All Forum Posts by: Minna Reid

At this price point you will be buying in west side or maybe some areas of north side.  

Nothing else will be available unless you want to consider condos. 

Are you trying to sell this FSBO? I don't see how you are anticipating less than $15k closing costs on a sale this size? And by the way your balance increases with non payment.

Not much to worry about if you are only 30 days behind, but unless you do move this quick you will in fact be looking at a short sale. 

Good news is they are obviously open to that. I wouldn't worry about the 5/29 date - they will certainly make the option of short sale available to you again anytime between now and the foreclosure sale...which could be many months or even years away.

Just posting so I hopefully get an update on these "investments" in a few years...lol. Guessing things don't go quite as well as anticipated. 

You have a week and you have the cash to pay all the debts? What's the problem? Close tomorrow and fund everyone. Why do you need to extend?

There used to be a short sale board here but no longer. 

What is the purchase price?

FYI - Realtors are not allowed to pursue owners with current listing agreements with other agents. You will have to do the reaching out if you want someone ethical. No one will be able to work with you until that listing  expires or gets cancelled - which is a mutual decision between agent/client FYI.

It's not just the agents, it's the investors too. As a Realtor I get multiple calls/texts weekly with the same investor scripts and have been for at least a year now. They're not even creative, as I feel there are maybe 3 versions of the same script they are all using. The inventory is just not there for anyone. 

Lot of agents and investors will be flushed out...which IMO is a good thing. 

Because that mortgage payment will eat up almost 70% of all your available income. Anyone would be a fool to sign up for this. 

Also the $1500 isn't really that helpful because  it is "projected" and includes no expenses. Even with the rent, this house will take at least 1/2 of all your funds monthly. 

This sounds like the beginning of so many of the hundreds of foreclosure/short sale stories I've heard. 

This is a disaster waiting to happen. Is a lender even willing to fund this? I hope not, but even if they are, don't do it! 

These silent seconds are called HUD partial claims. If you do a forbearance or loan workout with FHA, you likely have one. You would have signed a promissory note as well as having a lien placed. The problem is HUD has been very sloppy especially over the last few years to record these, so often unless the homeowner remembers them , they bypass closing. Unfortunately, even without a lien, HUD can still collect as you signed a promissory note. Partial claims were not terribly common prior to COVID. Over the last 4 years HUD has written at least a million of these for loan workouts. They are pushing them actually. The only way to modify a loan to a lower payment during a time of rising rates is to move a bunch of principal to the back of the loan. I frequently speak with folks who are finding out that:

A: They have a partial claim

B: The partial claim amount is astronomically higher than expected

C: HUD failed to record their lien (not as common as A and B) and then was forced to pursue the homeowner after a sale

Since FHA has been basically pushing everyone they can into a loan mod per "Covid mortgage rescue" plans, these will be an ongoing issue for many years to come. Also, since they have written so many more in recent years than ever before (historically speaking) the problem will only escalate as more and more homeowners come to realize all their equity disappeared into these when they go to sell.

FHA is still pushing Covid workouts actually, and currently have extended them through April 2025. They will probably extend again. The partial claim issues have only just begun .