Monday, August 26, 2013

Only one year wait period for bankruptcy, foreclosure, short sale

Starting October 1, only one year wait period for bankruptcy, foreclosure, short sale or deed in lieu.
FHA Throws Lifeline to Those With Damaged Credit During Recession
The financial crisis took its toll on Wall Street and Main Street alike.  Mistakes were made and bills went unpaid on both sides of the fence, but Main Street sees Wall Street bailouts and asks "where's my bailout?"  Specifically with respect to the housing market, borrowers who have had bankruptcies, foreclosures, deeds-in-lieu, short-sales, or other adverse credit have heretofore been unable to quickly reestablish themselves as worthy borrowers.  That's changing.
Late last week, The Department of Housing and Urban Development on Thursday unveiled a new set of guidelines under the FHA program specifically geared toward homeowners and prospective homeowners adversely impacted by the Great Recession.  The "Back to Work" program, as it's called,doesn't constitute a free pass for those who would otherwise be unable to qualify for financing, but it does reopen the housing market to a great many borrowers who would otherwise have been waiting for 3-7 years to tick off the clock--depending on their initial credit issue--before being able to qualify for a mortgage.  In FHA's words:
"As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage payments, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file for bankruptcy to discharge or restructure their debts. Because of these recent recession-related periods of financial difficulty, borrowers’ credit has been negatively affected. FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage

Friday, August 16, 2013

Florida remains national foreclosure leader in July, but initial proceedings down

Florida’s rate of foreclosure filings remained the highest in the country last month, with one in every 328 housing units receiving a filing, according to a report released Thursday byRealtyTrac, a California-based property tracking company.

That’s more than triple the national rate for July, but initial default notices in the state are down 28 percent in the year-over-year comparison. RealtyTrac’s report tracks foreclosure activity – default notices, scheduled auctions and bank repossessions. Florida’s filings were driven by a 74 percent increase in scheduled foreclosure auctions and a 13 percent jump in bank repossessions.

Still, Florida’s foreclosure rate is 6.8 percent higher than July 2012. The Sunshine State also has nine of the top 10 metro area foreclosure rates.

Jacksonville ranks highest with 230 housing units receiving a foreclosure filing, a 24 percent year-over-year increase. Next is the Miami-Fort Lauderdale-Pompano Beach metro area (one filing per 250 housing units), Port St. Lucie (one filing per 256 housing units), Ocala (one filing per 294 housing units), the Palm Bay-Melbourne-Titusville area (one filing per 296 housing units), the Tampa-St. Petersburg-Clearwater area (one filing per 334 housing units), Orlando (one filing per 344 housing units), Pensacola (one filing per 345 housing units) and Sarasota (one in 394 housing units).

Albuquerque, N.M., slipped in between Palm Bay and Tampa to claim the sixth-highest foreclosure rate, with one filing per 331 housing units.

Thank You
Paul Antonelli
Buying, Selling, New Construction or Avoiding Foreclosure
We can help you like we've helped hundreds of our other Happy Clients.
14129 Town Loop Blvd., Suite 200, Orlando, FL 32837
Cell: 321-443-4028          Fax: 866-674-9761