Golden 1 Credit Union Offers Solutions for Home Sellers After Foreclosure

By
Real Estate Agent with RE/MAX Gold DRE #00697006

foreclosuresAlthough Fanny Mae guidelines will prevent a seller from buying another home for 5 years after a foreclosure (2 years on a short sale), there are better options available for California sellers who have been through foreclosure. Golden 1 offers a Mortgage Repair Loan to home owners who have lost their home to foreclosure within the past 6 to 18 months.

The Mortgage Repair Loan comes with a fixed-rate of interest, and there are a number of terms to choose from. The maximum loan amount is $417,000. The loan is available to owner-occupant borrowers who took out a loan between January 1, 2005 and December 21, 2006 at another institution and were foreclosed upon.

Golden 1 requires borrowers to be:

  • Employed
  • In the same job for one year
  • Have 3 years of experience in the same industry
  • Have a Golden 1 checking account with direct deposit

Golden 1 says Foreclosure Isn't Forever! Other terms and conditions may apply.

If you'd like to buy a home after a recent foreclosure, it's worth checking out. If you live in the Sacramento area, please feel free to call me at 916.233.6759. I'd love to help you find a new home.

elizabeth weintraub sacramento real estate agent in land park

photo: Big Stock Photo

The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
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Location:
California Sacramento County Sacramento
Groups:
California Short Sales, REO's, and Foreclosures
Posts to Localism
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ActiveRain Rockstars
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Tags:
sacramento
foreclosure
elizabeth weintraub
short sale
golden1
buying after foreclosure
mortgage repair loan

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Ambassador
1,882,069
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Elizabeth, I like that Golden 1 has this more flexible option out there and you have publicized the details for everyone. It's nice to be cut a break now and then in this area.

Nov 08, 2008 02:50 AM #1
Rainmaker
2,190,142
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hi Gary: Fortunately, Golden 1 hasn't had to contend with very many of its own foreclosures but it's also not willing to rescue its own foreclosured home sellers. Golden 1 offers a rescue loan but again, it's only to those home owners who don't have a Golden 1 mortgage.

I have a short-sale seller right now who has two mortgages with Golden 1. Golden 1 is saying it wants to severely cut our commission down to pennies because it has two loans, not one, with this borrower. As though agents should have to pay for Golden 1's mistakes. Why is it our fault that Golden 1 made not one but two loans secured to a property that wasn't worth the amount of the first loan on the day it was loaned? This is a home with 40-some years of deferred maintenance, and it has taken more than a year to produce a buyer, and now Golden 1 is quibbling over $2,500.

On the flip side, at least it will lend money to other sellers who have been through foreclosure, and that's a good thing.

elizabeth weintraub sacramento real estate agent in land park

Nov 08, 2008 03:29 AM #2
Rainmaker
130,480
Kevin O'Shea
Coldwell Banker - White Plains, NY
White Plains, NY Real Estate

Sounds like a great idea, good for people with specific difficulties.

All the best!

Nov 08, 2008 05:44 AM #3
Ambassador
3,101,628
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Elizabeth:  This is a great post for folks that are having tough times and are afraid they will never be able to own a home again.  I wonder if someone in our area offers something similar?  Must remember to ask my favorite lender when I talk to him next.

Nov 08, 2008 11:48 AM #4
Rainmaker
2,190,142
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hi Kevin: This loan will help a BUNCH of sellers would-be buyers in Sacramento!

Hi Chris Ann: Check with your local credit unions. Mortgage brokers probably will not offer this type of financing to buyers. It's reassuring that a buyer can get a loan six months after a foreclosure. It's almost unheard of!

elizabeth weintraub sacramento real estate agent in land park

Nov 08, 2008 12:53 PM #5
Rainmaker
575,553
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

I guess that some lenders will have to take some risks on families that have gone through foreclosure or they won't have enough business.

Nov 08, 2008 03:59 PM #6
Rainmaker
2,190,142
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hi Terry: Could be, but I suspect it falls along the same reasoning that Citibank uses when it offers to issue credit cards to people who have recently filed bankruptcy -- because Citibank knows they don't owe anybody anything and they once had good credit.

elizabeth weintraub sacramento real estate agent in land park

Nov 09, 2008 01:56 AM #7
Rainmaker
259,227
Erin Newington
(916) 585-3858 - Elk Grove, CA
Elk Grove Realtor

I guess you found my source ;) from our earlier discussion on your other post...  Great program for the person who will fit in their box.

Nov 11, 2008 04:05 AM #8
Rainmaker
2,190,142
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hi Erin: No, I didn't see your post. I was at Golden 1 earlier this week and picked up a flier about the programs. I haven't seen it advertised anywhere.

elizabeth weintraub sacramento real estate agent in land park

Nov 11, 2008 04:14 AM #9
Rainmaker
259,227
Erin Newington
(916) 585-3858 - Elk Grove, CA
Elk Grove Realtor

I was referring to our discussion on your post about why short sales are not good for the client (posted before update in guidelines).  Your mortgage broker hopped on and all but called me a liar.. in fact I think she did :) This is a GREAT program and will be a great help to those in need.

Nov 11, 2008 04:50 AM #10
Rainmaker
2,190,142
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

She's not my mortgage broker, Erin. I've never closed a transaction with her. She has written a guest article for me on About.com, and I know her from another board. However, I consider her to be extrememly knowledgable about the mortgage business. You were very professional in the way you handled that particular post.

This program from Golden 1 appears to be very new, though, and is fairly limited. But it will fit a certain group of borrowers who thought they could not buy a home . . . I'm glad to see it. :)

elizabeth weintraub sacramento real estate agent in land park

Nov 11, 2008 07:10 AM #11
Rainmaker
221,048
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Realtor - Seniors Real Estate Specialist Novato

This is great information Elizabeth. Do you know if there is a certain loan to value and minimum credit requirements?

Nov 14, 2008 12:40 PM #12
Rainmaker
2,190,142
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Call 'em, Mike.

Elizabeth Weintraub Land Park Real Estate Agent in Sacramento

Nov 14, 2008 02:29 PM #13
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