Josh Talayka | July 25, 2011
At the onset of our current economic recession, the majority of distressed homeowners having difficulty paying their mortgage came from the subprime sector where borrowers were facing adjustable interest rates. As the markets have continued to worsen and unemployment/wage reductions have increased, these defaults have expanded to include all types of mortgages, including FHA. However, one of the benefits of an FHA mortgage is that there are many workout options in place to assist borrowers. The following are just a few of the workout options that the Department of Housing and Urban Development (federal agency that regulates and insures FHA mortgages – HUD) has in place:
Category: FHA loans, Loan Modification Series, Short Sale & Foreclosures |
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Tags: Chase International, Deed-in-Lieu, FHA, forbearance, foreclosure options, Foreclosure Prevention, HUD, Loan Modification, Making Home Affordable, MHA, Nevada, NV, partial claim, Pre-foreclosure Sale, Real Estate, reno, short sale, Talayka, www.sellinghomesinreno.com, www.sellingnorthernnv.com
Josh Talayka | June 27, 2011
The Federal Housing Administration (FHA) offers qualified borrowers with non-FHA loans the option of refinancing into an FHA-insured mortgage. The current lender must also agree to write of a minimum of 10% of the current unpaid principle balance. In addition, all other lien holders must consent to allow the borrower to participate.
Category: FHA loans |
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Tags: Chase International, debt forgiveness, FHA, Nevada, NV, Real Estate, reno, Short Refi, Talayka, treasury, underwater, www.sellinghomesinreno.com, www.sellingnorthernnv.com
Josh Talayka | May 9, 2011
On January 15, 2011, Wells Fargo lowered their credit guidelines to offer FHA financing to borrowers with credit scores as low as 500. This lower credit requirement should open the doors to many buyers who otherwise would not be able to meet most lenders’ credit requirements of minimum scores of 650+/-.
Category: Credit, FHA loans |
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Tags: 500 credit score, borrower, Chase International, FHA, financing guidelines, Lending, mortgage, Nevada, NV, Real Estate, reno, Talayka, Wells Fargo, www.sellinghomesinreno.com, www.sellingnorthernnv.com
