Second Chance for Homeowner's after a foreclosure or short sale

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Mortgage and Lending with Bay Equity, LLC 770-634-4021 NMLS #206275 GA 25689

Second Chance for Homeowner's after a foreclosure or short sale. Yes there is hope but it will take some time.  The amount of time before another purchase can be made will be determined by the type of financing, the amount of your down payment and your CREDIT SCORE!

A foreclosure and sometimes a short sale can negatively impact your credit score by as much as 200 points.  It is going to take time to recover.  Remember there is no quick fix.  The best way to increase your credit score is by maintaining a perfect payment history and managing your account balances.  

FHA will allow for a new mortgage under the Back to Work Program 12 months after a short sale or foreclosure.  There are a set of specific requirements that must be met in addition to the normal FHA underwriting guidelines.  Borrowers should discuss their specific situation with a licensed mortgage originator.

It should also be noted that not all lenders are offering this program at this time.  

 

 

 

 

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Kathy Sheehan Senior Loan Officer

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770.634.4021

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404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

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Rainmaker
905,541
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Good information!  Thank you Kathy.  Buyers or Sellers that have financial questions should contact you!

Dec 08, 2013 09:10 AM #1
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Thanks Joy!  I always appreciate your support.

Dec 08, 2013 10:01 AM #2
Rainmaker
592,740
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Hum, being about to purchase after only 12 months? Sounds a little to quick to me.

Dec 08, 2013 10:02 AM #3
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Than, there are very specific circumstances that must be met in order to qualify for the program.  Not everyone is going to be eligible.

Dec 11, 2013 12:49 PM #4
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1,653,271
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Kathy is is a good thing that many will be able to start rebuilding their lives in a relatively short period.

Dec 18, 2013 03:32 PM #5
Rainmaker
905,541
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

This is good information and gives hope to those that need it!  Thank you for sharing Kathy.  Hope to hear from you soon!

Feb 16, 2014 12:43 PM #6
Rainer
215,519
Marshall Enterprises
Marshall Enterprises - Saint Michael, MN
Antiques, Lawn Care, and Trashouts

Thanks for the great information.  I know a couple who can really use this reassurance, Kathy.

Mar 29, 2014 05:08 AM #7
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Rainmaker
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Kathy Sheehan

Senior Loan Officer
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