short sale: 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)

short sale: 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)

short sale: 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):
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short sale: 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)

short sale: 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)

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

Direct Link:
http://www.youtube.com/watch?v=gTY1UVPRk8g
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…
CONVENTIONAL
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)

short sale: Life After Short Sale The True Story of Ricky and Liz - 08/19/11 06:35 AM
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short sale: How to Purchase a Home One Day After a Short Sale in Alameda, CA - 04/08/11 04:33 AM
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short sale: Caught in the Fire - The Short Sale Epidemic - 10/16/09 05:25 AM
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