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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Peter V who wrote (89258)	7/31/2009 2:13:41 PM
From: Elroy Jetson	Respond to of 94695

I mentioned buying a house down the street before his foreclosure, but waiting will work better for him. Having not paid his mortgage for three months, he will likely not receive his 60 day notice to depart for many more months. One friend, a laid-off VP at Centex, has been in his home without mortgage payments for 20 months. When the bank learned he planned to move, they offered to pay him $500 a month if he would remain in the home to protect it. My friend at age 63 can take enough from his SEP-IRA to pay for a home with cash if need be. But if he put down only $100k of the $200k purchase price I'm sure he would have no problem obtaining a mortgage, even with a foreclosure the same month. It's a crazy world. .