short sales: 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)

short sales: 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)

short sales: 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)

short sales: Waiting Periods and Extenuating Circumstances After a Short Sale, Foreclosure, Bankruptcy - 08/11/14 05:47 AM
    Waiting Periods and Extenuating Circumstances After a Short Sale, Foreclosure, Bankruptcy 
     I wrote recently about Fannie Mae's announcement regarding the extension of the waiting period for those Buyers hoping to become Homeowners once again after having experienced a Short Sales (Pre-Foreclosures).  

     The waiting period is now extended out to 4 years ... regardless of Loan-to-Value considerations (or Down Payment percentages).
     Naturally, there's been a wide range of reaction to Fannie Mae's announcement.  There's also been many questions asked in regards to this change and my post.  So, I'm addressing some those questions here.  
     I'm also featuring … (35 comments)

short sales: Short Sale Transactions Will See Changes Soon - 08/07/14 03:47 AM
Short Sale Transactions Will See Changes Soon      
     It's said that:
    "the only thing that is         constant is change".    
     That statement is especially true in the modern real estate and mortgage industries.
     Changes are about to occur once again in regards to Short Sales (Pre-foreclosures).  If you're an agent that assists Short Sale clients ... and especially  if you are presently involved in a Short Sale transaction ... these changes may affect your deals and require immediate action.
     Underwriting guidelines are changing with respect to the WAITING PERIOD after a Short Sale (Pre-foreclosure) … (51 comments)

short sales: Boomerang Buyers: What to do if you see a Short Sale in your Rearview Mirror - 01/16/14 02:05 AM
Boomerang Buyers: What to do if you see a  Short Sale in your Rearview Mirror  
        You've probably seen me mention the term "Boomerang Buyer" in a few of my posts before.  This is a classification of potential Home Buyer that is contacting me more and more often for info, as of late.  As the housing downturn gets further and further in our rearview mirror, I believe that will happen even more often in the future.
     Because of the financial and real estate scenarios that gave birth to the "Boomerang Buyer" moniker, many of the questions … (11 comments)

short sales: Short Sales: The Road to Easier Navigation & Successful Transaction - 05/23/12 03:39 AM
Short Sales:  The Road to Easier Navigation & Successful Transaction              Many recent indicators I've seen, heard, and experienced, seem to point to more positives regarding the conducting of  Short Sale property transactions.  They're fitting the pieces of the Short Sale puzzle together a bit faster and better.      Major servicers (big banks) finally seem a bit better equipped, more willing to avoid foreclosure expenses, and more adept at handling Sellers looking to sell their properties "short".         I say, "it's about time", right?  It's been a long, painful, and slow process getting to … (6 comments)

short sales: "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)

short sales: NOW May Be the Time For Changes To Be Made to the Equation for Credit Scoring ... - 07/11/10 09:13 AM
     For many reasons, more and more often I am talking to those wishing to become home buyers that simply ... and I'll be kind ... have challenging credit histories to work with.  Whether through problems of their own making, or as a result of the housing and financing crisis, many people simply do not have credit scores that even begin to allow them to think about purchasing a home anytime soon. 
    And, if that is the case ... maybe, just maybe ... we need to start thinking about the long term ramifications of this situation for the individual ... … (20 comments)

short sales: 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)

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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