bankruptcy: FHA's 1 Year Waiting Period After Short Sale Bankruptcy or Foreclosure
- 08/17/13 09:02 AM
Where was this three years ago? Better late than never I suppose. FHA is now insuring loans to homebuyers who have experienced an Economic Event (Short Sale, Bankruptcy, Deed in Lieu of Foreclosure or Foreclosure) in the past and can document that (1) their certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control, (2) the homebuyer has demonstrated full Recovery from the event and, (3) the homebuyer has completed housing counseling. FYI, in the event of a short sale, this is for buyers who DID have late mortgage … (35 comments)
bankruptcy: Upside Down on Your Home? – Here’s Your Playbook
- 04/03/10 07:35 PM
In my home state of Minnesota, Minneapolis and Saint Paul have nearly 39 percent of homeowners under water. I've had the question, "I'm upside down on my home, what are my options?" so many times that I wanted to prepare a menu of options for people to reference. This article briefly outlines 9 potential solutions that may serve you well. The target audience here is not necessarily someone who's in default on their loan but simply one who owes more than the home is worth. All too often, when one is upside down on their home and/or struggling with their mortgage, … (53 comments)
A place that borrowers can come to learn more than the basics of mortgage lending. It's also a place where industry professionals can come to find content for their clients.
Where was this three years ago? Better late than never I suppose. FHA is now insuring loans to homebuyers who have experienced an Economic Event (Short Sale, Bankruptcy, Deed in Lieu of Foreclosure or Foreclosure) in the past and can document that (1) their certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control, (2) the homebuyer has demonstrated full Recovery from the event and, (3) the homebuyer has completed housing counseling.
;)
;)
