Short sales may help a struggling homeowner sell their house. There is a price. The process can be time consuming, and there is no guarantee the sale will actually close. Lenders have to approve the sale since the house is most often sold for less than the balance of the mortgage, and the bank will have to forgive the portion of the debt from the sale price up to the amount owed on the mortgage. In order to qualify for a short sale, homeowners typically have to show lenders they are in a clear hardship situation. To show this lenders often require a lot of paperwork, and sometimes more than once.
Source: spokanevalleybankruptcylawyerblog.com
Video: Get a Mortgage After Short Sale, Foreclosure, Bankruptcy, or Bad Credit
What Is The Best Way To Stop Foreclosure
If a homeowner owes more on their property than it is currently worth, then they can hire a qualified attorney or professional to negotiate a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. A hardship is an adverse change in the homeowner?s financial stability after the purchase of the property up to the day of the short sale. ?Increase in mortgage, job loss, too much debt, forced relocation and divorce are just a few examples of acceptable hardships. This solution, if negotiated properly, offers many benefits other than just avoiding foreclosure such as salvaging 100?s of points on the homeowner?s credit rating. The homeowner can also avoid receiving a deficiency judgment if negotiated properly. They may also qualify for a new mortgage after only 24 months as opposed to 5 years with foreclosure. Short sales can be very tiresome and frustrating so the homeowner is best advised to work with an experienced and qualified short sale negotiator.
Source: stopforeclosure21.com
San Jose Short Sale Question: Should I Short Sale Or Declare Bankruptcy?
Guiseppe Matese specializes in loan modification assistance and short sales in San Jose California. San Jose Short Sales. San Jose Loan Modification Help. San Jose Short Sale Realtor. San Jose CA Short Sales. San Jose Realtor.
Source: avoidmysanjoseforeclosure.com
Fannie Mae/Freddie Mac Change in Short Sale Approval Guidelines
Under the new rules, Fannie and Freddie will approve short sales for borrowers who can document specified hardships: the death of a borrower or co-borrower, divorce or legal separation, illness or disability, or a move of more than 50 miles to get a new job. For borrowers who meet these rules, servicers will not have to get approval from Fannie Mae or Freddie Mac before approving the short sale, which should speed up the process.
Source: hernandezlawblog.com
FHA : ?Ignore? Foreclosures, Bankruptcy, Short Sales?
Major derogatory events include foreclosure, short sale, and Chapter 7 bankruptcy. The mandatory waiting period of each of the aforementioned events are as follows, assuming credit has been re-established by the borrower :
Source: approvedlead.com
Useful Advice In Personal Bankruptcy You Neede To Know
Carefully consider filing for bankruptcy on loans that have a co-signer, especially if that co-signer is a business associate, close friend or relative. Once you complete a Chapter 7 bankruptcy, you will be free of any responsibility of debt, which could put all responsibility on someone close to you. Although filing for bankruptcy excludes your from financial responsibility, co-signers will still be expected to pay the loan amount in full.
Source: bothellshortsaleblog.com
What Will A Short Sale, Bankruptcy, or Foreclosure Do To My Credit Score?
What Will A Short Sale, Bankruptcy, or Foreclosure Do To My Credit Score? By Arizona Bankruptcy Attorney John Skiba www.skibalaw.com When you suffer through financial difficulty that results in a short sale of a home, a foreclosure, or even a bankruptcy, the big question most people have is how such events will impact their ability to buy on credit again. In yesterday?s Arizona Republic newspaper, Russ Wiles wrote an article on ?Strategic Defaulters? and included in the article was a chart obtained from FICO on how short sales, bankruptcies, and foreclosures will impact your credit score. I have recreated this chart below: Situation Initial 680 Credit Score Initial 780 Credit Score 30 days late on mortgage 600-620 670-690 90 days late on mortgage 600-620 650-670 Short sale, no deficiency 610-630 655-675 Short sale with deficiency or foreclosure 575-595 620-640 Bankruptcy 530-550 540-560 Source: FICO From the information provided by FICO, a person with a credit score of 680 that files for bankruptcy will see about a 130-150 point drop while a person with a 780 credit score will see about a 220-240 point drop. This leads to the next question, how long will it take to repair a credit score after a bankruptcy filing? Reestablishing Credit After Bankruptcy Many of my clients see an improvement within a year from their completion of their bankruptcy case. The bankruptcy will be reported for ten years on your credit report. Many are surprised at how quickly they can reestablish their credit score and how soon they can qualify for a home loan. Below is a chart of the various waiting periods and types of loans that will be available after a bankruptcy, short sale, or foreclosure. Conventional FHA VA Chapter 7 Bankruptcy 4 years from discharge or dismissal date. 2 years from discharge or dismissal date with exception for extenuating circumstances. 2 years from discharge or dismissal date. Chapter 13 Bankruptcy 2 years from discharge date or 4 years from 1 year of the chapter 13 payout must have 1 year of the chapter 13 payout must have dismissal date. elapsed with on time payments. elapsed with on time payments. Foreclosure 7 years from completion date. 3 years from completion date. 2 years from completion date. Deed-in-Lieu of Foreclosure 4 years from completion date. 3 years from completion date. 2 years from completion date. Short Sale 2 years 80% max LTV 4 years 90% max LTV 7 years Max LTV allowed 1 year from sale date if there were no late payments, otherwise 3 years from sale date. 2 years from sale date. Consumer Credit Counseling 1 year of payout must have elapsed with timely payments. 1 year of payout must have elapsed with timely payments. Source: Debbie Flinn of Bell Mortgage. There is no question that bankruptcy will have an impact on your credit score and your ability to purchase things on credit in the near future. However, if you are dealing with significant debt with no serious prospects of being able to pay the debt off in a timely manner, bankruptcy may be the better option and may help you reestablish your credit more quickly. I would be happy to meet with you to discuss your situation and how a bankruptcy can help you in dealing with your debt situation. I can be reached at (480) 420-4028 or via email at john@skibalaw.com.
Source: jdsupra.com
How to buy a home after Short Sale, Foreclosure, or Bankruptcy
Kelly Cook with the KC Real Estate Group, short sale experts, talks about a brand new program developed to help people become home owners again after short selling, foreclosing, or filing bankruptcy. For more information If you have a short sale question, or concern, please call and we can help. ******** Call Kelly Cook today at 480-442-9868, email info@kellycookhomes.com, Check out our facebook page at http://www.facebook.com/kcrealestategroup.
Source: foreclosureshortsales.co
Rules For Qualifying For a Mortgage After Bankruptcy, Foreclosure, Short Sale, Loan Mod
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Source: shortsaleapproval.org
Get a Mortgage After Short Sale, Foreclosure, Bankruptcy, or Bad Credit
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Source: helpwithmymortgage.net
How to buy a home after Short Sale, Foreclosure, or Bankruptcy
Kelly Cook with the KC Real Estate Group, short sale experts, talks about a brand new program developed to help people become home owners again after short selling, foreclosing, or filing bankruptcy. For more information If you have a short sale question, or concern, please call and we can help. ******** Call Kelly Cook today at 480-442-9868, email info@kellycookhomes.com, Check out our facebook page at http://www.facebook.com/kcrealestategroup.
Source: shortsaleprograms.net
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- Southeastern Michigan Short Sale Question: Why Would I Short Sale My Home Instead Of Saving The Monthly Payment & Letting It Go To Foreclosure?
Source: http://foreclosureattorneyco.com/bankruptcy-or-short-sale-whats-best-route-to-debt-relief-3/
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