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- If we are in the beginning of a short sale process for our current home. We are both employed and until this have had credit scores in the 700s, but due to increasing medical bills are forced to short sale. How soon can we apply for a new, more affordable, mortgage for a Maryland home? Given today’s economy, are there any lenders that will take our income and previous credit history into consideration even though we’ve had to do a short sale?
- Ive been with Wells Fargo for along time. We have been trying to refinance with this company for while now but all we have accomplished is NOTHING. We have tried this modification loan process for a while, but all we get is you have to resubmit this paper, or this document, which we have done so many times. We tried it over the phone, through mail, whatever they asked for, we have not been able to resolve a thing with this company. I am not trying to run away from my obligation, my wife and I have very steady jobs, we are willing to pay for our house, and hopefully get out of this nightmare. Is there anything your company can do for us.
Answer #1
Correct, this means it is under contract. If you are VERY interested, have your Realtor see if they're accepting back-up contracts.
It can be under contract with OR with no 'kick out' clause.
A kick out clause is where, after a certain time period, the offer with the contingency is automatically kicked out and the seller can accept another offer without penalty.
A no kick out clause means that the seller is stuck with this buyer until the contingency is met, no matter how long it takes.
A kick out clause is generally favoring the seller, since they don't want to take their house off the market.
A no kick out clause generally favors the buyer.