My first time at a foreclosure auction
February 17, 2015 by Leave a Comment
I recently attended my first trustee sale on the King County courthouse steps. The house next door to us, that has been vacant for a couple years was scheduled to be auctioned. My husband and I were curious as to who might be purchasing the property and I’ve always wanted to see what happens at a foreclosure auction.
Home Buyers who had a short sale or foreclosure are making a comeback
January 30, 2015 by Leave a Comment
A “boomerang buyer” is the nick-name given to people who lost their home due to foreclosure or a short-sale during the Great Recession, who are “back” buying a home again. Realtytrac reports:
In 2015, the first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home. More waves of these potential boomerang buyers will be moving past that seven-year window over the next eight years corresponding to the eight years of above historically normal foreclosure activity from 2007 to 2014.
When Can I Buy Again after a Short Sale?
October 6, 2014 by 1 Comment
I received this question from on of our readers over the weekend:
Hi Rhonda, I completed a short sale in Sept 2012, looking to repurchase. I know that Fannie Mae just extended their post short sale repurchase guidelines to a waiting time of 4 years. What other options do I have? I have enough for downpayment and FICO around 720ish. Thanks!
Reader question: What can we do during the waiting period?
September 26, 2013 by 4 Comments
If you’ve had a bankruptcy, short sale or foreclosure, there is a waiting period that must take place before you can start the mortgage process. Wait periods vary depending on the type of derogatory event and the mortgage program. This reader’s excellent question is from an article I recently wrote about FHA’s “Back to Work” program.
We will reach our 1 year mark on January 30. Can we do anything before then to get the process started or do we have to wait until January 31?
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