How long does a buyer have to wait before they can Apply for a Mortgage after a Bankruptcy, Foreclosure or Short Sale? FHA Guidelines Foreclosure 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...]
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, 2016 FEATURES AND BENEFITS Through 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. ELIGIBILITY You may be eligible for HAFA if you meet … [Read more...]
Interest – Only Mortgages
Interest - Only mortgages received a lot of bad press during the aftermath of the housing bust, but they have stuck around as a viable mortgage alternative to home buyers who meet rigorous lending guidelines enacted by the federal government in recent years. Interest - Only mortgages can lower monthly mortgage payments by allowing borrowers to delay paying principle on their loan for several years. The down side of this mortgage program is the increase in mortgage payments when interest-only period comes to the end. At that time, borrowers begin to pay a combination of principal and interest until the loan is paid off. The shock of the increase in monthly mortgage payments as a result of higher interest rates on adjustable-rate interest only loan loans have caused many borrowers to default on their loans in the past. This shock in monthly payments is often accompanied with a higher interest rate which results in many borrowers falling behind in their monthly … [Read more...]
Home buyers Tax Credit to Purchase Laurel Foreclosures
The City of Laurel recently passed legislation adopting a tax credit program for purchasers of foreclosed homes within the City of Laurel, Maryland. Home buyers tax credit to purchase Laurel foreclosures - Now in effect, the legislation offers a five-year descending City tax credit of up to $3500 for buyers purchasing their primary residence within Laurel City limits. Under the program, eligible buyers will receive credit for 100% of their City property taxes up to $3500 for two years following purchase. In subsequent years, three to five, the credit will decrease to 75%, 50%, and 25% respectively. Home buyers tax credit to purchase Laurel foreclosures is now available if the property is deemed to be a "distressed property" the purchaser may be eligible for an extended credit. As with similar programs, the credit terminates when the initial purchaser ceases to occupy the home as their primary residence. To learn more and obtain application forms please visit: City of Laurel 8103 … [Read more...]
Victoria Falls Spring Real Estate Market
Victoria Falls Spring real estate market is slowly gaining momentum moving into 2014….Although, the lack of inventory combined with few sales in the VF community have left market values lingering below an acceptable level considering similar properties in the area. The single family homes in the Victoria Falls community usually remain on the market for a long listing period - say 90 - 180 days or more. The Days on the Market (DOM) indicator should improve as the inventory and sales picks up in the peak of the spring buying season. Considering the unique space and style of homes the community home owners should see and increase in values in the coming months. Especially, with the amenities that this community offer VF's residents. Fannie Mae, a government controlled mortgage funding organization recently listed a two bedroom, two full baths Craftsman style villa home with a stone exterior for$252,900. This property sit idle for over three years! Now, it’s listed for sale under the … [Read more...]
Short Sale Programs
Short Sale programs like the Home Affordable Foreclosure Alternatives (HAFA) is a federal government program to help homeowners who cannot afford to pay their mortgages....want to avoid foreclosure..... and have exhausted all other loan modification options. The homeowner must meet certain hardship eligibility criteria, e.g., a divorce, loss of job, death of spouse or change in household income. Short sale programs allows homeowners to sell their home as a short sale or in layman’s terms -- selling the home for less than the outstanding mortgage balance. The lender will settle any outstanding mortgage debt and offer homeowners other benefits. Depending on the mortgage lender, these benefits could include relocation assistance up to $3,000 to those homeowners who must vacate after completing the HAFA short sale or a deed-in-lieu of foreclosure. Depending on your mortgage lender you may be entitled to other incentives that are available to eligible homeowners. The best time to … [Read more...]
Avoiding Foreclosure
Avoiding foreclosure is not out of the question for many homeowners.........Recent market analysis estimates show that there are millions of foreclosures in the pipeline waiting to be processed by Mortgage Banks or Servicing Companies. This high number of pending foreclosures is shocking news, especially when federal and state governments are constantly implementing new programs to assist distressed homeowners from avoiding foreclosure. These programs are designed to assist homeowners with their mortgage crisis and steer them to an alternative financing option to help them avoid the disaster of having a foreclosure proceeding attached to their credit history. Either the mortgage companies are not doing an effective job of convincing distressed homeowners of the alternative mortgage solutions to avoid a foreclosure; or, maybe, the distressed homeowners are riding the wave of fortune by not paying their monthly payment in lieu of pocketing their monthly mortgage payments. And, … [Read more...]
Foreclosure Process
Foreclosure Process: How State Laws Vary Foreclosure is a complicated, multi-step process—and each states handles it differently. Read Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
Facing Foreclosure
Facing Foreclosure: What to Do Right Now If you’re facing foreclosure, don’t panic: Take steps right now to save your home or at least lessen the blow of its loss. Read Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
Buy a Home after Foreclosure
Rules Loosen to Buy a Home After Foreclosure, But Lenders May Balk - You maybe eligible to buy a home after foreclosure. FHA and Fannie Mae are making it easier for homeowners who loss a home to foreclosure or short sale to buy again, but it might not make much difference if lenders don’t go along with the changes — since they don’t have to...... Read more: http://www.houselogic.com/blog/foreclosure-guide/getting-a-mortgage-after-foreclosure/#ixzz2fqbCkIRo New rules let you get back into homeownership sooner after foreclosure — in theory. Will lenders play along? Read Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
