Recession Foreclosures

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. To qualify, homeowners can not owe more than the current market value of their homes. However, there is a catch to all of this generosity; borrowers [...]

Self-employed Borrowers applying for FHA insured mortgages have many misconceptions about the approval requirements and frequently fail to understand why some of the guidelines exist. Here are the FHA guidelines for self-employed borrowers: Who is considered self-employed? A borrower with a 25% or greater ownership interest in a business is considered self employed for FHA loan underwriting purposes. This includes anyone who receives a 1099 form even if you  report to a particular place of employment every day.  Many independent contractors mistakenly don’t consider themselves self-employed. How long does a borrower have to be self-employed to count as effective income? [...]

Private modifications from Citigroup could potentially be an option for certain homeowners who are not able to qualify for a federal home modification or in cases where in-house assistance plans may be a better fit for a particular homeowner, this could be the route to foreclosure prevention that is best for homeowners who are struggling financially and looking for a way to avoid the loss of their home. Yet, these alternative modifications that may offer private programs for homeowners in need have not always been helpful, but they are in some cases the only resort that a homeowner may have [...]

“Judge Melvin Hoffman of the U.S. Bankruptcy Court for Massachusetts overturned the foreclosure of a property transferred through MERS earlier in the week. This case could potentially have widespread ramifications on foreclosures in Massachusetts, as well as other states.”

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The foreclosure crisis continues on from its dark beginnings in 2007, yet as we near the end of the fourth year of the real estate market meltdown, there are plenty of positive signs – green shoots poking up from burnt soil – for investors, homeowners, and lenders alike heading into 2012. You just have to know where to look. Numbers released today, for example, show how the loan guaranty program run by the Department of Veterans Affairs is outperforming virtually every other loan or loan guaranty program in the country – even big-name, prime loan programs with strict credit requirements. [...]