BREAKING NEWS- ONLY ONE YEAR WAITING PERIOD AFTER FORECLOSURE-Starkville, MS

BREAKING NEWS- ONLY ONE YEAR WAITING PERIOD AFTER FORECLOSURE-Starkville, MS

Via Beth Atalay, Broker, CDPE (Cam Realty and Property Management):

BREAKING NEWS- ONLY ONE YEAR WAITING PERIOD AFTER FORECLOSURE

FHA Waiting PeriodFinancial crisis in our country has affected consumer as well as Lenders. Banks received bailouts. Consumer lost their homes, had to file bankruptcy or sell their homes as a Short Sale.  Borrowers who had to take dee-in-lieu, got foreclosed on, sold their homes as Short Sale or filed bankruptcy know too well how long it takes to reestablish their credit and show lenders they are worthy borrowers.

Borrowers who lost their homes to foreclosure or short sale no longer have to wait three years to get a mortgage.


BREAKING NEWS- ONLY ONE YEAR WAITING PERIOD AFTER FORECLOSURE-Starkville, MS


The Federal Housing Administration(FHA) has changed the rules in effort to help borrowers who lost their homes during financial crisis to foreclosure and short sale due to job loss or reduce in income. Waiting period for these borrowers will be only one year.
Buyers must be able to document they lost their home in result of deduction in income(at least 20%) or job loss which forced them to file bankruptcy, foreclosure, deed-in-lieu or Short Sale.  These borrowers will now be able to apply for a mortgage after only one year.
Borrows must be able to document loss of income/employment as well as W-2s, tax returns, termination notices etc.

You may visit HUD’s website by clicking on the link.

If you’ve lost your home to Foreclosure or Short Sale and it has been 12 months, you may be eligible to apply for a mortgage again.

Whether you’re looking to buy a home or thinking about selling your Clermont FL, home, please contact me at 407-929-1852, email
bethatalay@gmail.com or visit www.wheretoliveinorlando.com

 

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Beth Atalay, Broker/Owner

Cam Realty and Property Management

407-929-1852
www.wheretoliveinorlando.com BethAtalay@Gmail.com
Your Orlando Agent – Where to Live in Orlando

 

CAM Realty

 

BREAKING NEWS- ONLY ONE YEAR WAITING PERIOD AFTER FORECLOSURE-Starkville, MS

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