Archive for 'Mortgages'
Subprime Loans Mostly with Minorities
Everyone has their own theories about the subprime mortgage debacle and more recently an in depth look with the CNBC special “House of Cards.” Some of the borrowers knew what they were getting into by lying about their income to afford a home. Others however, did not know what lenders were steering them towards. Unfortunately, [...]
Full StoryNew Guidelines for Borrowers with Short Sales, Foreclosures, and Deed-in-Lieu
Freddie Mac and Fannie Mae have adjusted their guidelines for borrowers who have a Short Sale, Foreclosure, or Deed-in-Lieu of Foreclosure.
Waiting period and allowable financing are now the same for all of these
2 years – but less then 4 years: Max 80% financing
2 Years with Extenuating Circumstances: Max 90% Financing
4 years – [...]
Fannie Mae Pre-Foreclosure Announcement
To support overall market stability and reinforce the importance of borrowers working with their servicers when they have difficulty repaying their debt, Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure event (preforeclosure sale, short sale, or deed-in-lieu of foreclosure). The “waiting [...]
Full StoryShort Sales in Northern Virginia are Being Encouraged by the Fed
A short time ago when anyone heard the words “Short Sale”, they cringed in disgust. The reason for this awful taste in Realtor’s® mouths was the uncertainty of a short sale. Banks were taking as long as 8 months to get back to the agent and buyer. More often than not, hearts were being broken [...]
Full StoryHelp Needed for Home Owners Underwater in Northern VA
As you heard me say in my last post that a large majority owe more than what their home is worth, articles are coming out left and right with the same information. I may have the right to call myself an expert, but I won’t touch that. I guess I call it as I see [...]
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