Millions Of Americans Skip Payments As Tidal Wave Of Defaults And Evictions Looms Real Estate |
- Millions Of Americans Skip Payments As Tidal Wave Of Defaults And Evictions Looms
- Number of homeowners in forbearance falls for first time; unemployment rates falls to 13.3% with gain of 2.5 million jobs.
- Mortgage rate under 3%
- I feel bad for my realtor because I don’t like the houses he sends me. How long do realtor stick with you until they give up?
- Condo buyout
- [AZ] Anyone else buy the most expensive house in the neighborhood and sell it 3-5 years later not in the red?
- Are there cons with filing for a mortgage solo vs jointly with my wife?
- Site that shows previous rents for a house that is currently for sale
- What To Do With Extra Money At Closing?
- Is a listing agent allowed to lie about the number of current offers?
- Planning on buying next year
- False information on condition report (WI)
- Question: How come there houses that go "under contract" in less than an hour on real estate websites?
- Home affordability and stock market investing
- Any evidence that buyers and sellers realtors are colluding with each other to get a home sold in a tight market?
- Buying my first home
- Do I need to go to school to get into the real estate business?
- Looking at a potential purchase. Tree close to house and hanging over roof
- Non-Conforming Space?
- What would be the best way to invest $180k into real estate?
- Recommendations on lender
- VA Loan requirements for condo: What is the owner-occupancy ratio requirement for the building?
- Moving across country, buying new home
- Selling/Purchasing order
| Millions Of Americans Skip Payments As Tidal Wave Of Defaults And Evictions Looms Posted: 05 Jun 2020 11:05 PM PDT According to the analytics company Black Knight, 4.75 million homeowners — or 9% of all mortgages — have entered into forbearance plans. And millions of people are getting help from all kinds of lenders. According to the latest available numbers from the credit bureau TransUnion, about 3 million auto loans and 15 million credit card accounts are in some kind of program to let people skip or make partial payments. Those are probably low estimates. "When the $600-a-week unemployment insurance runs out at the end of July, most people expect tremendous displacement risk," says Andrew Jakabovics with the affordable housing nonprofit Enterprise Community Partners. "Evictions are likely to go through the roof." [link] [comments]  |
| Posted: 05 Jun 2020 08:08 AM PDT Active forbearance volumes decreased by a net 34,000 over the past week, marking the first weekly decline since the crisis began - A decline of 43,000 forbearances among government-backed mortgages from May 26 to June 2 was partially offset by an increase of 9,000 forbearances among mortgages in bank portfolios and private-label securities Other morning news: The U.S. jobless rate fell to 13.3% and employers added 2.5 million jobs in May, early signs the labor market is mending as the economy started to reopen following lockdowns related to the coronavirus pandemic. https://www.wsj.com/articles/may-jobs-report-coronavirus-2020-11591310177 https://www.nytimes.com/2020/06/05/business/jobs-report-stock-market-coronavirus.html#link-1db3f4ba Non-farm payrolls: +2.5 mil vs -7.5 mil expected Unemployment rate: 13.3% vs 19% expected (14.7% in April) [link] [comments]  |
| Posted: 06 Jun 2020 03:50 AM PDT I was wondering if anyone has seen or been able to secure a 30 yr fixed jumbo for under 3 percent? I was told by a mortgage broker that this is possible a few weeks ago. Have no debt, credit score 840, and putting 25 percent down. I want to shop around but don't want my credit score pulled multiple times. Looking for the best way to search for the lowest rate possible. [link] [comments]  |
| Posted: 05 Jun 2020 11:36 PM PDT My realtor has been very nice to me and does not pressure me or anything but I feel bad when he sends me homes to look at and I tell him I don't like them. How long is a reasonable amount of time before an agent gets fed up? I don't want to feel like he is wasting time on me because I'm so picky but I'm putting all my money on the line to buy a home. Thank you [link] [comments]  |
| Posted: 05 Jun 2020 04:05 PM PDT I'm completely at a loss for what to do- Our roof and sidings have needed to be replaced. We knew this when we purchased a little over 2 years ago, but were lead to believe it was already in the HOA budget. It was our first home purchase and we didn't think to question this further. We have just received an email from our HOA stating that while they're waiting for a final bid, the initial estimate will result in an increase of $400 a month to our monthly bill for the next 10 years. We cannot afford this. According to HOA, if we choose to ignore the repairs it will eventually lead to the homes becoming uninhabitable. As of right now our roof is not leaking, I don't know if that's true for other owners. The other option is to sell out the entire association to a developer with a 4/5 vote. We were planning on selling our condo next year so If we could walk away now with our initial deposit and maybe a little more we'd be ecstatic. We don't know how long this process would take and if enough of the community would accept to sell their home. What can we do? Can we still sell the condo now or will knowing this information completely tank its current value? [link] [comments]  |
