Buy Again Sooner after Short Sale or Deed in Lieu of Foreclosure?
Posted on 16. Dec, 2011 by Scott Schang in Buy Again
You can buy again sooner using Fannie Mae conventional home loan financing if you avoided foreclosure of a previous home through a short sale or deed in lieu of foreclosure. Buy Again After Short Sale / Deed in Lieu of Foreclosure TWO (2) Years up to Maximum 80% Loan to Value | 20% Down Payment FOUR [...]
Foreclosure, Deed in Lieu, Short Sale – Which is Better?
Posted on 04. Jul, 2011 by Scott Schang in Buy Again
One of the topics I am passionate about is helping home owners understand that there is light at the end of the tunnel, you CAN buy again after losing a home. Today’s real estate market is primarily the result of greed and mis-information. This article isn’t meant to be a rant about what went wrong, [...]
Facing Foreclosure – Should I Short Sale or File Bankruptcy?
Posted on 13. Jun, 2011 by Attorney Chirnese Liverpool in Consumer Protection, Foreclosure Prevention
NOTE: This article was originally posted on Chirnese’s blog and republished here with her permission. Due to the state of the economy – individuals are being faced with this question everyday. Should they just let their home be foreclosed? Should they short sale? should they file for bankruptcy? Not everyone’s situation is a clean cut [...]
Have you considered buying a short sale property?
Posted on 16. May, 2011 by Shannon Jones in Consumer Protection, Home Buyers
Home buyers often have very strong opinions on whether they want to buy a short sale. Some tell me they want to look at short sales because they’ve heard they’re great deals. Others want nothing to do with them because they’ve heard the process can drag on forever. Before a buyer decides whether to pursue [...]
Fannie Mae Know Your Options
Posted on 02. May, 2011 by Scott Schang in Foreclosure Prevention
This is a difficult economy for so many countless numbers of families. In this economy, it’s not your fault but sometimes there are hard choices to make about keeping or letting go of your home. I have written about how long you have to wait after foreclosure, short sale or bankruptcy. I am afraid I [...]
UPDATE: Buy Again One Day Out of Short Sale?
Posted on 28. Feb, 2011 by Scott Schang in Buy Again
Last week I passed along a recent guideline update regarding FHA’s stance on allowing the financing of a new home purchase one day after closing a short sale that meets specific criteria. This week, after prodding and communicating with FHA about several scenarios, we have some clarity about what is allowed and what is not [...]
Buy Again After Bankruptcy Short Sale or Foreclosure?
Posted on 02. Feb, 2011 by Scott Schang in Buy Again, Home Buyers
“When Can I buy again after a Bankruptcy, short sale or foreclosure?” I get this question all the time and I finally got smart and decided to post it here for everyone. These guidelines have changed quite a bit over the past three years (becoming more strict) and are accurate as of the date of [...]
Short Sale Approval Process Can Be Good Faith Deposit Enemy
Posted on 19. Sep, 2010 by Scott Schang in Consumer Protection
A long short sale approval process can tie up your good faith deposit for months. One of my clients recently discovered that a long short sale approval process can really cause a problem if your money is stuck in escrow. A fact that is most likely common knowledge at this point is that short sales [...]
Governor Schwarzenegger Signs Mortgage Protection Legislation
Posted on 19. Oct, 2009 by Scott Schang in Consumer Protection
PRESS RELEASE: 10/12/2009 GAAS:615:09 FOR IMMEDIATE RELEASE (This is a reprint of a press release by the Office of the Governor – You can find the original press release here) To help prevent California homeowners and homebuyers from being negatively impacted by the fraudulent mortgage practices that have arisen in the aftermath of the national foreclosure crisis, [...]
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