The Dodd-Frank Act was passed to help homeowners who were underwater with their mortgage loan. The program provided relocation assistance for homeowners that qualify for the funds. If the homeowner didn't qualify for the HARP, the homeowners could sell their home through the tradition short sale. With the tradition short sale, the homeowner may not qualify for the relocation assistance funds.
What Should I do?
The idea is to take the advantage of the low prices in the market by buying a home to save money. A homeowner may want to sell their home if they are not underwater with their mortgage. A homeowner may be stuck because the only way to sell their home is through a short sale. If the homeowner doesn't have the extra funds to bring to closing, the only way to sell the home is through a lender approval for a short sale.
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Selling My Home
A homeowners may lose between 150 to 250 points by selling their home through a short sale. A short sale is a pre-forclosure and it takes an impact on the credit report. It doesn't matter if the homeowner paid their mortgage on time. The lender reports the sale as a short sale and the homeowner is penalized by not staying in their home. The homeowner can't take the advantage of the great deal out there to buy another home and sell their home. The government has stuck the homeowner into a house that is underwater instead providing the opportunity for homeowner to move-up into the housing market. The homeowner has to pay he penalty for Wall Street greed.
New Guidelines
The homeowner may buy another home but the homeowner must qualify for two mortgage payments if the homeowner doesn't sell their home. The lender requires the homeowner to have six months of reserve for both mortgage payments.
Credit Score
Below 600
All Applicants
with credit scores below 600 may still have the opportunity to purchase an
affordable home. The booklet, "Increase Your Credit Score After Short
Sale, Foreclosure and Bankruptcy", provides the techniques to increase an
applicant's credit scores. The program offers “FREE 30 DAYS COACHING” as well
as the booklet at increaseyourcreditscorenow.com
We
provide monthly newsletters on how to increase an applicant's credit scores and
weekly blogging information at increaseyourcreditscorenow.blogspot.com
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Some says that it is not good because it will also bring additional expenses but some says its worthy because it will eventually help you to solve you problem in you Loan modification.
ReplyDeleteloan modifications california
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Thank You.