| Posted: 05 Jun 2020 10:13 PM PDT First time home buyer. I loved this newly modeled house that ended up selling within 12 hours and had 5+ offers. I had to go up in asking price by a bit and got the contract. The house is around 15% above the other houses and starting to get wet feet after the research I've done in this subreddit about NOT to buy the most expensive house. The realitor thinks it will appraise, but I'm starting to have my doubts about the comps. I only plan on being in the house for 3-7 years. The house has nothing wrong with it and I don't plan on doing squat to it either. Anyways, given your history as a realtor - do you see homes like this have a decent chance to have its value increase in that short time frame (assuming market conditions don't go to absolute shit)? [link] [comments]  |
| Are there cons with filing for a mortgage solo vs jointly with my wife? Posted: 05 Jun 2020 06:26 PM PDT This is in WA state, a community property state TL;DR My credit tanked and we are considering getting the mortgage under only my wife's name since she qualifies for the best interest rate herself and her income covers the loan easily. Are there any concerns such as tax implications/credit implications/untimely death/etc if we put the mortgage under her name alone instead of both of ours? Our combined income is currently around $130k/yearly. Our offer got accepted on a home for 420k, 30yr conventional loan w/ 5% down. My wife and I were preapproved both with excellent credit well before the process and were projected the best rate and lowest PMI at the time. After our mortgage lender ran our new credit it reflected a much lower score for me (1 missed payment due to an old card I thought expired incurring an annual charge, big mistake) I dropped from about 795 to 650 in August. I've since gotten up to 725 but it dropped us out of the best rate range and doubled our PMI. My Wife's credit is still at 800 and she makes more than enough to cover our loan, this has been confirmed with the lender. Here is what the math looks like according to our lender: Her solo rate: 3.1% as of today, $73/month PMI, $4800ish Upfront PMI Payoff (we would like to do this in case the market drops and it takes significantly longer for us to pay off PMI) Our combined rate: 3.25% as of today, $155/month PMI, $8500ish Upfront PMI Payoff According to amoritization calculators, having the mortgage under her name would save us $32/monthly in interest, resulting in approx. $12,000 during our 30yr loan, and $2700ish in upfront costs. According to the lender, the upfront payment if we signed combined would be considered lender paid and rolled into the mortgage which is also tax deductible, but we are unlikely to itemize over the standard deduction which would negate any such benefit. After some research I've found that the benefits of the mortgage under her name are: cheaper Upfront PMI Payoff and lower rate (combined realization of $14,700, $2,700 upfront which are planned for some renovations), only her credit will be impacted if we default (which hopefully will never happen), frees my debt ratio up to potentially capitalize on a better rate on a future purchase if desired (likely not), we will both still have equal claims to the property (no quitclaim deed will be signed). The only concern I had is when she eventually moves to part time work due to kids, but she won't do so until I'm working full time, which when that happens we will be earning more than our current 130k/yearly combined takehome. Our lender said that once the terms of the loan are set there will be no need to adjust for who is making income assuming there are no late payments, which lays to rest my concerns there. I have failed to see anything that could come up as a negative about having the loan solely under her name, which is why I'm asking if any of you have knowledge that would sway us to get the mortgage jointly and pay the slightly higher cost/rate. We wouldn't want to do it if it could potentially cause a hassle as that's not worth saving $14700 over 30 years, but if there are no concerns that come as a result of her getting the loan herself we'd be happy to save some money. [link] [comments]  |
| Site that shows previous rents for a house that is currently for sale Posted: 06 Jun 2020 03:56 AM PDT I did a search here and didn't see where anyone else posted about this. My husband and I are looking for our first rental property. We are about 3-6 months from being able to really seriously buy something. In the meantime, I have been running the numbers on Zillow listings and was wondering if there is an app or a website that will show you previous rental listings so that can get a better idea of what these apartments would rent for. I know Zillow has the rent zestimate and will sometimes have rental listings in the property history and that's helpful but it's not always there and the city we want to invest in has wildly different rates from one street to the next. [link] [comments]  |
| What To Do With Extra Money At Closing? Posted: 05 Jun 2020 11:11 AM PDT Our sellers are giving us 2.5% towards closing ($12,625), along with our $500 good faith deposit and earnest money will give us almost $15k at closing. The cost to close only turned out to be around $10k. The free rate we qualified for is 2.99%. I asked where a point would get me and they said 2.625%. Is this what I should be doing with the extra $5k or is there something else I can do with it at closing? I'm VA so cash isn't an option. It seems like the right thing to do but I thought you smart people may have a better idea! Thanks! [link] [comments]  |
