Breaking News: Fannie Mae Lowers Mandatory Waiting Period After Bankruptcy, Short Sale, & Pre-Foreclosure Mandatory Waiting Period Reduced To 2 YearsIt’s getting easier to get approved for a mortgage. Following a similar change with FHA mortgage loans, mortgage-backer Fannie Mae has reduced the mandatory waiting period to make a mortgage application after a bankruptcy, short sale, or pre-foreclosure. Borrowers no longer must wait 4 years before re-applying to get a mortgage. Borrowers can now re-apply for a loan just two years after a bankruptcy, short sale, or pre-foreclosure. This is one year longer than the FHA’s minimum waiting period via the FHA Back to Work program, and a major … (0 comments)
short sale: Understanding the Bank’s Position Leads to Short Sale Success
- 01/02/14 06:29 PM
A Palm Beach County short sale is a transaction in which the amount paid is not sufficient to cover the existing mortgage or property liens. Once the lender agrees to accept the lesser amount, the short sale succeeds, the lender calls it even with the seller, and all parties can move forward. It’s a good thing to ‘unfreeze’ a property, yet short sales in West Palm Beach can be tricky to close. In the worst-case scenario, a buyer and would-be short seller can be put on ice for a full year or more before the short sale succeeds. As is evident … (1 comments)
short sale: Proactive Homeowners Sometimes Prevent an Palm Beach County Foreclosure
- 12/18/13 03:29 PM
Even though national foreclosure rates have continued to drop, the threat of becoming another Palm Beach County foreclosure statistic is still very real for some homeowners. It’s at least somewhat reassuring to understand that most banks don’t really want a foreclosure — so for homeowners who take an early proactive approach with their lender, losing their home does not have to be inevitable. Mortgage Restructuring For anyone who has fallen behind on payments, Job One is to discuss the situation with your banker. If a mortgage restructuring is possible, you may have an opportunity to refinance at a lower rate … (0 comments)
short sale: Palm Beach County Short Sale Opportunities Take Research, Timing
- 10/02/13 10:37 PM
According to this year’s data provided by RealtyTrac, the best short sale deals can save home buyers as much as 33 – 57%. For a short sale in West Palm Beach to result in anything like that kind of result in today’s improving market, buyers need to get active! Research While short sales indicate sellers under pressure to sell, not all short sales in Palm Beach County are automatically good buys. To support your offer, first make sure that there are other homes in the area that brought higher prices. You could access that kind of information via online records … (1 comments)
short sale: Keeping an Eye Out for Zombies in West Palm Beach Bank Owned Properties
- 05/28/13 07:17 PM
Bank Owned Properties If you’ve come across the term "zombie foreclosures" in recent months, it wasn’t referring to voodoo parlors whose priests couldn’t pay the mortgage. Not exactly dead, but not exactly alive, they are properties stuck in a kind of zombie-like limbo. They are homes that have been abandoned by their former owners at some point before foreclosure. Now they are sitting there, accumulating on-going taxes, liens, and gradual deterioration while the bank decides what to do (or not do) about them. According to RealtyTrac, there are probably 302,000 "zombies” nationwide, so the odds are, some are going to … (2 comments)
short sale: Action Plan Following a West Palm Beach Short Sale
- 03/18/13 01:21 PM
A West Palm Beach short sale represents real value for the homebuyer, of course. But to some extent, it is also a boon to the seller. Being able to unload a property that’s underwater helps avoid the most dire credit consequences of a West Palm Beach foreclosure. But lingering credit damage can still result from any short sale -- if the short seller allows it to happen. Should you find yourself in the short sale situation, be proactive in protecting your credit score. You will put yourself in a position to re-enter the market sooner than you think if … (0 comments)
short sale: Special Report: Insider Secrets Other Mortgage Originators DON’T want you to know about Veteran Loans
- 12/27/11 12:31 AM
Special Report: Insider Secrets Other Mortgage Originators DON’T want you to know about Veteran Loans This Report will save you $100’s if not $1,000’s of dollars when applying for your VA Loan. Christian Penner is your Local VA Loan expert! He serves all of Florida but specializes in Palm Beach County including West Palm Beach, Palm Beach Gardens, Jupiter, Boca Raton & Wellington #1 Credit is not a problem. The Veteran Administration does not have a credit score requirement. Regardless of your credit history you can be approved for a Veteran Loan. You need a qualified VA loan specialist and Realtor … (0 comments)
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