FHA Mortgages Bringing Back Distressed Home Owners

The FHA can help those who have lost homes to foreclosures, short sales and bankruptcies get back into real estate within a year. Here’s how.

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The real estate blogosphere has been aflutter this month with news, tips, tricks and tales of house and home. From paying off a mortgage early to buying a home after a short sale…We’ve got it covered, just in case you missed anything. Chart mortgage payoff progress. The writer at... Read more
Many homeowners who were faced with foreclosure and wanted to do a short sale had to wait months before their lender would give them a final decision on whether their short sale would be accepted. Now with the new short sale rules from the Home Affordable Foreclosure Alternatives or... Read more

Last year, the government instituted the Making Home Affordable program by which you could more easily refinance or modify a mortgage which had become unaffordable for you. This year, the government has also added a program to help you short sale your home or offer the lender a deed-in-lieu of foreclosure.

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President Obama promises aid for states that have been hardest hit by declining home values and foreclosures, including California, Nevada, Florida, Michigan, and Arizona.

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Lending Tree Chief Economist Cameron Findlay appeared on CNBC with Mark Haines to discuss the relevance of recently released fourth quarter 2009 mortgage delinquency data from the MBA, which is comprised of a survey of approximately 45 million individual loans from across the country.

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If you find yourself facing foreclosure or you are in a situation where you need to sell your home short your FICO score could drop significantly.

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In a loan forbearance, the foreclosure is delayed for a pre-negotiated period of time allowing you to make up the back loan payments and any additional fees that might have been incurred as a result of the late payments.

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Even if your lender approves a short sale as payment in full for your outstanding loan balance they may decide to issue a 1099 (forgiveness of debt), which may have significant consequences for you come tax time.

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Being underwater or upside down is more common than you might think, and it’s also one of the factors leading thousands of homes across the country into short sale and foreclosure.

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