| Is a listing agent allowed to lie about the number of current offers? Posted: 05 Jun 2020 04:54 PM PDT Just had my offer accepted on a foreclosure that's been on the market for over 100 days. My agent said he contacted the listing agent and they said they recently received several offers and would be reviewing them soon. Ill admit, the sense of competition pushed me to add 5k to my offer. They accepted the next day. What are the chances that after 100 days several people are lined up to buy the house? Was this a tactic? Is it legal? I'm not bitter, just curious really haha. [link] [comments]  |
| Posted: 05 Jun 2020 01:22 PM PDT This will be my partner and I's first house. Covid really wiped out our savings, so it will be tough to get that all back within a year to have a substantial down payment. We are looking in New Hampshire in areas where the median home price is around 300/400. I keep saying we should rent to own- he's not so sure. Is it worth it, or are we better off just waiting until we get our savings up again? We're just sick of apartments and want to grow our family. [link] [comments]  |
| False information on condition report (WI) Posted: 05 Jun 2020 03:19 PM PDT I purchased a home in January. The condition report listed no major defects. Specifically, "I am aware of defects in the roof" and "I am aware of defects to the structure of the property" were checked "NO". My inspection turned up a crack in the chimney crown. For this and some other findings, I requested and recieved $2000 credit from the sellers. With weather warming, a recent storm showed water dripping in the basement at the chimney. Knowing this may be related to the chimney crown my inspector noted, I called a specialist to come take a look. When the specialist arrived, he told me he'd been at the house a year prior (April 2019) and had already provided an estimate on roofing work (not urgent but the roof is nearing its end of life) including the chimney. The work needed on the chimney clearly exceeds what the inspector noted: tuck pointing and flashing are also necessary. The specialist shared with me the photos and estimate from 2019 with the previous owner's name. I'm a little miffed that they knew the chimney was an issue and lied on the condition report. At the same time, the young couple who lived here were nice and maybe they just made a mistake, so I'm not sure how angry to be about it. Does anyone have advice on my options at this point? Is it appropriate to reach out to them and say that I discovered this past estimate and would like them to contribute to the cost of the chimney repairs? [link] [comments]  |
| Posted: 05 Jun 2020 09:51 AM PDT Recently I have seen a number of houses in our area going "under contract" in less than one hour after being published on major real estate websites? Now I know there might have been a delay in publishing information. However, I also get notifications through my realtor which are often a few hours earlier than these usual websites. [link] [comments]  |
| Home affordability and stock market investing Posted: 05 Jun 2020 05:13 PM PDT Heyo- So all the home affordability calculators out there seem to put all the emphasis on monthly budget. If my monthly budget is break even but I have a nice amount invested in the stock market, don't lenders take that into account when they calculate how much I'm eligible to borrow? I'd like to diversify my investment from the market to real estate ("house hack", duplex situation) but am I screwed if my income doesn't exceed my expenses more? I'd love to find a calculator that takes all this into account...or maybe I'll just bite the bullet and speak with a human. Thanks! [link] [comments]  |
| Posted: 06 Jun 2020 12:20 AM PDT Just putting this out there, I am looking at homes. Put three different offers, first one I was told by MY agent what amount sellers needed to accept offer. ( I kinda brushed it off) ended up losing house. Offer 2, sellers would not budge on overpriced home with counteroffer. I walked. But My agent said the home was overpriced for the area, and gave me a figure to start less 10k the asking price. ( knowing they wouldn't come down too much) house listed for 400 days. House 3, placed offer, deadline was tight and honestly I'm not sure my offer was put thru in time. House 4 ( backup offer) offer accepted, but during the inspection agent mentioned that an offer was sent back to us( me) but we refused because #4 was the best home for me. Agent never told me a counteroffer was presented. So am I being "handled" or is there knowledge of other buyers that are better prepared for a solid contract. It's just sitting with me strangely. [link] [comments]  |
| Posted: 05 Jun 2020 10:37 AM PDT My gf and I started the journey of buying our first home. We found a house that we liked near both of our jobs and out an offer and to our surprise it got accepted. The offer was conventional with 5% down and no closing cost, but we had a few questions. The first one is my gfs credit is 660-680 range and mine is in the 740-760 range the lender gave us a 4.75 interest rate. Is that fair? I talked to a few coworkers who have purchased homes and they say that it's too high l, especially right now when they should be low. Also our monthly payment would be around 1450 which I personally think is too high for a house that is worth 203k. If anyone has any input plz feel free to comment below. I'm in Central CA btw. [link] [comments]  |
