All Forum Posts by: John Maloney

Is it possible for a wife get a loan in her name based on their husbands income? The wife is the stay at home mom and they only have husbands income. Their current house is in default but she is not on the mortgage. Since husband can't get approved for loan in his name after foreclosure can they qualify for loan in wife's name based on husbands income? Would or could he cosign?

Looking for advise. We are located in the Tinley park IL which is a south suburb of Chicago. I would like to talk with someone from my area who is familiar with the foreclosure and short sale process and possibly recommend an aggressive realtor who specializes in short sales.

Hi Rick. Nice to see another member from the area.

Hey guys thanks for the advice.

It appears that I should have more time than I though to figure out what I'm going to do. From what I as told if I go though with a foreclosure there is a good possibility that I won't have to leave my house for some time. And that's if I do nothing. I was told that cook county is pretty backed up with foreclosures.

A short sale will have less impact on credit report because after a short sale it is reported that you payed as agreed.

Before I make any desicions I'm going to wait til after surgery. I will know more about we're we will be financially. I'm going to have time to get a game plan while I recover from surgery.

Hey BP, I am wondering if the is anyone who can give me some advice on my inevitable foreclosure or short sale of my current residence and bankruptcy. I'm trying to weigh my options and trying to figure next step.

(I am located in south suburb of Chicago, Illinois if there is anyone local who can advise)

The mortgage was originally with GMAC but was sold to Ocwen. I am under water approx. $40-50k. I had health issues that caused me to be off work for a couple months after surgery and will be off again for at least a couple more months after my next surgery on Dec. 2. Bankruptcy since the multiple late mortgage payments are going to be pretty devastating to my credit not to mention the credit card debt that has accumulated.

I have been talking with them and was just approved for another trial modification. They OKed a trial mod back in October but I didn't make payments. I don't see any reason to throw away 3 months of payments just to stay in a house that is underwater.

Anyway I'm just trying to figure out what next step should be.

Shoud I start shopping for agents with short sale experience?

Should I start shopping for attorney?

Or maybe deed in Lieu?

I would like to cause the least amount of damage to credit as possible.

Thanks in advance for any help or direction.

John

.

I'm digging! I can see many late nights browsing.

Hey BP. Quick intro: My name is John Maloney. I was born raised and live in Tinley park,IL (which is a south suburb of Chicago in cook county). I currently work as a union pipecoverer (insulator). I'm married and have 4 awesome kids.

My (only)experience: I purchased my current home that was a foreclosure that my father and I found during his short time as a realtor.

Ive always enjoyed watching the hgtv and flip shows always made me think that's something I could do(just never thought I could afford to). I have learned a lot by doing some home improvements and renovations myself. I've always had interest in real estate also like the idea of passive income and possibly buying a multiple-unit possibly for my next residence.

I found BP searching for info about for closures and short sales (but unfortunately I'm on going to be on the wrong side) looking to sort out the process and figure out my options. (Current health problems have caused me to fall behind and realize that now Is the time get out of our current house which is underwater and a little tight for our growing family.)

Since finding BP last week I've been listening to all the podcasts any chance I get (at 1.5x speed sometimes multiple times) and finding the inspiration to absorb as much as I can to get a real start in real estate investing.

Im really excited to dive deeper into this site and meeting new people in this BP community.

I would also like say thanks to Josh Dorkin and Brandon Turner and all the guests on the podcasts for sparking my interest.

I wish I found this site sooner!

See ya later