Archive for the Short Sales and Foreclosures Category

Updated Waiting Periods for Obtaining New Financing After Short-Sale or Bankruptcy!!

Tony! Toni! Toné! - Feels Good   CONVENTIONAL LOANS | DETERMINED BY CREDIT REPORT DEROGATORY ITEM WAITING PERIODS Foreclosure Home was given back to the bank - No owner participation. • 7 years from date foreclosure completed and transferred back to bank. Short Sale Deed in Lieu of Foreclosure Short Sale: Home sold but sales price didn’t cover amount owed. Deed in Lieu: Home returned to lender in exchange for canceling loan. • 7 years from date sale closed an… Read More

How Long After a Short-Sale, Foreclosure or Bankruptcy Until You Can Qualify for a New Mortgage?

"How Long Must I Wait for You?" - The Larks How Long Do I Have to Wait? The following chart is meant to be a general guide for how long a person might have to wait.  During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan.  It takes different amounts of time to heal credit scores based on the event.   FHA VA USDA FNMA/Freddie Mac Jumbo Fo… Read More

Short Sales Might Get Easier???? I’ll Believe It When I See IT!!

"Falling Short" - Generation Song   Short-sales have been a challenge in our market for the last few years. New legislation is supposed to make it better. My personal experience is that, "I'll believe it when I see it"!! But, of course, I hope that it's true!! Here is an article from RisMedia: (MCT)—The short sale process could get a lot quicker starting this summer under new rules that will require lenders to respond to offers within a month. Fannie Mae and Freddie Mac, the nation’s two largest mortgage backers, will implement the guidelines on June 15. The changes requ… Read More

“After-Shocks” – Lasting Effects of Getting Your Mortgage Debt Cancelled!

"After Shock Song" "After-Shocks":  When Mortgage Debt is Cancelled The Mortgage Forgiveness Relief Act of 2007 was passed by Congress to avoid additional financial hardship that some homeowners might experience due to a foreclosure or short sale. The law affects mortgage relief that occurs from January 1, 2007 to December 31, 2012. The forgiveness is only applicable to taxpayers' principal residence and only acquisition debt used to buy, build or improve the home. The additional cash taken out when refinancing a home will not be eligible for the relief unless it is used for capital im… Read More