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Golden 1 Credit Union Offers Solutions for Home Sellers After Foreclosure

Although Fanny Mae guidelines will prevent a seller from buying another home for 5 years after a foreclosure (2 years on a short sale), there are better options available for California sellers who have been through foreclosure. Golden 1 offers a Mortgage Repair Loan to home owners who have lost their home to foreclosure within the past 6 to 18 months.

The Mortgage Repair Loan comes with a fixed-rate of interest, and there are a number of terms to choose from. The maximum loan amount is $417,000. The loan is available to owner-occupant borrowers who took out a loan between January 1, 2005 and December 21, 2006 at another institution and were foreclosed upon.

Golden 1 requires borrowers to be:

Employed
In the same job for one year
Have 3 years of experience in the same industry
Have a Golden 1 checking account with direct deposit

Golden 1 says Foreclosure Isn't Forever! Other terms and conditions may apply.

If you'd like to buy a home after a recent foreclosure, it's worth checking out. If you live in the Sacramento area, please feel free to call me at 916.233.6759. I'd love to help you find a new home.

photo: Big Stock Photo

The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.

Posted by Elizabeth Weintraub, Sacramento Short Sale Agent, 916.233.6759 on 11/08/2008 10:13 AM

Comments (13)

Buying After Foreclosure in the Regional (Localism) Channel

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Originally posted at: Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park: Golden 1 Credit Union Offers Solutions for Home Sellers After Foreclosure

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13 Comments on Golden 1 Credit Union Offers Solutions for Home Sellers After Foreclosure

NOV

Elizabeth, I like that Golden 1 has this more flexible option out there and you have publicized the details for everyone. It's nice to be cut a break now and then in this area.

Hi Gary: Fortunately, Golden 1 hasn't had to contend with very many of its own foreclosures but it's also not willing to rescue its own foreclosured home sellers. Golden 1 offers a rescue loan but again, it's only to those home owners who don't have a Golden 1 mortgage.

I have a short-sale seller right now who has two mortgages with Golden 1. Golden 1 is saying it wants to severely cut our commission down to pennies because it has two loans, not one, with this borrower. As though agents should have to pay for Golden 1's mistakes. Why is it our fault that Golden 1 made not one but two loans secured to a property that wasn't worth the amount of the first loan on the day it was loaned? This is a home with 40-some years of deferred maintenance, and it has taken more than a year to produce a buyer, and now Golden 1 is quibbling over $2,500.

On the flip side, at least it will lend money to other sellers who have been through foreclosure, and that's a good thing.

Sounds like a great idea, good for people with specific difficulties.

All the best!

Elizabeth: This is a great post for folks that are having tough times and are afraid they will never be able to own a home again. I wonder if someone in our area offers something similar? Must remember to ask my favorite lender when I talk to him next.

Hi Kevin: This loan will help a BUNCH of sellers would-be buyers in Sacramento!

Hi Chris Ann: Check with your local credit unions. Mortgage brokers probably will not offer this type of financing to buyers. It's reassuring that a buyer can get a loan six months after a foreclosure. It's almost unheard of!

I guess that some lenders will have to take some risks on families that have gone through foreclosure or they won't have enough business.

NOV

Hi Terry: Could be, but I suspect it falls along the same reasoning that Citibank uses when it offers to issue credit cards to people who have recently filed bankruptcy -- because Citibank knows they don't owe anybody anything and they once had good credit.

NOV

I guess you found my source ;) from our earlier discussion on your other post... Great program for the person who will fit in their box.

Hi Erin: No, I didn't see your post. I was at Golden 1 earlier this week and picked up a flier about the programs. I haven't seen it advertised anywhere.

I was referring to our discussion on your post about why short sales are not good for the client (posted before update in guidelines). Your mortgage broker hopped on and all but called me a liar.. in fact I think she did :) This is a GREAT program and will be a great help to those in need.

She's not my mortgage broker, Erin. I've never closed a transaction with her. She has written a guest article for me on About.com, and I know her from another board. However, I consider her to be extrememly knowledgable about the mortgage business. You were very professional in the way you handled that particular post.

This program from Golden 1 appears to be very new, though, and is fairly limited. But it will fit a certain group of borrowers who thought they could not buy a home . . . I'm glad to see it. :)

NOV

This is great information Elizabeth. Do you know if there is a certain loan to value and minimum credit requirements?

Call 'em, Mike.

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