financeworld blog

Buying a new home after a recent or past foreclosure is easier than
You might think. Some homeowners are reluctant to request an ex-
Mortgage. Given their history, many believe that the mortgage banks
immediately deny their loan request. On the contrary, many
Lenders offer mortgages and loans to individuals with damaged credit. Then
get a new home loan is within your reach.

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When homes go into foreclosure, the owners are often far more worried about the mortgage payment than anything else. There are numerous costs involved with owning a house, though, and all of these need to be paid before and during the foreclosure. If they are not paid, and the homeowners are able to stop foreclosure before losing the home, they can quickly find themselves back in the same situation, in danger of being sued again for delinquent property taxes, homeowners association fees, or find themselves owning an uninsured home. Even worse, the lender may impose an escrow account or forced insurance on the property. Thus, it is important for foreclosure victims to keep on top of as many of the payments relating to the house as they can.

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It will take an individual three to four years at best to be considered eligible for another mortgage, even one that is eligible for a VA insured loan. It doesn’t matter if the foreclosed loan was a FHA loan or one held by a private mortgage company. A foreclosure is a foreclosure, and on a credit report it is a very bad scar.

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Its no secret that thousands of people around the country and in Arizona are losing their homes to foreclosure. One of the biggest issues I deal with as an Arizona real estate lawyer handling foreclosure-related cases is the question of what happens with a second mortgage or home equity line of credit after the first mortgage forecloses. The answer to this question requires an analysis of each individual’s specific situation, including the terms of their loan agreement, the circumstances of when they obtained the loan and what the funds were used for, and the distribution of funds upon the foreclosure sale of the property. Although most homeowners would be wise to speak with an Arizona foreclosure lawyer about their situation, the following article provides a general framework of the Arizona laws that affect a second mortgage lender’s ability to collect a deficiency balance owed after the first mortgage lender has foreclosed.

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It will take an individual three to four years at best to be considered eligible for another mortgage, even one that is eligible for a VA insured loan. It doesn’t matter if the foreclosed loan was a FHA loan or one held by a private mortgage company. A foreclosure is a foreclosure, and on a credit report it is a very bad scar.

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Scenario:

My mother has taken a mobile home loan for a property in Florida. She has another home in South Carolina. Her husband has passed away last summer and for the past 3 months she hasn’t been able to afford the payments. What will happen if she’s unable to pay off the mobile home loan and allows the home to be repossessed? What’s the difference between a repossession and foreclosure? Can the mortgage company put a lien on the other house? What if she sells the other house first? Can they go after the proceeds? Can the company go after her social security money and retirement savings?

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The housing market is in serious need of stabilizing. People wages are going down, housing prices are going down and house payments are going up. These costs must be brought in line with rental payments or those facing foreclosure will and are opting to dump their houses for the lower cost of housing, i.e., renting.   There is not a lot of incentive to continue making payments on a house that is upside down on the mortgage payments.  Especially if the homeowners are financially distressed.   The whole idea is if the homeowners’ payments can be brought inline with the rental market they will stay in their home before opting to move into a smaller home for the same housing payment. Even if the the value of the home is less than the mortgage, given the history of real estate the home’s value will eventually rebound, putting the homeowners back in a favorable equity position.   It becomes a win-win situation for both the homeowners and the lenders they can avoid mortgage foreclosure process.   However, if you have been the unfortunate victim of losing your income with no reasonable expectation of recovering it you may have no choice but to downsize your housing wants and move into something to cover your needs. Of course, this is just until you are back on your feet. A temporary thing.  

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Because of the wide variety of mortgage lenders offering home loans to people with low FICO scores, it is very possible to secure mortgage financing with bad credit. After a foreclosure, few people are in a hurry to buy a new home. While waiting has its advantages, this is not a requirement. Here are a few tips to help buyers find a mortgage following a foreclosure.

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Many homeowners seem to consider “filing foreclosure” as a way to deal with a financial hardship and give up a mortgage payment they are no longer able to afford. They may want to know how they can file for foreclosure the best way, or how to do it at all. However, this misunderstands the foreclosure process and the fact that it is not the responsibility of property owners to file foreclosure paperwork to begin the process.

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