downpayment - Posted by Emma

Posted by dealmaker on June 01, 2006 at 08:49:17:

For starters, where is the house? Do you have SOLID appraisal or is the $210K FMV a “swag”? Could be that maybe someone on here might want to go in on it with you (obviously for a price) and bail you out. But we need to know more details.


downpayment - Posted by Emma

Posted by Emma on June 01, 2006 at 05:35:45:

I am in a real bind. I have secured a mtg approval of $150’000.00 (85%) but I don’t have the 15 % downpayment. The house is appraised at $210’000.00…the selling price is $175’000.00. One of the conditions of the mtg approval is that I pay a $4500.00 collection that is on my credit report. I don’t have that money either…What to do??? The sellers are giving me 7 more days extension for the deal to close …I am down to 6 days now; also, by the way I have only 6 days to vacate these premises What am I going to do!!! I’m stressed to death and in a panic. I’ve approached a friend and asked her if she’d loan me the $4500 just to get me out the starting gate but no luck. I told my lawyer I didn’t have the downpayment and my lawyers secretary told the sellers lawyer that I did not have the 15% DP and he told the sellers…the sellers asked me if this was true and out of fear I lied and said I did have the 15% down. I don’t want to lose this deal because I’ve burnt all my bridges and will have no place to live in 6 days. I am in a panic but I must try and keep calm. There must be a way around this. The sellers need the money to pay to the builders of there new home: the sellers are being pressured by them now. The sellers are frantic also but they will not negotiate with me…I’ve tried already. I’ve racked my brain for a solution. I need to hear from creonliners whose had simelar problems and how they solved them…time is running out for me and i would like to thank you for your help. Phew!!!I am so worried that I feel sick but I still think that there is some hope, by the way, I am sorry that I lied to the seller, I didn’t know what to say, it just come out but I thought I could find a way to get the money I needed in time and I thought the sellers may not have given me an extension on the closing date. Please heip me straighten out this mess

Re: downpayment - Posted by Alex

Posted by Alex on June 04, 2006 at 09:39:58:

What are you doing in the first place looking at a house you can’t afford and you have a judgement against you? No downpayment, an unpaid judgement, and you have a lender willing to give you a mortgage anyhow? Probably at a very high interest rate. My advice, rent, get out of this deal if you can, and fix up your credit first and your situation before wasting people’s time with a house you can’t afford, and that will only be foreclosed upon anyhow at some point when you can’t make the payments. Real estate is a serious business, for serious minded people. Shop your money first, then the house. Right now, get ouf this deal, and rent someplace. You will owe the attorney their fees, but it’s still cheaper overall compared to getting over your head with a mortgage you can’t possibly carry. Sorry to be so blunt, but you have no business right now doing this.

Re: downpayment - Posted by Berno

Posted by Berno on June 02, 2006 at 14:34:25:

At the risk of being rude, it sounds as though the planning portion of aquiring this house was overlooked. If you have a $4500 judgement against you that you can’t pay and have no money for a down payment it seems as though you are at a bad point in your life to be buying a $200,000 home for yourself. Do you have income that will cover the mortgages, utilities and other expenses that come from owning this home? Just take stock of the situation before you take any more action…it seems as though actions have got you in a bit of a pickle.

Re: downpayment - Posted by Carmen

Posted by Carmen on June 02, 2006 at 03:03:40:

I know usually a mortgage lender will verfy you have the funds for a down in an account or instrument prior to closing…but I guess not in this case. Do you have any insurance policies with equity, credit cards, any assets you can sell? Have you tried to get the collection settled for a lessor amount?