Timeline to Reestablish your credit after a Foreclosure

                                             Timeline to Reestablish your credit after a Foreclosure


Due to the economic and financial hardships that many people faced in 2009, they were forced to file bankruptcy, short sell their homes, and many just gave up and were foreclosed on.
 
Considering all of these situations, people were put in difficult positions when it came to their credit.  Their credit ratings took a negative turn that affected their future home buying possibilities or anything involving credit scoring.  The following information offers help for those who may have been in one of these situations:
 
Bankruptcy Chapter 7
The following loans can be obtained in certain amounts of time.
FHA Loan:  24 months
USDA Loan: 36 months
VA Loan: 24 months
Conventional Loan: 48 months
 
Bankruptcy Chapter 13
 
FHA Loan:  12 months has elapsed since BK.  On time payments made while in Chapter 13, and written permission from the court to enter into a new mortgage.
USDA Loan:  36 months from discharge or dismissal
VA Loan: 12 months has elapsed since the BK.  On time payments made while in Chapter 13, and written permission from the court to enter into a new mortgage.
Conventional Loan:  Extenuating circumstances 24 months from dismissal or discharge date.
 
 
 
Foreclosure
 
FHA Loan:  36 months
USDA Loan:  36 months
VA Loan:  2 years, while exceptions on extenuating circumstances-can be less
Conventional Loan:  7 years
 
Short Sale
 
FHA Loan:  36 months
USDA Loan:  36 months
VA Loan:  2 years, with exceptions on extenuating circumstances-can be less
Conventional Loan:  *2 years- 80% LTV, * 4 years- 90% LTV, *7 years-can follow standard guides
 
Re-Established Credit
 
FHA Loan:  3 trade lines open active for 24 months paid as agreed.  No derogatory accounts since the event.  12 month verified residential NO late payments.
USDA Loan:  3 trade lines open active for 24 months paid as agreed.  No derogatory accounts since the event.  Must have a 24 months verifiable residential history NO late payments.
VA Loan: 3 trade lines open active for 24 months paid as agreed.  No derogatory accounts since the event, 12 month verifiable residential NO late payments.
Conventional Loan: 3 trade lines open and active for 24 months paid as agreed.  No derogatory accounts since the event.  12 month verifiable residential history NO late payments.
 
 
 Ainsley Daux
Florida Realty
(813)546-1954
Serving the Tampa Bay Area
Dover Real Estate
Brandon Real Estate

NACA (HOME OWNERSHIP PROGRAM)

NACA OVERVIEW
 
NACA is the Largest Non-Profit HUD Certified Home Ownership Organization in the Country Providing the Best Home Ownership Programs in America.
 
PURCHASE PROGRAM
 
NACA provides the best home purchase program in America with free personalized and comprehensive counseling focusing on the homebuyer’s credit and financial issues to determine an affordable mortgage payment that is not based upon credit scores.  The majority of NACA homebuyers are low to moderate income, many with neither perfect credit nor substantial savings.

The NACA mortgage is unique in that everyone receives the same incredible terms that make home ownership affordable without the need for perfect credit, large savings or high income with the following terms:

• No down payment

• No closing costs

• No fees

• Fixed 30 year below market rate at 4.0% (as of 1/24/2014)

• Buy-down: one percent of the mortgage permanently reduces the interest rate by 25%.  

• NACA has been and continues to be in the forefront in advocating against lenders, mortgage companies, government entities, and others to combat discriminatory and predatory lending practices.
• For information go to www.NACA.com

Ainsley Daux
Florida Realty
813-546-1954
Tampa Bay Real Estate

Fannie Mae short sale escalation update

To assist with these issues, Fannie Mae now is allowing REALTORS® to escalate problems with Fannie Mae short sales directly to Fannie Mae via http://www.homepathforshortsales.com/hpshortsaleinquiry.html. This portal may be used for valuation questions and concerns, as well as other problems encountered with a Fannie Mae short sale.
More info http://www.homepathforshortsales.com/.
Thank you,
Ainsley Daux
Florida Realty
(813)546-1954
Tampa Bay Short Sales

JUST SOLD ANOTHER SHORT SALE

I DID IT AGAIN!!!
I listed, mitigated and sold another short sale...
Although this particular short was a challenge and took a long time to have the short approved, I got it done.
Stay tuned for more Short Sale Success
Thank you,

Ainsley Daux
Florida Realty
Brandon, Florida
Tampa Bay Florida
Dover, Florida

Evaluation Short sale Process Update

Consumer Financial Protection Bureau (CFPB) servicing standards,  implemented a new process earlier this year.  The Evaluation process  will evaluate customers  who are entering directly into the short sale process. The customers are evaluated for their short sale options and receive a notice of the evaluation within 30 days of providing a complete short sale package 

To continue to ensure compliance with required timeframes, updates have been made to the short sale evaluation process and letters.

According to  CFPB, Short Sale Evaluation Notices will now be standalone letters that highlight the specific short sale program for which a customer is eligible and the timeframe and method to accept the program that is offered on their notice:

• Timeframe: Borrowers have 14 days (30 days for NV) to confirm their interest in the specific program.
• Method: To confirm their interest in the specific program, customers must engage with Bank of America and/or complete the mandatory tasking. The required engagement or response will be outlined in the specific Evaluation Notice.

You can find more information relating to the process on their website. For additional Tampa Bay short sales, please feel free to contact me.

Thank you,

 

Ainsley Daux

Florida Realty

Tampa Bay Short sales

(813)546-1954

"""Just Sold Another SHort Sale"""

                                                """Just Sold Another Short Sale"""

Just Sold another short sale. This short sale was challenging, but I got done,I have worked on this since 08/2013. The lender Wells Fargo, put up the barrier but I knocked it down. I am still the undisputed short sale champion of the world.....Ainsley Daux

Ainsley Daux
Florida Realty
(813)546-1954

I mitigate short

sales in Tampa Bay

Back on the Market Brandon Short Sale

This home is centrally located in Brandon and boast 3 bedrooms, 2 bathrooms, a car port and fenced yard. Work needed but take advantage of this Fannie Mae approved short sale, no need for the long wait....
Please call or email with any questions or concerns.
Thank you,

Ainsley Daux
Florida Realty
(813)546-1954