boomerang buyer: Buy Again After Part 5 of 6 Two Things a Boomerang Buyer Should Know - 06/19/14 04:53 AM

A "boomerang buyer" is defined as someone who has lost their home in the last five years and is now ready to "come back" to the purchase market. According to Les Christie from CNN Money this demographic is made up of nearly 6 million people. There are a few basic things a boomerang buyer must know BEFORE applying for a loan.
First, know your status. In many cases people stopped making payments on their mortgage only to find out down the road that it was never fully foreclosed, creating what has been dubbed a "phantom foreclosure". You need to know … (0 comments)

boomerang buyer: Buy Again After Part 4 of 6 Re Established Credit - 06/19/14 04:50 AM

Boomerang Buyers, aka buyers that are returning to the housing market after short sale, foreclosure, or bankruptcy, must reestablish their credit but what exactly does that mean?  Answers may vary between lenders but for the most part these are the general guidelines.
A spouse’s credit cannot be used to meet the requirements below.
If the bankruptcy, foreclosure or short sale is more than 7 years ago, the client does not need to meet re-established credit.
A minimum of 2 trade lines is required, one of which is housing related, such as a mortgage or rent payments.
If the client … (0 comments)

boomerang buyer: Buy Again After Part 3 of 6 Conventional Financing - 06/19/14 04:44 AM

A short sale is the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. The lender agrees to a payoff of a lesser amount than is actually owed, even on a current mortgage, to facilitate the sale of the property to a third party.
If a property is surrendered or included in a bankruptcy, it is considered a foreclosure and must follow the foreclosure seasoning rules.
A foreclosure is a legal procedure in which a mortgaged property is sold by the trustee to pay the outstanding debt following a … (0 comments)

boomerang buyer: Buy Again After, Part 1 of 6....What Exactly is a Boomerang Buyer? - 11/15/13 06:06 AM

“Boomerang buyers”— former home owners who have gone through a short sale, foreclosure, or bankruptcy in the past few years are coming back. They have exceeded their waiting periods to buy again and in the meantime have saved down payments as well as repaired their credit.
According to RealtyTrac Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales,. The good news is a growing number of buyers have rebuilt their credit and are looking to buy again.
Past homeowners typically have a homeownership mentality. They … (0 comments)

boomerang buyer: HUD Counseling for the Back to Work - Extenuating Circumstances Program - 09/16/13 06:38 AM
ALAMEDA CA - Back to Work - Extenuating Circumstances Program, the new FHA program that allows for shortened waiting periods is a great opportunity for people looking to get back into the housing market after short sale, bankruptcy or foreclosure.  The first thing a home buyer needs to do to get qualified for this program is take a counseling class.
The counseling must address the cause of the economic event and the actions taken to overcome the economic event and reduce the likelihood of reoccurrence. The housing education may be provided by HUD-approved housing counseling agencies, state housing finance agencies, approved … (0 comments)