February 5th, 2010 in General |
If you’re considering doing a short sale of your home, condo, townhome or other property in Phoenix metropolitan area, Arizona Association of Realtors has put together the following seller advisory which may help you determine different venues of pursuing assistance for your late mortgage. Please click on the link below to read the new “Short Sale Seller Advisory” for short sales in Arizona.
Click here to read the all-new Arizona Short Sale Seller Advisory
January 18th, 2010 in General |
New rules are in effect when you short sale a property in Arizona. You may qualify for a loan if you are current on your mortgage payments while performing a short sale. Directly from FHA:
Q: What guidance was recently published by FHA about short sales? What changes will you be making and when will they be introduced?
A: FHA issued new guidance to help responsible borrowers who did not fully payoff their mortgage due to extenuating circumstances gain access to FHA financing.
On December 16, we released a Mortgagee Letter (09-52) to lenders and underwriters regarding borrower eligibility for a new FHA mortgage after pursuing a short sale (when a previously owned property is sold for less than what is owed) or a short payoff, when there is a principal write down of indebtedness that cannot be refinanced into a new mortgage. In the letter, which took effect immediately, we stated that borrowers are considered eligible for a new FHA-insured mortgage if: 1) they were current on their previous mortgage and other debts at the time of the short sale and 2) if the proceeds from the short sale serve as payment in full. We also stated that borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement to take advantage of declining market conditions, or to purchase another property at a reduced price. Additionally, borrowers who execute a short sale while in default on their mortgage are not eligible for a FHA-insured mortgage for three years from the date of the sale. Lenders, however, can make exceptions if the default was due to circumstances beyond the borrower’s control, such as the death of the primary wage earner.
In layman’s terms, if you paid your mortgage on time even while performing a short sale, you may be able to qualify for a purchase. Please call us today with any questions you may have in regards to short sales in Phoenix Arizona and buying a new home after performing a short sale of your home.
January 18th, 2010 in General |
HUD has announced that starting February 1st 2010, it will waive the 90 day investor rule. What this means to you, the investor, is that “flipping” of remodeled properties, investment and auction properties you purchase using New Front Group’s services has just been made easier, opening the doors to qualified buyers to finally use FHA financing to purchase your properties. If you are a real estate investor, please call us today to get a list of properties, often times before they hit the market, so we may guide you in your real estate investments in Phoenix Arizona.
