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Are you finding it easier to qualify struggling homeowners for an FHA loan?

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Amy Taylor | 29 Apr 2014, 10:53 PM Agree 0
The period had previously been two years following a bankruptcy, and three years following a foreclosure or short sale. The agency has now reduced the waiting period to one year.
  • Katy | | 29 Apr 2014, 10:55 PM Agree 0
    This is silly. Once someone Looses a home. they should be required to move in with their mother for a few years as penance.
  • Simon Dalambert | | 29 Apr 2014, 10:58 PM Agree 0
    In my almost tragic case, I applied for a home modification. The banks took my money while keeping the old note open and reporting me late on my original mortgage! The "two track" treatment it is called. Having destroyed our credit, we couldn't go elsewhere. Nine months later they threatened foreclosure in a letter they sent. ...I'm in NY. I took them into small claims, the wrong court, but the right Branch of our government, ie, they could move me around inside the court system, but they couldn't get out of it until they shows the ORIGINAL note, which they don't have or can't show unless they expose the fact they didn't pass it through to the investors when they screwed them. ...BofA legal department called me. In 30 days they fixed our credit. In 60 days we had the modification backdated to the day we fedex-ed the application. All fees and penalties were gone. And, we made them give us an indemnity forever and any buyer an indemnity forever that: if the REAL owners (the "investors") ever came after us for their money, BofA would have to step in and pay them all the money we paid to them over the years. And, they gave us $2,000. ...(I have the photo copy of that check up on my wall-a great conversation starter, believe me...)
  • Stewart Walker | | 29 Apr 2014, 11:02 PM Agree 0
    Borrowers will have to show that they experienced an "economic event" whereby their household income fell by 20% or more for a period of at least six months. They must also demonstrate that they have fully recovered from the event, and agree to complete housing counselling prior to closing.
  • Jesse B. Lucero | | 01 Nov 2014, 01:27 AM Agree 0
    I work with Greenbox Loans Inc, and we have a great program 1 day out of foreclosure, shortsale and my pricing is very competitive. Our FHA progrms also allow us to go as low as 500 fico scores.
  • Gary | | 04 Nov 2014, 02:38 PM Agree 0
    jesse, haw can i get in touch with you?
  • | | 03 Dec 2014, 10:05 AM Agree 0
    Jesse, has your company done any FHA mortgages as a correspondent lender or as a principal agent.
  • emortgage2015 | | 29 Jul 2015, 07:32 AM Agree 0
    If anyone here are from Arizona state, The Eddie Mortgage Team can provide service when it comes to FHA.
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