The U.S. Department of Housing and Urban Development outlined in a mortgagee letter requirments for borrowers who have previously utilized a short sale. The letter indicated that some borrowers who used short sales do not qualify for loans insured by the Federal Housing Administration. Borrowers who unloaded their primary residences using a short sale then immediatedly bought nearby properties at a lower prices are ineligible for new FHA mortgages.
feedburner- Success Story: Cash Flow Crazy in the Twin Cities September 8, 2010Minneapolis-area resident Mark Kozikowski specializes in buying distressed buildings at a discount so he can renovate them and then rent them out for the long-haul with a nice monthly cash flow. Source:Success Story: Cash Flow Crazy in the Twin Cities […]
- FHA Short Refis Go Live September 8, 2010The FHA Short Refinance option was announced by the U.S. Department of Housing and Urban Development. The option is available on owner-occupied transactions with case numbers issued on or after Sept. 7. To qualify, the mortgage must close by Dec. … Continue reading → […]
- LOS Offerings Integrate Servicing Systems September 8, 2010A "seamless process" has been developed for boarding loans directly from Mortgage Builder Software’s loan originations system to sub-servicer Cenlar FSB’s servicing platform, a July news release indicated. A Cenlar executive explained that lenders are learning about the potential profits … Continue reading → […]
- Deterioration in Delinquency Projected September 8, 2010More than half of bankers project mortgage delinquency will increase over the next six months. That was the finding of a quarterly survey of 235 bank risk professionals conducted for FICO. But the outlook was better than in the previous … Continue reading → […]
- Reverse Mortgage Loan – How to Avoid Foreclosure September 8, 2010If you’re having trouble when it comes to keeping up with your mortgage repayment, then you ought to do something about it right away before the problem becomes too big for you to be able to handle. This is why … Continue reading → […]
- Mortgage Quotes – Dealing With the Risks of Home Mortgage September 8, 2010Mortgage payment rules are very strict and it needs to be paid on time. If you are missing a few instalments for whatever reason can cause the start of downward spiral. While losing home can be a huge reason to … Continue reading → […]
- Remortgage Your Home September 8, 2010Sometimes it’s hard to come by extra money for things. When you are locked in a dead-end job, with no prospects for job advancement, in today’s tough worldwide economy, it’s comforting for homeowners to know that they have options to … Continue reading → […]
- Is a Home Equity Loan Something To Jump On? September 8, 2010If you’re a homeowner then you know that after a while you’ll start to get offers in the mail for various loans that center around the equity you have in your home. Everything from refinancing home equity loans. Of course … Continue reading → […]
- Thoughts on Reverse Mortgage Calculators September 8, 2010As someone who’s had his fair share of loans, I was quite surprised when I started seeing advertisements for reverse mortgages. For those that don’t know what these are, they essentially allow you to leverage the equity that is in … Continue reading → […]
- How Could Homebuyers Get Further House Price Reductions? September 8, 2010There are signs that the housing market is near its bottom. There are comments from experts agreeing to this statement. Number of homeowners giving up on selling their home is increasing everyday. Refinance mortgage applications are record high. Source:How Could … Continue reading → […]
- Success Story: Cash Flow Crazy in the Twin Cities September 8, 2010