Posts Tagged ‘credit report’

FHA mortgage – How long from application to close?

Thursday, February 18th, 2010

We’re going to submit an application for an FHA mortgage tomorrow. We’ve got ALL documentation (W2s, bank statements, pay stubs, retirement statements, etc.) and will provide anything else within 1 day of the request if at all possible. We got a preapproval last month, and there should have been no changes in the credit report since then (negative, at least). The broker is going to request a rush on the appraisal. The house was last sold less than one year ago to the seller who is also the realtor. So, I’m pretty sure the title work should be pretty simple? We need to close by 7/31/09. Will this be possible? Thanks!!!

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Posted in FHA Mortgage | 2 Comments »

Mortgage foreclosure: should we just stop paying?

Tuesday, February 9th, 2010

We bought our house in 2006 (it was built in 2005). We presently owe over $260,000 on our mortgage.

Our house is now worth no more that $160,000

Real estate values have collapsed in our neighborhood (there and several vacant houses on our street).

We have an Adjustable Rate Mortgage. Our mortgage payments will increase in Feb., 2010.

We can rent a house on our street for half the cost of our mortgage payment.

We are both employed. We have no credit card debt.

We do not need credit. We do not especially care if our credit report gets clobbered by failure to make mortgage payments.

Our neighbor has failed to make mortgage payments for eleven months. He received a foreclosure notice in the mail. A lawyer told him that he can still live in the house for at least four months longer (without paying anything).

Our State laws prohibit a lender from suing a homeowner who defaults on the mortgage.

If we stop paying our mortgage, we will be able to save at least $20,000 in the next year. Then we can go across the street and rent. Then in three years we can get an FHA loan and re-buy a house at a honest price.

So why not just stop paying our mortgage? What do you reckon?

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Posted in FHA Mortgage | 4 Comments »

How the Obama Plan is Preventing FHA Foreclosure

Saturday, December 26th, 2009

If you have a loan through the government or a first time home buyer’s loan then you most likely can benefit through the Obama plot to save the housing crisis. You are one of a small number of homeowners this plot really is helping but you can prevent an FHA foreclosure.

A government loan or a first time home buyer’s loan is when a lending institution gives you money from the government. These loans may be set up for military personnel, veterans, and other people. The help with these loans is absolutely incredible because people do have the opportunity to save their credit and their home without suffering.

People who do not have government loans do not benefit from the plot as much as people with government loans because they were not considered. The only way they can benefit and save their house is by filing bankruptcy. This is a huge choice on whether you would prefer to have a defaulted home on your credit report or a bankruptcy. There isn’t much of a difference when it gets to this point because both of these two things are extremely damaging to someone’s financial well being.

If you do have a government loan on your home and you have fallen behind on the payments and the bank has initiated the default process then you are in a excellent position. There is no reason to worry about it because you have the privilege of refinancing your mortgage to something that is more affordable for you. Your income will be considered and you will be given a new payment that is more realistic that you really can pay on a monthly basis. You don’t and won’t lose your house if you don’t want to. Plus, your credit will remain in tact.

People who are looking at an FHA foreclosure today are going to be saved through the Obama plot. You are the only ones that will benefit by not damaging your credit by filing bankruptcy in order to save your house. This is because the government is refinancing all loans to lower monthly payments for people who have government loans. Don’t’ you wish that you had a government loan on your home too?

Joseph Smith has been educating buyers on the finer points of FHA Foreclosure at ForeclosedPropertiesData.com for over five years.

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Posted in FHA Foreclosure | 1 Comment »

ALL ABOUT…..Portland.Oregon.Real Estate: In The Eye Of The Beholder

Monday, December 21st, 2009

Get Pre-Approved For A Loan · What Is Your House Worth? Receive Emails of New Listings For Sale · Buy Vs

Original post:
ALL ABOUT…..Portland.Oregon.Real Estate: In The Eye Of The Beholder

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Posted in FHA, FHA Loan Limits, fha loan | No Comments »

Will A Bank Check For Judgements On Court Records When Applying …

Monday, December 14th, 2009

Its for an FHA loan and I meet all criteria but have a past repo about 8 years ago. Nothing is on my credit report just in court records. I due still owe a.

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Will A Bank Check For Judgements On Court Records When Applying …

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