Buying a Home After Short Sale, Foreclosure, Bankruptcy or Charge Off

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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Upside Down? HARP Obama Refinance- Ultimate Guide +RateQuote

What is Making Home Affordable (MHA) program? The Making Home Affordable Program (MHA) is a critical part of the Obama Administration's broad strategy to help California, Washington and Oregon homeowners (and rest of the country homeowners) avoid foreclosure, stabilize the country's housing market, and improve the nation's economy. What is HARP? First established in 2009, HARP (Home Affordable Refinance Program) was initiated as an option for underwater homeowners wanting to refinance their mortgage at lower interest rates with government expectations that it would assist millions of homeowners who found themselves owing more on…
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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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Had a Short Sale – Do I now qualify for an FHA Loan in California?

Short sale is increasingly becoming a common option to sell a house in San Francisco (SF) Bay area and rest of California. A short sale is a transaction where a seller sells the property for less that what was owed. If you went through a short sale you could have this question - Do I now qualify for a loan? FHA recently came with a guideline on this question. Below are the highlights: You are not eligible for a new FHA mortgage if you pursued a short sale agreement on your principal residence…
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