The FHA 1 Year Waiting Period After Short Sale, Bankruptcy or Foreclosure – Back to Work

Where was this three years ago?  Better late than never I suppose.  FHA is now insuring loans to homebuyers who have experienced an Economic Event (Short Sale, Bankruptcy, Deed in Lieu of Foreclosure or Foreclosure) in the past and can document that (1) their certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control, (2) the homebuyer has demonstrated full Recovery from the event and, (3) the homebuyer has completed housing counseling. FYI, in the event of a short sale, this is for buyers who DID have late …

Short Sales Gaining on REO – Mortgage News Daily

This article,  Short Sales Gaining on REO Sales as “Change is Afoot”, by BY JANN SWANSON does the best job of any article I’ve seen like it of defining and documenting an emerging trend.  Realtors and buyers would do well to adjust their searching, shopping and negotiating habits to conform to Jann’s observations. “A change is afoot when it comes to short sales,” RealtyTrac said on Thursday, releasing new data which indicate, based on January’s numbers, that pre-foreclosure sales (most of which are so-called short sales) in the first quarter were the highest since the first quarter of 2009. In theory, the company said, a short …

Buy Your Home With a Low Down Payment of $100.00!

During the fall of 2011, all HUD owned properties that are under the jurisdiction of the Denver and Atlanta HUD Homeownership Centers are eligible for the $100.00 down payment purchase incentive.  What this means, home buyers in Minnesota, Wisconsin and the additional states under Denver & Atlanta’s jurisdiction can purchase a HUD Owned Property with just a $100.00 down payment.   Purchasing a HUD property could be a great way to reduce out-of-pocket expense, but there are some things you should know first.  To purchase a home with the $100.00 down payment incentive the HUD Owned Property must be:  Owner Occupied. …

Fannie Mae Homepath Mortgage Loans…NO Appraisal, NO MI and NO Condo Certification!

Fannie Mae HomePath Mortgage Loans… NO Appraisal, NO MI and NO Condo Certification! Looking for a fix up property… with mortgage financing readily available? You believe you are either a handy person when it comes to home fix up projects or maybe you know someone who is handy. Shopping for foreclosed homes seems like a great idea for you, as foreclosed properties are the properties most likely to have some fix up projects that need to be completed. This is a great idea, right up until you are not able to get financing on that foreclosed property. You may qualify …

What’s the difference between pursuing bank-owned properties vs. short sale properties?

Understanding the differences between these two forms of distressed sales is critical to writing winning offers and paving the road to a successful closing. Perhaps more importantly, understanding their differences will mean that you’ll get the best deal possible on your purchase. A bank-owned property (often referred to as a “foreclosure” or “REO”) is a home which has been taken by the bank. In this case, the foreclosure process has concluded and the property is now owned “free and clear” by the lender. Making an offer on a on a bank-owned property is relatively simple in that response times are …

So You Want Constantly Updated Lists of Foreclosed Properties?

You’re smart enough to get pre-approved early and you know you need to know the market well in advance of buying your home.  You want to get a good deal and to that end, you want to buy a foreclosed home but where can you get the best and most current lists of foreclosures?  There’s a solution for you. You’ll need a lot of tools to begin this process on your own but when it comes to searching for real estate online, I invite you to check out the Home Buyers Scouting Report® (HBSR) from Home Buyers Marketing II, Inc. …

Bank LO’s vs SAFE Brokers and Lenders… oh my!

Alright, alright, alright…  MOST everyone in Mortgage and Real Estae has heard about the S.A.F.E Act right?  The Secure And Fair Enforcement for Mortgage Licensing Act was passed into law a while back but in last stages of being implemented RIGHT NOW.  There’s a bit of a rush going on right now as its supposed to be completely implemented by January. All originators from coast to coast need to get on the list and registered.  Some LO’s (Loan Originators) will need much more.  There’s 2 distinct groups of LO’s and I’ll try to provide direct clear hyperlinks… (mostly for the LO’s who don’t need education and …

Waiting Periods on Bankruptcy, Foreclosure and Short Sales for Mortgages

Since late 2007 and the MORTGAGE MELTDOWN started we’ve had many “inquiries” from prospective MN & WI buyers who’ve wanted to get into a new home or BACKinto home ownership.  The last couple years have been hard on many people even though the Federal Government says that the recession is behind us.  People have had their incomes cut back, lost jobs, bankruptcies, foreclosures and short sales. What I wanted to share with you is a current (as of today) crib sheet of how long certain negative things need to be “seasoned” before different types of mortgage financing can be offered. Let’s …

It’s High Noon on Shadow Inventory as Banks Halt Foreclosures

So Ally’s GMAC, Bank of America and J.P. Morgan Chase are halting foreclosures in 23 states. More importantly, Fannie Mae and Freddie Mac have stepped in to outline correct foreclosure processes and are demanding lenders adhere to them. What’s more, many more lenders are sure to follow the big 3’s changes. That’s great but what does it mean for us?