Mortgage Meltdown of 2007 and rapid depreciation in real estate prices post that, resulted in financial crisis for a lot of homeowners. As a result of which, several of them went through a foreclosure, short-sale or bankruptcy. If you are one of those you must be trying to find out - how soon you can buy a house again. By the end of this post, you would know when you can qualify for mortgage - conventional loan, VA Loans or loans insured by Federal Housing Administration (FHA). When do I qualify for a…
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Tag: Foreclosure
$18 billion in mortgage relief for troubled California homeowners
California Attorney General Kamala Harris may be a hero to many Californians struggling with their home loans after obtaining a $25 billion multi-state agreement with major banks over a document signing scandal. The Mercury News broke this story recently about the agreement. Of course, this news comes too late for many people who lost their homes during the downturn in the housing market, but there are provisions for restitution. Part of the "make it right" aspect of this agreement is to repair communities blighted by foreclosures. Harris said the agreement gives California: *…
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California FHA Loans after Foreclosure, Bankruptcy, Judgment and Collection
In this post I am talking about eligibility guidelines for a FHA Loan after you have gone through Judgment, Collection, Bankruptcy or Foreclosure. This applies to residents of California, Washington, Oregon and rest of the country. FHA Loan after Collection and Judgment: FHA does not require that collection accounts be paid off as a condition of mortgage approval. However, court-ordered judgments must be paid off before the mortgage loan is eligible for FHA insurance endorsement. Exception: An exception on a court-ordered judgment may be made if the borrower has an agreement with the…
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Can I purchase a new home if my spouse does a Short Sale?
Short sales, in most cases, are one of the most economical solutions for all parties involved when a borrower can no longer afford their home. The bank typically incurs a smaller financial loss than would result from an ultimate foreclosure or continued delinquency on the mortgage payments. Borrowers may be able to soften the overall damage to their credit, and potentially settle future deficiency judgments. The big question on hand is.......What is life like after a short sale?? If you're married and your spouse has recently had a short sale, you may still…
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Benefits and Drawbacks of a short sale on a California Home
There are many benefits to a Short Sale versus a Foreclosure for a California homeowner, but there also many drawbacks to a short sale that need to be considered before deciding on the best course of action. A short sale is a great option for California home owners who need to sell their home and owe more than their property is worth, but a short sale is not for everybody. Benefits of a Short Sale A short sale will not drop the FICO score as much as a foreclosure. It is estimated a foreclosure…
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Short Sale vs. Foreclosure – What you need to know to make an informed decision
Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up your hands and let the bank take your home, that might not be the wisest thing to do. Short Sale Benefits Here are a few benefits for doing a short sale that may not have occurred to you: You may sleep better at night knowing who is buying your home. You will spare yourself the social stigma of the "F" word, foreclosure. Contrary to popular…
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California approves tax break for people in Foreclosure, Short Sales
As reported by LA Times the measure, which is expected to be signed by Gov. Arnold Schwarzenegger, would waive California state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. So far, the amount waived has been considered taxable income under California law. The measure passed Thursday would eliminate that tax when a bank agrees to accept less than what is owed on a home. Schwarzenegger said "I will sign the measure when it reaches my desk. I want to give homeowners and businesses the relief they need.…
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FHA waives 90-day flipping rule for Bay Area mortgages
Great news for First Time Home Buyers - FHA is eliminating the 90 day flipping rule for mortgages on San Francisco (SF) Bay Area homes. With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Currently such homes are mostly bought by investors with large down payments or an all cash transaction. Due to lack of financing options Bay Area First Time Home Buyers were not able to make offers on such homes. This temporary waiver will give FHA borrowers access to…
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Fannie Mae HomePath for Bay Area – No Appraisal or MI Required
Homepath was created to facilitate the purchase of the bulk of REO properties currently serviced/guaranteed by FNMA (Fannie Mae). Highlights: As little as 3% down allowed for owner occupied! As little as 10% down for non owner occupied and 2nd Homes! No Mortgage Insurance! No Appraisal Needed - Value determined by Sales Price You may qualify even if your credit is less than perfect Loan Amounts up to $801,950 allowed Loan Term Available : 30 Year Fixed Transaction Purpose : Purchase Only Borrower Eligibility First Time Homebuyers allowed Non-Perm Resident Aliens not allowed…
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Aug 09 Home Sales Trend in Bay Area
Data Quick reported that Bay Area home sales bucked the seasonal norm and fell last month from July, though they remained higher than a year ago for the 12th consecutive month. The region overall median sale price also declined as a greater portion of sales occurred in more lower priced areas. A total of 7,518 new and resale houses and condos closed escrow in the nine-county Bay Area last month. That was down 14.3 percent from 8,771 in July and up 4.0 percent from 7,232 in August 2008, according to MDA DataQuick of…
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