What does it mean if a foreclosure is inactive?
A: It means the bank, who is the owner, has taken it off the market. By inactive – its not available for sale – and that could be for all kinds of reasons. If you are looking at public records, many homes will show as in foreclosure but will not be listed for sale.
Can you take out a mortgage on a foreclosed home?
With short sales or bank-owned (also called real-estate-owned or REO) properties, you can finance the purchase with a mortgage. In fact, it’s common to do so. Wells Fargo says approximately 60% of its foreclosed homes are purchased with financing. Getting a mortgage can sometimes be trickier with foreclosures.
Does Fannie Mae negotiate on foreclosures?
Through HomePath.com, Fannie Mae sells homes they own that have gone into foreclosure. You can negotiate a Fannie Mae home by making an offer, but as with any home purchase contract, you may lose out to someone who is willing to pay more.
What is inactive property?
An inactive property is a property that is not relevant to the object because of the values of other properties. Inactive properties are not shown if you use the disp method to display object properties. If you attempt to use public access to directly access or use get or set on an inactive property, a warning occurs.
What does inactive property mean?
it’s not for sale
Inactive Listings Inactive real estate listings are frequently associated with an area’s real estate Multiple-Listing Service, or MLS. Frequently, if you see a property listed as “inactive” in an MLS, that means it’s not for sale.
How much should you offer on a Fannie Mae foreclosure?
While Fannie Mae generally sells homes at between 92 and 100 percent of the asking price, you must negotiate to take off 8 percent from the price.
Can a non occupant co borrower on a HUD loan?
In this article, we will discuss and cover the 2020 HUD Non-Occupant Co-Borrowers Guidelines On FHA Loans. Both FHA and Conventional loans allow for non-occupant co-borrowers.
What happens when a non occupant co borrower defaults?
Co-borrowers on a mortgage have rights of ownership to the property. Non-occupant co-borrowers are liable for the mortgage in the event the main borrower defaults but have no ownership of the property. Many non-occupant co-borrowers are worried about the risks associates with cosigning for a family member on a mortgage.
Can a non-occupant borrower go on a mortgage note?
The non-occupant co-borrower will go on the mortgage note but the non-occupant co-borrower will not go on title to the property Homebuyers who make cash and do not declare income or self-employed borrowers who write off a lot of expenses normally need non-occupant co-borrowers in order to qualify for mortgages.
What are the requirements for non occupant borrower income?
If the income from a non-occupant borrower is used for qualifying, the LTV ratios are limited.