How long does a buyer have to wait before they can Apply for a Mortgage after a Bankruptcy, Foreclosure or Short Sale? FHA GuidelinesForeclosure or Deed in Lieu of Foreclosure* 3 years from date foreclosure completed and transferred back to the bank. The date the Deed is transferred out of the borrower's name is the date that will be used for seasoning.* Less than 3 years but not less than 12 months from date of foreclosure completion and transferred back to bank with acceptable extenuating circumstances. Extenuating circumstances are defined as death in family, medical illness and not divorce or loss of job.Short Sale* 3 years from date sale closed and transferred to the new owner.* No waiting period if borrower had no late payments on any mortgages. And consumer debts within the 12 month period preceding the short sale . AND the buyers are not taking advantage of declining market conditions.How long does a buyer have to wait before they can apply … [Read more...]
Making Home Affordable (MHA) Program
WHAT IS MAKING HOME AFFORDABLE (MHA) ALL ABOUT? Making Home Affordable (MHA) Program is a critical part of the Administration's broad strategy to help homeowners avoid foreclosure and stabilize the nation's housing market.Eligible homeowners can lower their monthly mortgage payments and get into more stable loans at today's low interest rates. And for those homeowners for whom ownership is no longer affordable or desirable, the program can provide a way out that avoids foreclosure. There are also options for unemployed homeowners and homeowners who owe more than their homes are worth.ABOUT SERVICERS HOME AFFORDABLE REFINANCE PROGRAM (HARP)I'm current on my mortgage. Is it possible to refinance my loan under HARP? Yes. Eligible homeowners, who are current on their mortgages but have been unable to take advantage of lower interest rates because their homes have decreased in value, may have the opportunity to refinance. Through HARP, Fannie Mae and … [Read more...]
Home Affordable Foreclosure Alternatives Program (HAFA)
Home Affordable Foreclosure Alternatives Program (HAFA)HAFA® provides homeowners the opportunity to exit their homes and be relieved of their remaining mortgage debt through a short sale or a deed-in-lieu of foreclosure (DIL). It also provides homeowners with $10,000 in relocation assistance.Application Deadline: December 31, 2016FEATURES AND BENEFITSThrough HAFA, you can get help with your primary residence or rental property. If a HAFA short sale doesn’t work, you may be able to give the title back to your mortgage company in a HAFA deed-in-lieu of foreclosure (DIL). Once you complete a HAFA short sale or DIL, there is a waiver of deficiency, meaning you are released from any remaining mortgage debt. HAFA offers $10,000 in relocation assistance for you or your tenant. In some cases, HAFA has a less negative effect on your credit score than a foreclosure, which allows for a faster financial recovery.ELIGIBILITYYou may be eligible for HAFA if you meet … [Read more...]
When to consider a HAFA Short Sale?
Why wait on a foreclosure? Tax Rules Encourage Short Sales Sooner, Rather than Later When to consider a HAFA short sale? Tax rules that let you escape paying federal income tax after a short sale expire this year. ReadVisit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
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