stil does exist.
can you please explain in more detail about these options you mentioned so I will know what I am able to do?
everything that was just told to you. you can research on this site. Look under the subject to forum. Marketing forum and all of the other forums.
Often times, if a house is in fact over-encumbered ( aka; underwater ), the second does not truly intend to foreclose. Rather, the threat of foreclosure ( incl. filing Notice of Default, etc. ) is used to "encourage" the homeowner to get it together and make the payments/cure the default ( or even to make a short offer ! ) .
Remember, the foreclosure action can be called off at any time, even at the sale, without any penalty, so what do they have to lose, except the expense of the Trustee costs for filing, etc..
Buying seconds short, i believe, is likely to be a major profit strategy over the next few years.
Thank you.
SpyBoy
If you really want to help your friend, learn the importance of a "Qualified Written Request" ( Real Estate Settlement Procedures Act; RESPA ) and help him get one off asap.
One could ask for things like:
a true, correct and complete "payoff statement";
a "certified copy" of a "true, correct and complete" servicing history;
a certified copy of the front and back of the original promissory note;
a acknowledgement of who the current "owner" of the note is at the present time, and who the "holder" of the note is at the present time;
There are many other questions one could ask, and information one request, questions they would rather not have to address and information they would rather not have to provide ( or cant ! )
Thank you.
SpyBoy