What to do after a short sale

[Coronita]

You know… Sometimes people…. you guys can be such jerks.

Like you folks never made decisions in life that didn’t work out….

And some of you just sit here and mentally masturbate and theorize about how to many more money….

Proving once again, a lot of you folks get much more satisfaction out of seeing others fail…Why are are some of you just, well, such shitty people.

[bearishgurl]

[quote=flu]You know… Sometimes people…. you guys can be such jerks.

Like you folks never made decisions in life that didn’t work out….[/quote]

I’ve made plenty of decisions that didn’t quite work out. If they had, I wouldn’t be sitting here lamenting with y’all as a “diversion” to my work … I’d have sailed off into the sunset l-o-o-ong ago … :=0

[bearishgurl]

[quote=flu] . . . And some of you just sit here and mentally masturbate and theorize about how to many more money….[/quote]

Speak for yourself, flu ….

http://piggington.com/ot_prevailing_sfh_rental_prices_in_carmel_valley

[spdrun]

Generally, one can’t schtupp properly until they’ve learned to orgasm via masturbation 🙂

[Coronita]

I prefer real versus memorex. I’m not into theories at all.

[sd gal]

I think most of comments are off topic now. I was asking for a way to get the mortgage loan…. but I will try credit union and see.
Thanks for the folks that actually answered my question.

[The-Shoveler]

Surprisingly TX seems to be having as much problems with its budget as California has.

There is constant talk of cuts and defects etc…

The little I know of the housing market in TX is that its not so great and if you have a lot of land you are not farming or making use of with the house the Taxes can be quite high.
The Housing market in Austin in particular seems to go through booms and busts more so than the rest of the state.

[spdrun]

I thought that TX requires a “balanced” budget in every year, which explains the problems. Then again, I’ve also heard of them using accounting tricks to appear balanced.

[The-Shoveler]

TX 2012

Perry, a Republican, campaigned on the strength of the Texas economy and made political hay of the fact the Lone Star state had avoided California’s massive deficit, pegged at $25.4 billion through the upcoming budget year.

Now Texas faces a budget deficit estimated as high as $27 billion for the upcoming two-year cycle of 2012-2013. To close the gap, state legislators have proposed steep cuts in funding to education and welfare programs.

California and Texas are in similar budgetary dire straits following a painful U.S. recession that severely crimped state tax receipts and other critical revenue sources.

[The-Shoveler]

I knew people who left California and moved to Austin because California finance it was so messed up, they thought it would be so much better in TX.
I wonder what they think now?

[spdrun]

That this whole country is financially forked? (As is true.)

[Coronita]

[quote=sd gal]I think most of comments are off topic now. I was asking for a way to get the mortgage loan…. but I will try credit union and see.
Thanks for the folks that actually answered my question.[/quote]

Some people have tried absolute mortgage… I personally haven’t.
http://www.absolutemortgageco.com/

But the person you probably want to send a private message to is Sheldon (aka “HLS”).

Sheldon is the actual loan expert. I didn’t get a loan from him, but A LOT of older people on this site can vouch for him.

His website is
http://www.homeloansheldon.com/
and you can try sending a private message to HLS, although like a lot of old timers, he doesn’t visit here that much anymore.

Good luck with everything. Hope it works out for you.

[bearishgurl]

…a study by mortgage data firm Ellie Mae of new loans closed in June found that credit scores for approved mortgages remain extraordinarily high. Fannie and Freddie’s refinancings had an average FICO score of 767 and average equity percentages of 29 percent. Home purchase loans had average down payments of 21 percent and 763 FICOs. Even the conventional home purchase loan applications that lenders rejected had high credit scores and down payments by historical standards: 738 average FICOs and 19 percent down payments. FHA, which used to average somewhere in the mid-600s for FICO scores on approvals, appears to be continuing to cherry-pick applicants as well, based on the Ellie Mae survey data.
What does all this mean? If there’s a loosening of underwriting standards coming down the road, there are scant hints of it at the moment.

See: http://www.utsandiego.com/news/2012/aug/05/tp-are-lenders-loosening-up-dont-bet-on-it/?page=2#article

For a conventional loan, it appears the OP’s current FICO score of 750 is still too low to qualify or right on the edge. And I agree with flu here who suggested that sd gal hold back some cash for a rainy day … not to allocate her entire $110K savings as a downpayment but perhaps put 20-30% down. Of course, it doesn’t hurt to check CU’s and “portfolio lenders,” though (if there are still any in existence).

[Diego Mamani]

[quote=sd gal]I was asking for a way to get the mortgage loan…. but I will try credit union and see.[/quote]Actually, I’d suggest a boutique mortgage shop, an independent direct lender. A credit union might give you a faster answer (yes or no) than a large bank, but underwriting won’t necessarily be any easier.

[Author]

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