Monthly Archives: December 2009

What happens if you buy a owner financed home and the owner dosent repay the existing mortgage?

By Home Buying Wiz | December 30, 2009

gator asked: I am getting ready to buy a home and land from a family member, through owner financing. The land and house currently has an existing mortgage, what will happen if the owner dosent pay the existing mortgage? Im not sure how owner financing works.
thanksPamela

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What is a short sale and how long you have to wait to buy another house again?

By Home Buying Wiz | December 27, 2009

eripapito asked: I heard a short sale in when you can pay or can sell your house for the amount you bought it for… For example I bought my house for $235k and now it cost between $170k to $190k, so it is upside downs for around $60k. I heard that I can hire [...]

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How do you manage to make enough money to buy a home?

By Home Buying Wiz | December 10, 2009

betsy asked: A home similar to the modest 3 bedroom 2 bathroom home that I grew up in duriing the 1960s in west San Jose, California recently sold for a little over $1,200,000.
My mortgage broker told me that I would need an annual income of at least $230,000 to qualify for the home [...]

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Would my wife and I qualify to buy a home?

By Home Buying Wiz | December 8, 2009

donwillymo asked: We live in New York and are interested in buying a home like any other couple. Combined we currently make 56,160 annually not including bonuses and o/t (although second job would bring it up to about 62,000). She has a great credit rating and I have mediocre rating but not terrible. Would this [...]

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