foreclosure: Is a Short Sale Right for Me? - 01/15/13 11:45 PM
"I'm not sure if a short sale is for me......maybe I should just let the home foreclose"
 
1.  A short sale is better than a foreclosure. 
* You will be able to borrow and buy again sooner. Lenders have longer waiting periods for those with foreclosure on their records. Settled loans indicate to a creditor you were cooperative and worked out a solution.
* Employers often run credit checks prior to hiring employees. You could be turned down for a job in favor of someone with stellar credit.
* Foreclosures can affect those with security sensitive employment (such as security … (0 comments)

foreclosure: DIY Credit Repair Tips-Buy Again After Short Sale/Foreclosure/Bankruptcy - 11/20/12 03:37 AM
Now that the real estate crisis is largely behind us, let's look at how to improve our credit standing after missed payments, loan modifications, short sales, foreclosures & bankruptcy....and ultimately obtain home financing again.
Click this link to see bank waiting periods after short sale/BK/Foreclosure 
If you are one of the millions of Americans hurt by the economy in the past 6 years you likely need to get your credit back in shape. Right now a buyer with any one of the above mentioned marks on their credit will have difficulty finding a bank willing issue a new mortgage. 
So when … (0 comments)

foreclosure: Mortgage Settlement Program-How Arizona Homeowners Will Benefit - 02/10/12 10:00 AM

Last night Arizona was awarded $1.6 Billion from a major class action lawsuit settlement involving 5 of the largest banks in America: Wells Fargo, Bank of America, JPMorgan Chase, CITI and GMAC/Ally.
They were sued for their involvement in illegal foreclosures and abuse (including ROBO signing) and are now required to shell out damages to the tune of approx $26 Billion. 
Where will the 1.6 Billion for Arizona end up?
$110 Million of  the settlement money will go to borrowers who lost their homes to foreclosure in AZ between Jan 1, 2008 and Dec 31, 2011. These borrowers will … (3 comments)

foreclosure: Why bother with a short sale?.....7 good reasons to short sell your home. - 12/07/11 08:00 AM
"I'm not sure if a short sale is for me......maybe I should just let the home foreclose"
 
1.  A short sale is better than a foreclosure. 
* You will be able to borrow and buy again sooner. Lenders have longer waiting periods for those with foreclosure on their records. Settled loans indicate to a creditor you were cooperative and worked out a solution.
* Employers often run credit checks prior to hiring employees. You could be turned down for a job in favor of someone with stellar credit.
* Foreclosures can affect those with security sensitive employment (such as security … (3 comments)

foreclosure: Why hire a CDPE?...what's a CDPE anyway? - 05/18/11 04:32 PM
Why Hire a CDPE?
A Certified Distressed Property Expert® (CDPE) has a thorough understanding of complex issues in today’s turbulent real estate industry and knowledge of foreclosure avoidance options available to homeowners. CDPEs can provide solutions, specifically short sales, for homeowners facing market hardships.
Homeowners regularly proceed without guidance of any kind through the often financially and emotionally devastating prospect of foreclosure. Speaking with a well-informed, licensed real estate professional is the best course of action for a homeowner in distress. Through comprehensive training and experience, CDPEs have the tools to help homeowners find the best solutions for their unique situations … (1 comments)

foreclosure: Tough Times -So Now What? - 05/11/11 10:14 AM
Let's face it, we are in tough times. This isn't news to anyone. We feel it each time we fill our cars with gas. We are reminded each time we cash our employment checks and can't recall our last raise or bonus check. We've held on. We've been patient. We've hoped and waited for things to get better. They said things would get better. But here we are still struggling to get ahead or even just to pay our bills each month.

So where do I go from here? Do I continue to hope the equity in my home will … (8 comments)

foreclosure: Damaged Credit....When Can I Buy Again? - 04/14/11 06:40 AM
 

When can a homeowner obtain financing to buy again after a SHORT SALE, FORECLOSURE or BANKRUPTCY?
Here is the latest information on expected wait times (including recent changes):

SHORT SALE
 
Conventional or Fannie Mae Loan:  2 yrs w/ 80% LTV (20% down payment)                                                               4 yrs w/ 90% LTV
                                                              7+ years higher LTV
* FHA Loan: 3 years  VA Loan: 2 years  Jumbo Loan: 5 to 7 years  
FORECLOSURE
 
 Conventional or Fannie Mae:  7 years  FHA: 3 years  VA: 2 years  Jumbo: 7 years  
BANKRUPTCY (Chapter 7)
 
 Conventional or Fannie Mae:  … (2 comments)

foreclosure: Short Sell and Qualify for New Financing on Another Home Right Away! - 04/12/11 03:06 PM

Can it be?  I can short sell my current home and qualify to buy a new home right away?
The answer is possibly YES!
Recently I helped a client sell his large custom home (with a mortgage that was WAY under water) and downsize into a more modest home (a nice brand NEW DR Horton home). How?.....a special FHA loan (and with the assistance of an FHA expert mortgage guy).  These loans are being done every day people!  There are a few circumstances that the borrower must meet when considering a short sale. I highly recommend finding out if this … (3 comments)

foreclosure: So Why Won't Banks Modify Loans? - 12/17/10 05:15 AM
It is a curious thing why a bank would rather foreclose on a home than modify the borrower's loan. Well, not so curious if you understand the bank's position i.e. their stake in the game.
One thing to remember is just because the borrower receives a statement form Wells Fargo or B of A doesn't mean that bank is the holder of the note. In fact many times they are just servicing the loan.  Once loans are originated they are often sold off a few months later to an investor, to Fannie or Freddie or to another bank. Banks are in … (1 comments)

 
Laura Higginbotham, Broker/Real Estate Consultant, Mesa, Arizona Home (Arizona Real Estate Options)

Laura Higginbotham

Broker/Real Estate Consultant, Mesa, Arizona Home

Mesa, AZ

More about me…

Arizona Real Estate Options

Address: Mesa, Gilbert, Chandler, Queen Creek, Tempe, Scottsdale, AZ

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Fax: (480) 371-1168

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