The Collapse Of The Foreclosure Crisis

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If there is one thing we have learned in the last decade, it’s that almost no one is immune from financial struggles. When the struggle is too much, sometimes it forces us to take drastic measures to survive and move forward in the wake of those struggles. When financial crisis hits we downsize, cutback, and in extreme cases walk away. We are not too far removed from “mortgage meltdown” that began in 2007. Since that time we have seen a significant increase in the amount of foreclosures, short sales, deed in lieu, cash for keys, and bankruptcies. Many homeowners had to make the tough choice of extreme measures to bounce back financially. In the aftermath, it can feel like a financial death sentence following you everywhere you go. Many of…show more content…
2015 Buy Again After with a VA Home Loan Guaranty The simplest of all the programs to remember is the program offered through Veterans Affairs or VA Loans. They treat all three events the same and have a 2-year waiting period from the date of discharge on a bankruptcy or the date of the change of ownership on title from a short sale or bankruptcy. 2015 Buy Again After with a FHA Home Loan An FHA loan is the second most forgiving depending on the type of event. If you have gone through a bankruptcy, it is 2 years from the discharge date before you can officially qualify for an FHA loan program. If you have gone through a short sale or foreclosure it is 3 years from the change of title. If you have gone through a bankruptcy and you went through a foreclosure that was included in the bankruptcy you can qualify for an FHA loan with the shorter time period of 2 years instead of the normal 3 years with a foreclosure. There is also one other exception that could qualify you sooner than the 3 year waiting period if you have experienced a foreclosure or short sale. If you can show that your short sale or foreclosure was caused by extenuating circumstances such as a loss of a job, death, or serious medical condition, you may qualify for an FHA loan with 2 years of the foreclosure or short sale. 2015 Buy Again After with a Conventional Mortgage Conventional mortgages are based on Fannie Mae or Freddie Mac guidelines. Once again, the waiting period is going to
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