All Forum Posts by: Shanequa J.

The bank foreclosed on the property in August. He said he was only 3 payments behind. He had no clue about the property; it was his mother's and he was out of state. The only thing he had was a phone number and no one ever answered or returned calls. If he had more information, I probably could have saved the house. Also, I just found out that the trustee sale announcement was posted in March. If I knew it was already in pre-foreclosure and not just behind on payments, I would have moved a little faster.

Is it too late to save a house (bring the loan current) by the time a notice of substitute trustee sale is posted? If so, how much time would I have to stop the foreclosure?

How was your response rate?

Congrats. You could look up the company that is servicing the loan through your counties register of deeds or ask her how she pays for her mortgage. She should get some kind of statement either online or through the mail. Ask her how much she bought the house for (minus the downpayment) and use an amorization schedule to figure out the balance. Is she current on the loan?

The problem with gifted money is that nobody gives money away for free. At some point, they expect to be paid back. By paying them back, the money is not free. It then becomes borrowed. And you can't use borrowed money to buy investment properties, except HELOC'S and home loans. Borrowed money increases your money expenses. I don't think you'll be able to qualify with another Homepath lender because they are big national banks and all have the same guidelines.

You can get gifted money if the money is strictly a gift. You need to provide bank statements from the person and a letter says that you will not have to pay them back. The only time you can use borrowed money is if the money is from a HELOC or home loan. They want to make sure that you do not obtain any new debt which will increase your DTI ratio. HELOC's and home loans are allowed because the money is technically your's.

I would think the rates would be low if you live in the house and higher if it's a rental.

Maybe next time he won't let his ego get in the way. Sometimes people have to find out the hard way. You live and you learn.

What is the minimum amount of months a buyer has to wait to refi?

Most traveling nurses get their housing paid for by their work agency or the nurse will get extra pay to go toward housing. So either she is not a traveling nurse or she is pocketing the rent money.