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REAL ESTATE NEWS


 

CNN MONEY

After foreclosure: How long until you can buy again?

Financing a home after foreclosure is possible for most homeowners.  Those who default on their mortgages due to economic hardships, such as job loss, may receive approval for another mortgage in as little as two years, while it may take more than seven years for strategic defaulters to be approved.

 

KEEP THIS IN MIND

Lenders utilize several methods in determining whether to grant mortgages, including the amount of money borrowers have saved; employment histories; and payment history.

 

• According to the chief economist with the Mortgage Bankers Association, lenders may be more willing to finance a mortgage for a borrower who defaulted on their mortgage as a result of factors beyond their control.

 

• Some homeowners who strategically default—intentionally not meet their mortgage obligations although they have the financial means to do so—assume they can raise their FICO scores by paying their others bills on time. However, most future loan underwriters will scrutinize their records very closely, and if they determine the borrower strategically defaulted on their previous mortgage, the repaired credit score will not overshadow the walkaway.

 

• Although not impossible for strategic defaulters to finance another home purchase, it likely will be more difficult. Lenders may ask for down payments of 30 percent or more to provide sufficient collateral to enable the bank to recoup most of its money in a foreclosure. These borrowers also may be charged higher interest rates, even above the levels other borrowers with similar credit scores would receive.

To read the full story, please click here:

http://money.cnn.com/2010/05/28/real_estate/homebuying_after_foreclosure/index.htm

 


WHAT'S HAPPENING ELSEWHERE



Yahoo! News: Top Stories
Santorum: I won and raised about $250K Tues night (AP) 2/8/2012 1:52 PM

Republican presidential candidate former Pennsylvania Sen. Rick Santorum speaks during a primary night watch party Tuesday, Feb. 7, 2012, in St. Charles, Mo.  (AP Photo/Jeff Roberson)AP - Resurgent Rick Santorum said his sweep of three GOP contests earned his shoestring campaign $250,000 overnight, cash he needs to take his upstart bid for the Republican presidential nomination to Mitt Romney's turf.


Boehner: Congress to overturn birth control policy (AP) 2/8/2012 1:47 PM

House Speaker John Boehner of Ohio speaks on job creation to employees of Thyssenkrupp Bilstein of America, Monday, Feb. 6, 2012, in Hamilton, Ohio. The company has been in Hamilton since 1995 and manufactures automobile shock absorbers. (AP Photo/Al Behrman)AP - House Speaker John Boehner accused the Obama administration Wednesday of an "unambiguous attack on religious freedom," promising that Congress will reverse a new policy requiring religious schools and hospitals to provide employees with free birth control if the president doesn't.


Sheriff unhappy with dispatcher in Powell case (AP) 2/8/2012 1:52 PM

In this pool photo provided by the Pierce County Sheriff's Dept., an investigator walks through the garage area, Monday, Feb. 6, 2012, in the rubble of the home in Graham, Wash., where Josh Powell and his two sons were killed Sunday in what police said appeared to be a deliberately set fire. Powell's wife Susan went mysteriously missing from their West Valley City, Utah, home in December 2009. (AP Photo/Pierce County Sheriff's Dept., Ed Troyer, Pool)AP - Washington state authorities say they're not happy with the performance of a 911 dispatcher during last weekend's murder-suicide involving the husband of a missing Utah woman.


In scientific coup, Russians reach Antarctic lake (AP) 2/8/2012 11:11 AM

In this Monday, Feb. 5, 2012 photo provided by the Arctic and Antarctic Research Institute of St. Petersburg, Russian researchers at the Vostok station in Antarctica pose for a picture after reaching the subglacial lake Vostok. Scientists hold the sign reading '05.02.12, Vostok station, boreshaft 5gr, lake at depth 3769.3 metres.' The Russian team reached the lake hidden under miles of Antarctic ice on Sunday, a major scientific discovery that could provide clues for search for life on other planets. (AP Photo/Arctic and Antarctic Research Institute Press Service)AP - After more than two decades of drilling in Antarctica, Russian scientists have reached a gigantic freshwater lake hidden under miles of ice for some 20 million years — a pristine body of water that may hold life from the distant past and clues to the search for life on other planets.


Mo. teen gets life with possible parole in killing (AP) 2/8/2012 12:05 PM

This photo released Tuesday, Feb. 7, 2012 by the Cole County sheriff's office shows Alyssa Bustamante. Bustamante, 18, who confessed to murdering a young neighbor girl, was described as a thrill killer by prosecutors and a mentally disturbed child by her defense attorneys as a judge heard arguments Tuesday on whether she should be sentenced to life in prison or something less. (AP Photo/Cole County Sheriff's Office)AP - A Missouri teenager who had described the slaying of a young neighbor girl as an "ahmazing" thrill made an emotional apology Wednesday to the girl's family and was sentenced to a potential lifetime in prison.


Congress tries to give president line-item veto (AP) 2/8/2012 12:24 PM
AP - The Republican-controlled House sought Wednesday to give President Barack Obama and his successors the line-item veto, a constitutionally questionable power over the purse that has been sought by Republican and Democrats alike.
Report: LA teacher's aide sent love letters to boy (AP) 2/8/2012 1:54 PM

Los Angeles Unified School District Superintendent John Deasy takes his seat following a closed-door meeting of the Board of Education in downtown Los Angeles Tuesday, Feb. 7, 2012. Prosecutors have filed a lewd-acts complaint against the second of two teachers removed from a Los Angeles-area elementary school, and the Board voted to fire him in the closed-door meeting. On Monday night Deasy said that more than 120 staff members at Miramonte Elementary School — everyone from the principal and teachers to the cafeteria workers — were being replaced because a full investigation of the allegations will be disruptive and staffers will require support to get through the scandal. (AP Photo/Reed Saxon)AP - Officials at an elementary school rocked by teacher sex abuse claims are investigating yet another allegation of misconduct, this one involving a teacher's aide accused of sending love letters to an 11-year-old boy.


Getting caffeine fix as easy as taking deep breath (AP) 2/8/2012 1:26 PM

A woman holds up a 'Aero Shot' caffeine device in Boston, Tuesday Feb. 7, 2012. The lipstick-sized product went on the market late last month in Massachusetts and New York, and is also available in France. A single unit costs $2.99 at convenience, mom-and-pop, liquor and online stores. (AP Photo/Charles Krupa)AP - Move over, coffee and Red Bull. A Harvard professor thinks the next big thing will be people inhaling their caffeine from a lipstick-sized tube. Critics say the novel product is not without its risks.


Researchers probe 200-year-old shipwreck off RI (AP) 2/8/2012 1:46 PM
AP - Researchers from the U.S. Navy and the Woods Hole Oceanographic Institution are looking for clues to the identity of a 200-year-old shipwreck lying just off the Rhode Island coast.
Gary Busey files for bankruptcy in Los Angeles (AP) 2/8/2012 1:20 PM

FILE - In this Dec. 8, 2009 file photo, actor Gary Busey arrives at the premiere of the feature film 'Crazy Heart' in Beverly Hills, Calif. Busey filed for bankruptcy Tuesday in Los Angeles, citing more than $500,000 in estimated debts. (AP Photo/Dan Steinberg, file)AP - Court records show Gary Busey has filed for bankruptcy and is listing more than $500,000 in estimated personal debts.


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