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Zachary Said:

I purchased new build in az 6/06 for $250, was told it was worth $350, now its only $200000 do I have recourse

We Answered:

no. you have no recourse. unfortunately you are in a buyer beware type of situation. you are in the same boat as thousands of others in the country. at the time you bought, home prices were just beginning their cooling phase. the good news for you, is that it will be over soon. hang in there, give it time, and you will soon have equity in your home (it will probably take another year or two).

Vivian Said:

Can my mortgage lender come after me if I short sale my house?

We Answered:

By definition the lender must agree to the short sale or it will not take place - you cannot just short sale yourself and hope the lender doesn't mind. Usually the terms of the short sale include resolution of the issue of recourse - the ability of the bank to seek any loan losses from you personally. It depends upon state law. You need to consult a real estate attorney in your area. In addition you need to know if the bank will issue an 1099 which will leave you showing the loan loss as income and hence own income taxes on that income. (remember if you owe say 100K that you don't have to pay back that is income to you)

Tony Said:

Buying a house in another state?

We Answered:

You would have to qualify for the house you want to buy as if you were buying a house in the same state.

I don't know what the room rental rate has to do with you purchasing a house.

There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

He will inform you of what is necessary once you contact him.

This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Francis Said:

IS IT A FELONY IN AZ TO COLLECT RENT AND NOT PAY MORTGAGE?

We Answered:

No, it isn't even a misdemeanor, it is not illegal not to pay your mortgage.

It will be illegal to collect rent after Aug 12th though.

Lillian Said:

My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

We Answered:

I am sorry to hear of the loss of your mother.

You can't continue to duck the calls--they can put it in foreclosure.

You say you inherited the house--how? Was it because of the way it was titled (joint tenancy, right of survivorship or what?) or was it via a will? If a will, was it probated? Doesn't sound like it could be or the lender would know your mother is dead.

Did she have no other assets? No life insurance or such to pay her debts?

I am unclear how you were able to license the house if it was not in your name--so was it just the mortgage that was in your mother's name? I think you are going to have no choice but to speak with a real estate attorney. You can use the county bar referral for about $50 you get 30 minutes with an appropriate attorney if you're in Maricopa County. Get ALL your paperwork in order and write out a basic statement because 30 minutes will NOT be enough time to sort this out and you don't have a second to waste. You will get an idea of what your rights and obligations are and if the attorney you speak with is the one to hire.

Do you have your own place? You may want to consider selling or renting it out (yes I know the market is depressed) and moving into the home as it's license for care and seeing if you can by not having other living expenses catch up the mortgage and get some clients. You may be able to sell the home as the "business" of assisted living--especially to an investor.

You want to get ahold of the "loss mitigation department" of the mortgage company and see how they will work with you--could end up with a short sale. You can explain that you were sufficiently upset over your mother's death that you just didn't take calls. What can you do NOW to make this all right.

If your home is licensed, do you have qualified staff yet or not? You may be able to get a partner--provide you with ready made staff and some funds and you make a go of the business. You have options, but ignoring the business that OWNS the home for all practical purposes (that lien trumps everything) is not an option.

Good luck.

Guy Said:

How does pre-approval for mortgage work?

We Answered:

yes, you can change lenders anytime you want up until you sign a contract and get the money. the point of pre approval is that it shows the sellers/agents/you what a company is willing to lend you. its as good as money in your pocket.

its better off finding a preapproval in the are you are dealing with because the lender will almost always want to be there in person if you are borrowing a large sum.

and why dont you ask your company, most companies that relocate people have very good, well thought out divisions that help you find and secure a loan, help you find a home, and help you sell your existing home