Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on January 23, 2012 at 1:26pm

Take this "tongue in cheek" but send a photo of your seller in full military gear along with his paycheck and a copies of all of his expenses - FEDEX it to the negotiator and to the Chairman of the Armed Services Committee in DC.

Permalink Reply by Danielle Powell on January 23, 2012 at 1:33pm

I like it!! It might just work!

Permalink Reply by Lisa Cedillo on January 23, 2012 at 1:42pm

Have you gone over their expenses with them? A lot of people don't include all of their expenses, they tend to leave out a lot of expenses.  I always tell my sellers to be sure that every dollar has a name, if a dollar doesn't have a name, then you have too much of it.  Basically, remind your seller, if this is an investment property, then this family must have at least 2 different household charges, meaning 2 or more mortgages, 2 household utilities, from electric, water, garbage, gas, phones, internet, cable, then all insurances, 2 home insurances, vehicle insurances, health insurances, any special health considerations, vehicle fuel, vehicle maintenance, home maintenance, union dues, credit cards, childcare, school, books and other types of loans, and so on, there are so many costs, that people miss, and it can make the difference on whether or not, the affordability from 1 or 2 incomes can actually afford all of the expenses.  Its not only for the expenses for this property, but all of the sellers expenses for everything.  Just an idea to re-evaluate.  Good Luck!

Permalink Reply by Danielle Powell on January 23, 2012 at 1:47pm

Yes, The worksheet I submitted actually shows that he has a loss of $3500/mo. I am afraid that they are looking at the girlfriends income due to the joint checking account.

Permalink Reply by Kevin - Greenville, SC on January 23, 2012 at 6:28pm

That statement may not be quite accurate. 

Am I Protected against Foreclosure?

Mortgage lenders may not foreclose, or seize property for a failure to pay a mortgage debt, while a service member is on active duty for nine (9) months grace period prior to December 31, 2012 unless they have the approval of a court. After December 31, 2012, the grace period for Service member protection will revert back to 3 months. In a court proceeding, the lender would be required to show that the service member's ability to repay the debt was not affected by his or her military service.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/nsc/qasscra1

http://www.oregon.gov/OMD/JAG/docs/SCRA_ENCL_4_Judges_Guide.pdf