foreclosure: 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)
foreclosure: It’s High Noon on Shadow Inventory as Banks Halt Foreclosures
- 10/04/10 06:38 PM
So Ally's GMAC, Bank of America and J.P. Morgan Chase are halting foreclosures in 23 states. More importantly, Fannie Mae and Freddie Mac have stepped in to outline correct foreclosure processes and are demanding lenders adhere to them. What's more, many more lenders are sure to follow the big 3's changes. That's great but what does it mean for us? Is this a short term thing or will it take a while to fix? With the threat of civil suits, government or SEC investigations and even Justice Department prosecutions (mail fraud and wire fraud), you can bet that lenders will slow … (60 comments)
foreclosure: 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)
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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.
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