foreclosures: Buying a Home After Extenuating Circumstances: Get Started Early - 10/05/15 05:09 AM
Buying a Home After Extenuating Circumstances: 
Get Started Early     
     
     Presently there are many people that previously suffered a Short Sale, Bankruptcy, or Foreclosure during the housing crisis becoming eligible to purchase a home once again ...

     The waiting periods surrounding each financial hardship varies, depending upon the mortgage program being utilized for the new purchase.  
 
     The waiting periods can range from:


     2 years (Conventional Loans AFTER Extenuating Circumstances)  2 years for VA Loans  3 Years for FHA Loans    year ... if meeting FHA's Back-To-Work Program Parameters (extremely rare cases) … (51 comments)

foreclosures: Positives Exist Within Today's Mortgage Process - 05/12/15 07:21 AM
Positives Exist Within Today's Mortgage Process 
     Scotsman Guide - May 4, 2015 
     “The data shows that 40 percent of the people getting loans now do not have pristine or perfect credit.”
               Edward Pinto, Co-Director - American Enterprise Institute’s International Center on Housing Risk  
     That's a pretty high percentage ...
     As a Mortgage Lender in the Chicagoland area, I'd agree with that statement too.  
     Few of the homebuyers I speak to have what could be categorized as "perfect" or "pristine" credit.  Many have financial scenarios that need to be addressed (or explained) at some point during … (9 comments)

foreclosures: FHA, VA, and Conventional Loans ... The Waiting Periods - 04/28/15 07:22 AM
 
FHA, VA, and Conventional Loans ...The Waiting Periods       There is a phenomenon at play in the American Home Buying marketplace currently.  Former homeowners that suffered financial catastrophe during the housing crisis (often referred to as "Boomerang Buyers") are asking ...       
     "How long after my Bankruptcy, Short Sale, or Foreclosure must I wait to buy another home?"       While it's difficult to summarize ALL scenarios in just one article, the following is a breakdown of the "typical" waiting periods in play following major credit events:     Conventional       Bankruptcy (Chapter 7)     * 4 years after Discharge Date      Short Sale    … (85 comments)

foreclosures: The Hidden Truths Within Bankruptcy Filings - 10/20/14 10:38 AM
 
 
The Hidden Truths Within Bankruptcy Filings

     We've arrived at an unique point in the world of home buying and financing.  It comes on the heels of several years of financial hardships, unprecedented foreclosures, and job losses.    
      These challenges faced have often lead to the filing of Bankruptcy.  What's been contained, or included, in these Bankruptcy filings, are referred to as "Schedules".
     
     First of all, let's understand the "layers" and the timelines involved in a Bankruptcy. 
     First, there is a:  Filing Date.  
     That is followed by a:  Discharge Date, a date that's usually a few months after the Filing. 
     … (8 comments)

foreclosures: "Let the Sellers BEWARE" ... and Be AWARE. Playing Defense & Offense While Selling a Home - 10/11/10 03:02 PM
 
 
     "Let the Sellers Beware" ... and Be AWARE!
       Playing Defense & Offense While Selling a Home ...
 
     Huh? Beware?  Thought that was the Buyer!
 
    
    Not these days!  Agents, buyers, and sellers must know how to play DEFENSE and OFFENSE throughout a property transaction.  This "one-of-a-kind market" delivers much more for each of them to consider than ever before. 
    Prior to the present challenging market, sellers asked their agents, "What will I net in proceeds at the closing of my sale"? Now, more often the question is, "If I sell my home for less than I presently owe on my mortgage, what … (39 comments)

foreclosures: New Lenox & Mokena have new requirements for vacant and foreclosure properties - 02/26/10 12:57 PM
Thank you to Tim Ireland (Re/Max All Properties in New Lenox, IL) for this post out of the Lincoln-Way Area of Will County.  It provides excellent information for those within the industry ... as well as the residents of each village.  It contains proof that the local municipalities/governments are addressing the issue of vacant and foreclosed properties within their borders.  It also informs as to what the costs will be and how registration of properties will be handled currently within each town.
For further information, I suggest that you click and read the entire ordinance ... or contact the village hall within each … (1 comments)

foreclosures: Time is Running Out on the First-Time Buyer's Tax Credit. Are you looking for a way to assist those last minute shoppers? - 10/07/09 10:58 AM
    
     There have been many articles written recently regarding the looming tax    credit deadline for first-time home buyers.  A real debate has been raging ... should or shouldn't the tax credit be extended?
     In the meantime while the pros and cons of this are being debated, I'm experiencing a great number of phone calls asking ... "Can I still take advantage of this credit"?  And ... "Do I still have time to get a deal closed before the cut-off date"?  As the clock ticks down on this program, it is getting harder and harder to answer in the … (6 comments)

foreclosures: Wouldn't You Like To Know How Healthy The Banks Are In Your Neighborhood? - 09/28/09 11:24 AM
Thank you so much to SarahGray Lamm, my AR fully-licensed, full time, residential Broker/Friend in North Carolina, for providing this valuable information.  I felt it very important that as many people view and have access to this info as possible ... so I asked for permission to re-blog the piece.  Sarah was gracious enough to allow me to do so.
The information contained within this article could prove extremely worthwhile to many across the nation.  Please pass the provided links on to those you think interested, or in need! 

We keep hearing there are more foreclosures coming and it's just common sense that those bad loans … (0 comments)

 
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) Rainmaker large

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience

New Lenox, IL

More about me…

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656

Address: Gene Mundt, Mortgage Originator c/o American Portfolio Mortgage Corp., 318 Alana Drive, New Lenox, IL, 60451

Mobile: (708) 921-6331

Office: (815) 524-2280

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