| Do I need to go to school to get into the real estate business? Posted: 05 Jun 2020 04:57 PM PDT I'm leaning towards this being my career choice. So would I need to take specific courses for this or just get an entry job in the field? [link] [comments]  |
| Looking at a potential purchase. Tree close to house and hanging over roof Posted: 05 Jun 2020 06:21 PM PDT As the title says there is a concern of a tree too close to the house. Approximately 6 ft away from the back of the house. The branches and leaves are above the roof and I've been reading the tree could be too close for roots to damage house. How much is an estimate to remove the tree? Pretty large. Diameter of trunk is 2.5 ft - 3ft in diameter. Do I need to worry about neighbors suing because we are taking away shade as some of the branches may be hanging over their land. [link] [comments]  |
| Posted: 05 Jun 2020 09:49 PM PDT We're looking at buying a house that we're currently renting. It's got 2 bedrooms, and a large finished attic with drywall, paint, electrical but no separations (one big room), so we've always considered it as a three bedroom. Looking at data from when this house was listed prior, the attic room is apparently "non-conforming space", because of a low ceiling height. As we're negotiating for price/comps, does that mean that we should be looking at the house as a 2 bedroom rather than a three? And should we be reducing the 'finished square feet' comparisons to not include the attic space? [link] [comments]  |
| What would be the best way to invest $180k into real estate? Posted: 05 Jun 2020 09:09 PM PDT Recently inherited $180k and would like to invest it into real estate. What should I do? [link] [comments]  |
| Posted: 05 Jun 2020 09:07 PM PDT Looking to take a loan on a second and was wondering if any one has any good recommendations on lender? State is MI [link] [comments]  |
| VA Loan requirements for condo: What is the owner-occupancy ratio requirement for the building? Posted: 05 Jun 2020 03:05 PM PDT I live in a condo building in DC that is VA approved. We have several veterans in the building who bought using VA loans. The composition of our owners and board are changing, and there are concerns about ensuring we keep the building VA approved. It's just a little unclear what the specific requirements are for this. One of the requirements to get a VA loan is the entire condo building---in this case 8 units---must be owner occupied up to a certain percentage. I've seen articles say it's 50% owner occupied but I've also heard 75%. What is the current requirement on owner occupancy ratio for VA loans to condos? (cross posted from r/MilitaryFinance) [link] [comments]  |
| Moving across country, buying new home Posted: 05 Jun 2020 08:57 PM PDT I have a job opportunity that would have me move to another state. We currently own a home and want to know the best way to buy in our new area. We have great credit and about 100k equity in the home (owe 200k). Thing is, we're not too sure about the market in our current area to sell. Our home is 3 years old and there's lot of new construction around us. While the market would be deemed hot (at least before March), houses in our neighborhood have not been selling for what we think they should be going for with brand new houses down the road going for the same price. We think 1-2 years down the road when the new builds in the area level off our property value will catch up to the market. The new area we're looking at has a VERY low cost of living. We could get into a house in this area for equal to or less than what we owe on our current mortgage. While we do have savings for a down payment it won't be enough to put down enough to avoid PMI. I do believe we would be approved for a second mortgage, but would really like to avoid 2 monthly payments without money coming in. We're trying to find our best options. Should we just buy and sell at the same time and not get what we think we should for the house? Should we do a HELOC and rent the current property until the market turns to our favor? Is rent to own something to consider? Thanks in advance for the help. I don't have a mind for real estate so please forgive my ignorance. [link] [comments]  |
| Posted: 05 Jun 2020 08:48 PM PDT I essentially inherited my childhood home from my grandmother. I need to relocate for work and have to use a portion of the sale of the house to take care of my sickly father. I plan on using a portion of the sale of my house for paying off all my student loans and the remainder of my car loan, and for a 20% down payment on a home. Here's the issue. I have a low credit score (600). I will have money for a full 20% down payment, and money to pay off my large debts (though not all at once so I am not negatively effecting my credit score for paying off debts too quickly). I don't know what the order needs to be in this process. I feel like I'll be laughed out of the bank if I approach them for a loan with a 600 credit score but I WILL be having the money with the sale of my old home. Do I sell my old home before I even apply so I am going to them with this money? If I do sell my house, am I making myself homeless until I can find a mortgage and a home to buy? Or do I approach them with this information? Can they make an appropriately informed decision for a mortgage by looking at the amount of money coming my way from the sale of my house? I'm at a loss on how to move forward with this process. TIA. [link] [comments]  |
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