BREAKING NEWS- ONLY ONE YEAR WAITING PERIOD AFTER FORECLOSURE
Financial crisis in our country has affected consumer as well as Lenders. Banks received bailouts. Consumer lost their homes, had to file bankruptcy or sell their homes as a Short Sale. Borrowers who had to take dee-in-lieu, got foreclosed on, sold their homes as Short Sale or filed bankruptcy know too well how long it takes to reestablish their credit and show lenders they are worthy borrowers.
Borrowers who lost their homes to foreclosure or short sale no longer have to wait three years to get a mortgage.
The Federal Housing Administration(FHA) has changed the rules in effort to help borrowers who lost their homes during financial crisis to foreclosure and short sale due to job loss or reduce in income. Waiting period for these borrowers will be only one year.
Buyers must be able to document they lost their home in result of deduction in income(at least 20%) or job loss which forced them to file bankruptcy, foreclosure, deed-in-lieu or Short Sale. These borrowers will now be able to apply for a mortgage after only one year.
Borrows must be able to document loss of income/employment as well as W-2s, tax returns, termination notices etc.
You may visit HUD’s website by clicking on the link.
If you’ve lost your home to Foreclosure or Short Sale and it has been 12 months, you may be eligible to apply for a mortgage again.
Whether you’re looking to buy a home or thinking about selling your Clermont FL, home, please contact me at 407-929-1852, email bethatalay@gmail.com or visit www.wheretoliveinorlando.com
Metro Life Homes - Palm Springs, CA
California and Hawaii Real Estate (310) 497-9407
Good news for all those who suffered major losses and set-backs during our economy's hard times.
Aug 28, 2013 09:02 AM
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine
Beth: You make it great to be part of Active Rain. Information like this is needed all the time. I find that Active Rain gives me a leg up to handle my real estate career. Thank you!
Aug 28, 2013 11:14 AM
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County
Hi Beth. Is the Mortgagee Letter 2013-26 that you are talking about? It certainly will help a lot!
Aug 28, 2013 11:25 AM
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy
Hi Beth,
Thank you for enlightening all of us. It is great to share and learn here on AR, and it is great news for the consummer. A
Aug 28, 2013 01:57 PM
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL
Jennifer, indeed, this is great news for many who were on a 3yr wait.
Ralph, they do deserve a break, hope the program will work out for many.
Jimmy, I feel the same, I find out and learn so much on ActiveRain, priceless!
Melissa, yes it is. Of course they have to meet the guidelines and there are few extra steps but they would've been there even if they had to wait 3 years.
Aug 28, 2013 02:04 PM
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL
Alexandra, this was certainly a news worth sharing, hope word gets out fast!
Aug 28, 2013 02:05 PM
United Real Estate Dallas - Dallas, TX
Dallas Homes
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL
Sharon, I know many have said they would not buy a house again but owning a home beats renting! I'm hoping many will be able to take advantage of this.
Aug 28, 2013 02:27 PM
Go Realty Garner - Garner, NC
Tanya Pearson
Thanks Beth. This is great news. I have a couple of clients that will be ecstatic over this. Thanks for sharing.
Aug 28, 2013 02:44 PM
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA
Sounds like a few extra steps are involved, but if a home buyer is able and willing to prove income loss and reason they should be good to go. Thanks for the update,
Aug 28, 2013 03:22 PM
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale
Beth, this is surely great news - and hopefully, this will make the real estate market even hotter as some more buyers will jump in sooner.
Aug 28, 2013 04:30 PM
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M
Beth - This is such great news for all of the people who have suffered trouble during the recession.
Aug 28, 2013 04:39 PM
RIVER FARM PROPERTIES, LLC - Venice, FL
Broker/Owner, Venice, FL, Florida's Suncoast
Seems a good move as those who really lived the meltdown can get back into a home sooner. They shouldn't be punished when the those who would have been the cause of the debacle have gone unscathed.
Aug 28, 2013 07:55 PM
Edina Realty - White Bear Lake, MN
Edina Realty
i did not know that this is great information and should help us in the long run.
Aug 28, 2013 09:09 PM
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL
Tanya, there are many families who have struggled for a long time, this will certainly help many.
Pamela, although there are few extra steps, it's absolutely worth going through them.
Praful, I'm confident this will allow us to work with more buyers now.
Christine, many who have lost their homes have found jobs and re-established their credit so they can now take advantage.
John, Agreed!
Michael, it wasn't on HUD's website as of yesterday but your MB would be able to give you all the details.
Aug 28, 2013 11:38 PM
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR
Beth - This is great news! I know a lot of people lost their job, but things have turned around for them, so it's nice they may no longer have to wait for 3 years to buy again.
Aug 29, 2013 12:59 AM
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL
Michelle, I know many said they would never buy again but I'm pretty sure some will be back and looking!
Aug 29, 2013 01:15 AM
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.
Beth Atalay is the Broker to see in Clermont FL - contact her at (352) 404-8848. Keep up the good work! Have a nice day.
Aug 29, 2013 06:46 AM
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource
Beth, that is good news...almost too good to be true. I'm on my way to the HUD website to check it out. Of course, I'm a little skeptical though as little that I've seen done for the American consumer lately has actually benefited them.
Aug 29, 2013 07:24 AM
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL
Thanks Will!
Nick, It wasn't on their website yesterday but let me know if you want me to email you the letter. I hear your concerns, we will wait and see what happens.
Aug 29, 2013 09:55 AM
Rainmaker
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Beth Atalay
Cam Realty of Clermont FL
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