Top 100 Internet Marketers Award
Moving Jacksonville Real Estate
FHA loan after bankruptcy?
This past year, I went through chapter 7 bankruptcy and lost two properties in the process. The first was a rental home which was taken by the trustee as an asset. Its mortgage was in perfect standing up to the day the trustee took possession. Since then, he has evicted the tenants and made known his intent to sell. However, he has not paid toward the mortgage and the mortgage company has made known their intent to foreclose, even as the trustee is preparing to sell. The second property was a Florida condo that I owned with three others. It was worth far less than the mortgage, but the mortgage was in good standing when I filed chapter 7 as well. Since then, the property mortgage and deed have not changed (I’m still officially on both) although the trustee has accepted the condo into the bankruptcy, he abandoned the property. The other owners have now stopped paying the mortgage and are weighing their options of deed-in-lieu, short sale, bankruptcy and selling out right and taking the loss. Other than this bankruptcy, my credit has been perfect for over 20 years. Base on the above, how long will it be until I’m eligible for an FHA loan? 2 years? 3 years? If it’s a certain period of time, does the time start the day I filed? The date I was discharged? The date my bankruptcy was closed or the date the last property changes hand so that my name is no longer on the deed or mortgage? I keep getting conflicting information, even from FHA lenders.
Related Websites
If you own two properties in Florida, can a bank go after your homestead if you default on the first loan?
I own a condo in Miami and due to foreclosures in the community properties are now selling for a quarter of what I paid originally and I do not see the light at the end of the tunnel. If I purchase a second home and defaulted or foreclosed on the first property (condo), can the condo bank go after my second property if it is my primary residence? What options do I have?
Related Websites
- Investing in Foreclosures for Beginners « SEO
- Light At The End Of The Tunnel For Expat Bookworms! | International Relocation, International Moving, Expat Life | Move One InMotion
- House Foreclosures in Arizona ? November 2009
- Coming To Grips With How Florida Foreclosures Impact Local Economies | How to Invest Today
How to build your credit back up after a short sale?
A short sale can damage your credit score, which may take a beating of more than 80 – 150 points. While a short sale may be a viable alternative to foreclosure, your equity gets reduced because the value of your home is less than what you owed. So, a low credit score increases your likelihood of having to pay a higher rate of interest for credit cards and mortgages in the future.
Normally, after a short sale, it will take 18-24 months before you become eligible for refinancing. This is because short sale proceedings follow payment defaults, which harms your credit score. Ideally, to reach a score of at least 650, consider the following tips:
Remember to contact your local consumer credit counselor or credit bureau to understand your credit report better. Also, setting up an automatic payment plan with your credit card company can help ensure that you never miss your minimum credit card payment.
Other alternatives:
You can request a personal loan from any bank. Banks can extend secured loans against property you own. In this case, that property is money. By borrowing against funds already in the bank, you may make installment payments on the loan and have a positive line of credit inserted in your credit report as a result. Funds borrowed against may be frozen by the bank until the personal loan is paid in full.
If you do not have any collateral to offer for the approval of installment debt, you can find a co-signer to ensure loan approval. The co-signer must have a good credit history. In the event of your non-payment of a loan, the bank will approach the co-signer to demand these payments.
To build a good credit score following a short sale or a foreclosure, you should seek professional help. You can do this by visiting www.floridashortsaleshelp.com for all real estate and short sale related advisories.
We are Florida foreclosure assistance attorney offers foreclosure prevention assistance. Call today for a Consultation!
Related Websites
How soon after a short sale are you able to purchase a new home?
Long story short…
We paid $225,000 for a home in Orlando, Florida 3 years ago before the market went down the drain. Things happened, and our income was cut in half. We were able to get our mortgage modified, but we don’t want to be here for much longer. Our house is now only worth about $130,000, tops. If we sold it through a short sale, would that extra $100,000 be our problem, or would the banks write that off? How soon after that short sale would my husband and I be able to buy a new, less expensive house? Thanks!
Does Bank of America seek Deficiency Judgments after a short sale in Florida?
Can anyone provide any factual data on whether BOA seeks Deficiency Judgments after a short sale in Florida?
Tips For Refinancing Your Florida Mortgage After Bankruptcy
People think highly of the United States. There is the so-called American Dream. Droves and droves of people from other nations come to the US to search for greener pastures or better opportunities that their countries cannot offer them. America is a political, economic, and sports superpower. Lately, however, the United States economy has been on a slump. This has been made worse by the tremendous rise in oil and food prices that have definitely burdened our countrymen. Another huge problem facing our countrymen due to the bad economic conditions in our nation is the issue of foreclosure.
Everyone wants a perfect home. It does not matter if you want a simple two-storey house with white gates, a rugged loft, your own condominium unit, or your own mansion, you have your own idea of what a perfect abode is for you and your family. To achieve this, you work hard, sometimes, even managing two jobs. You also make sacrifices to pay for the mortgage. You do all these to provide for you and your family. After all, a perfect home is not only beautiful on the outside. It must also be able to provide peace of mind and security for your loved ones. However, due to the bad economic state of our country, some of our countrymen cannot continue to pay for their mortgage. In fact, on the average, 1000 Americans are on the verge of losing their precious homes a day. That is indeed a not so sweet news in the land of milk and honey.
Florida is one of the most famous states in the country. It is popular for destinations like the Everglades National Park, the Boca Grande, the Crystal River, the Dry Tortugas National Park, the Fort Caroline National Memorial, and the Walt Disney World among others. It is also famous for the hip lifestyle the people have in the Sunshine State. In fact, one of its most famous residents is the rich and famous Hollywood couple Jennifer Lopez and Marc Anthony. Because of its beautiful destinations, it has become a paradise for rich people, even as the middle class citizens continue to live there. However, Florida has served as a microcosm of the United States. It is developed, but that does not prevent its people from suffering from economic woes particularly the dangers of foreclosure.
No need to worry, there are tips for refinancing your Florida mortgage after bankruptcy. For one, you should be in the know of the provisions in our laws. You need not be a lawyer to be able to do this. There is such a bill that was signed by the House Judiciary to help people suffering from foreclosure to be able to stay in their homes. This is called the Emergency Homeownership and Mortgage Equity Protection Act of 2007. The bill provides that the courts will help you alter to your convenience the current terms of your mortgage. Research is key. You have the Internet and other sources to be able to save your home. Finally, you should also be able to negotiate well in your creditors. If you think you cannot do this alone, there are companies that are willing to help you in doing so.
Yuava has developed the new website of Florida Mortgage information, which have more details and common questions about Florida Refinancing. Please visit us at http://www.FloridaMortgagePortal.com
