Fha home loans after bankruptcy

The Housing and Economic Recovery Act of 2008 gave the green light to FHA to expand the funds necessary to avoid foreclosures in the current housing market crisis. The Act also offers big tax breaks and incentives for first time home buyers. This offers a sigh of relief to homeowners that are facing foreclosures. Now they will be able to modify their loans, even under FHA, and get a comfortable FHA-insured 30-year fixed-rate mortgage.

This has undertaken a demonstration in the area of automated underwriting before beginning to design its own automated underwriting tool as it saves time and ensures more of consistent treatment to all the applicants. To get an FHA home loan modification program approved you are required to meet certain guidelines, rules and regulations. It plays a critical role in financing for needy people who have a troubled bad credit history and do not have money to purchase a home. You must fill your form properly to meet the requirements of the bank and follow the tips with guidelines to make your chances of approval.

Here are some tips to apply and qualify for FHA Home Loan Modification Program: Firstly, you are required to be aware of all the FHA loan modification guidelines made by the agency. This will make your chances to get approved for program. Prepare a hardship letter to convince the lender.blog_credence_lawgroup_bankruptcy have gone through. Include all necessary steps that you have taken to improve your financial hardships and make sure with the lender that you will make the future payments on time while following proper guidelines. You are required to prepare a financial statement that includes all your current position. This would make easier for the lender to modify your loan quickly by the help of FHA modification program.

Because your home under discussion has already been approved for the FHA loan, there is no need to repeat the steps again. The only catch though is that you are only allowed to borrow a similar amount of money as your original loan. To qualify for the program, you will need to meet the pre-qualifications. These include that your current loan should be FHA insured, your existing loan should be in good standing, you should not be late on payments, and that your refinance should be lower than the monthly principal and your interest payments.

Sometimes you have to push the envelope a little bit so be persistent! Do some research online and find out exactly what your options are. If you are ignored then ask someone else but don’t give up! Ask the representatives at your bank and follow up with phone calls. This is too important to just let it go. It could mean the world of difference in your life!

Blue Gorilla Marketing The Save Your Home and Keep Your Home Guide: A Simple Guide to Understanding the Loan Workout Process
eBooks (Blue Gorilla Marketing)

Foreclosed owners now able to buy again!

2012-11-15 10:13:50 by SadRenter44

After two foreclosures and two bankruptcies, Hermes Maldonado is as surprised as anyone that he's getting a third shot at homeownership.
The 61-year-old machine operator at a plastics factory bought a $170,000 house in Moreno Valley this summer that boasts laminate-wood floors and squeaky clean appliances. He got the four-bedroom, two-story house despite a pockmarked credit history.
The last time he owned a home, Maldonado refinanced four times and took on a second mortgage. He put a Cadillac and Mercedes-Benz C300W in the driveway and racked up about $45,000 in credit card bills and other debts

Buying A Home With Past Credit Problems

2012-09-22 18:44:55 by AshleySays

"Ashley Says"
Buying a home can be both exciting and stressful but, for those with past credit problems, the process may also seem intimidating. The good news is that many lenders have adapted to the idea that many hopeful homeowners simply need a second chance, which means that past credit problems no longer have to define your future.
When life unexpectedly takes a turn for the worst, it's not always possible to come out without a few bumps and bruises. Every day, people are faced with late or missed credit card payments, mortgage foreclosures, bankruptcy proceedings, auto repossessions and even civil judgments that will affect their credit reports for years to come

You might also like:

Home Loans After Filing Bankruptcy
Home Loans After Filing Bankruptcy

Renters can get dibs on company's brand-new homes  — The Tennessean
“Many people that make $50,000, $60,000 a year are trying to live the American dream, but because of a bankruptcy or a foreclosure or divorce or some problem with credit card debt, student loans, they're being held back,” said Bruce McNeilage, Kinloch ..

FHA to cut size of loans it insures from $729750 to $625500  — Los Angeles Times
The Federal Housing Administration is reducing the maximum size of the mortgages it will back, a step already taken by housing finance giants Fannie Mae and Freddie Mac. As of Jan. 1, the ..

Taylor Bean Said to Reach Agreement in US False Claims Lawsuit  — Businessweek
s bankruptcy trustee is poised to settle a U.S. Justice Department lawsuit claiming the firm submitted fraudulent mortgages to the Federal Housing Administration, two people with knowledge of the pending agreement said.

Related posts: