Posts tagged ‘rehab loan’

Short Sales and Foreclosures- Do I have a Choice?

Today, we would like to take a bit of your time, commenting on the current housing issues and economic situation we are all facing.

Unless you have been off the grid…you know what our nation is going through in terms of the financial and economic hardships. One of the major concerns most everyone shares, is the state of housing.

For many if not most, a home is the largest investment a family or an individual will make. The uncertainty of job stability and-or steady employment for some and the unfortunate reality for others who may have fallen behind in their mortgage payments, are all to real.

If you happen to be facing foreclosure, we may potentially be of help in negotiating a Short Sale with your lender. What is a Short Sale? Basically a Short Sale is when the lender agrees to accept and settle on a lower or lesser amount than the full balance of the mortgage you owe.

A Short Sale will be reported as a debt that was discharged, but not paid in full. This will impact your credit rating and credit score less than if you allowed your property to foreclose. A Foreclosure will have a much MORE negative effect on your credit rating/score, In fact it could be as much as a 200 point lower credit score.

Another advantage of trying to negotiate a Short Sale is that currently under Fannie Mae regulations, mortgage borrowers can be eligible for a purchase loan only 2 years after a short sale.  Compare this to waiting  5 years, after a foreclosure. Also, some lenders may be slightly more inclined to loan on a mortgage to someone who went through a short sale rather than a foreclosure. 

By opting for the Foreclosure alternative, a Short Sale, a potential borrower shows that they were proactive in trying to pay off the majority of their debt rather than simply giving up or walking away from their home.

Now we are not saying that a Short Sale is for everyone. We are not saying that everyone who is facing the possibility or are in the beginning stages of Foreclosure will qualify for a Short Sale, but our Exit 24/7 Realty | NJ REO Servicing team may be able to help you in preventing a Foreclosure.

Please give us a call, 908-754-0111 or send an email to the Exit 24/7 Realty | NJ REO Servicing Office. [njreoservicing@gmail.com] So we may discuss the possibility of a Short Sale today.

September 2, 2010 at 12:00 pm Leave a comment

FHA 203k Purchase Rehabilitation Loan Info

The FHA 203(k) Rehab loan is an option for home buyers seeking to purchase a home that needs repairs. Sometimes dubbed a “fixer-upper” or Handyman’s Special” – buying a home that is in need of repairs can usually be bought at a discount and often yield a huge financial return.

The 203k Rehabilitation loan not only gives you the money to buy the house itself, but this loan also offers you the money you need to complete the required repairs to the home, all in one 30 year fixed mortgage at a low rate.

FHA 203k loans are in many cases cheaper than taking a construction loan to complete the necessary repairs. With a construction mortgage, you will most likely have to pay closing costs when you receive the initial construction loan, and additional closing costs once the construction is complete and you refinance.

With a 203k rehab loan, there is only one closing, one mortgage loan and 1/2 the fees! Read More about buying a house with a FHA 203k home mortgage loan…

Qualify for a FHA 203k loan now
Read more about FHA 203k loans

Watch a 54 second video on 203k loans:

http://video.yahoo.com/watch/5712637/14967510

FOR MORE INFORMATION ON 203K LOANS AND REHAB PROPERTIES, PLEASE CALL OR EMAIL EXIT 24/7 REALTY TODAY!

908-334-1475 or carl@exit24-7.com

June 1, 2010 at 5:49 pm Leave a comment


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