foreclosure: 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)

foreclosure: 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)

foreclosure: Buy Again After Part 2 of 6 Short Sale, Foreclosure, BK FHA Financing - 12/06/13 04:48 AM

We all know lending guidelines change constantly so it’s always best to consult a loan professional about current guidelines.
Following are the basic guidelines and wait times to purchase a home after Short Sale, Foreclosure or Bankruptcy using FHA financing:
Short Sale of a delinquent mortgage (1 late payment or more) or an FHA insured mortgage:
- Must be treated as foreclosure and a minimum three years must have elapsed since the date of pre-foreclosure/short sale completion. If FHA insured loan, CAIVRS will reflect claim paid.
Short Sale of a Non Delinquent Mortgage (waiver of the 3 year waiting period):

foreclosure: 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)

foreclosure: 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)

foreclosure: Home Owner Bill Of Rights on Foreclosed Properties in California San Francisco Oakland Alameda - 04/24/12 04:37 AM
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 San Francisco; Ca; A Homeowner Bill of Rights has been introduced to the California State Assembly in the form of seven bills entered Focused on the impacts of foreclosure.
California Attorney General Kamala D. Harris’s office said that the proposed legislation seeks to protect homeowners from unfair banking practices related to foreclosures and provide remedies for communities threatened by blight from foreclosed properties.
Two of the bills would provide local communities with the ability to bring increased penalties against the owners of blighted properties deterioration, faulty planning, inadequate or improper facilities, deleterious land use or the existence … (1 comments)

foreclosure: How Long Until You Can Buy Again After Short Sale, Foreclosure or Bankruptcy in Alameda, CA? - 02/13/12 07:44 AM

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A lot of people ask this question and it’s a great question.
And the answer is- That depends. You see, guidelines are always changing and will continue to change over the next few years.
In fact they JUST changed! So here is how it stands today…
Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your bankruptcy has been discharged for FOUR (4) years.
Foreclosure – Home was given back to the bank – no owner participation.
- 7 years from the date the foreclosure was completed and transferred back to the bank … (1 comments)

foreclosure: HUD Notice on Foreclosure Moratorium Activity - 12/08/10 08:26 AM
 Hud sent this message out Monday, 
"Notice on Foreclosure Moratorium Activity:
This is a summation of the information conveyed in the two industry calls of December 1 and 2, 2010.  These calls served as  communication to industry partners of HUD's requirements regarding interest curtailment due to the recent foreclosure  moratorium activity.   A mortgagee letter will be forthcoming publishing HUD's requirements.  However, these requirements are not introducing new policy, rather they will re-emphasize existing policy guidelines previously published on foreclosure moratoriums.
The Department has been advised that due to a recent change in state laws or state mandated moratoriums, some foreclosures had … (0 comments)

foreclosure: Caught in the Fire Parts 1 and 2 - A look at the Short Sale Epidemic - 12/21/09 06:41 AM
Here is Part 1 and Part 2 of this series. I hope you find them as informative to watch as I did to make! All in All we interview a Real Estate Attorney, a Transaction Processor, @ Agents, 2 Tax Preparers, and a Mortgage Broker. You can access more of my videos at Have a Prosperous Day!!! Part ! Part 2 </object … (0 comments)

foreclosure: A look at distressed propeties in the East Bay Area - 08/10/09 04:52 AM