Tag Archives: foreclosure
New 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 – [...]
Owners Stay in Foreclosed Homes Anyway
One of the hardest parts of this foreclosure process is telling the homeowners that they have to leave their home. As a Realtor®, you do not know their story and what hardship the homeowner is going through. They may not being going through any hardship, but never jump to conclusions. The way the process is [...]
Full StoryMore People Choosing to Rent?
Since the first time home buyer tax credit has expired, we have seen the buyer numbers drop a little. However, it may have been a good thing that the buyers that were out to get the first time home buyer tax credit didn’t buy a home. The first time home buyer tax credit was a [...]
Full StoryAvoid Foreclosure in Northern Virginia
There are many troubled borrowers out there that have no idea where to turn to for help. ARM’s(adjustable rate mortgages) are resetting and mortgage payments are increasing as much as $1,500 a month. That’s a whole other mortgage payment for some! For those of you that are in this predicament, do not panic. There is [...]
Full StoryUS Treasury Steps in to Support Short Sales
Alright Ladies and Gentlemen! It is okay to swallow your pride and reach out to a real estate professional in regards to your upside down mortgage. We all realize the troubling times and the interest only ARM loans that you got 5 years ago. There is no shame and no one is going to point [...]
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