Ask Brian: Should a Homeowner File for Bankruptcy if They Have Equity in their Home?

Realty Biz

I’m thinking that bankruptcy might be my only option. What’s important for me to know about filing bankruptcy as a homeowner? How bankruptcies work out is highly dependent on personal circumstances. I’m assuming that you want to come out of bankruptcy still owning your home.

Can I buy a house 1 year after Chapter 7 bankruptcy?

The Mortgage Report

Buying a house after Chapter 7 bankruptcy is possible, but most buyers have to wait at least 2 years after the bankruptcy is discharged to get a home loan.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

How can a Past Bankruptcy Affect Your Ability to get Preapproved for a Home Loan?

RIS Media

If you have declared bankruptcy in the past, that can complicate things, but you may still be able to get preapproved. How Can a Bankruptcy Affect Your Credit? The type of bankruptcy filing will determine its effect on your credit.

How does the FHFA 7% loan cap on GSEs affect originators?

Housing Wire

As you probably know by now, the Federal Housing and Finance Agency has limited GSEs to a 7% cap on loan purchases for second home and investment properties. Due to tight inventory and increased competition, investors need to close on loans quickly.

Loans 231

Key Tips to Rally Back from COVID-19 Bankruptcy in 2020

C4D Crew

Previously successful people have had to declare bankruptcy, and gotten bankruptcy loans, recently because of COVID-19. Cheese to name a few have had to invoke bankruptcy protection with bankruptcy loans. . Bankruptcy Code.

3 Alternative Home Loan Options for People with Bad Credit

Rent, Buy & Sell

Great credit allows people to get the best interest rates on various types of loans. Bad credit is usually the result of late bill payments, bankruptcy, foreclosure and loan defaults. FHA Loan. VA Loan. There are some drawback to VA loans.

Forever Home: A First-Timers Guide to Understanding Home Loans

C4D Crew

This article will explain five loan programs for first-time buyers. Federal Housing Administration Loan. First-time homebuyers and those with no or low credit may be eligible for a loan that is guaranteed by the Federal Housing Administration (FHA). Veterans Administration Loan.

What Are the Biggest Differences Between FHA and Conventional Loans?

HomeLight

If you’re a first-time homebuyer , you have a lot of decisions to make, including what type of loan to choose. You may have heard that FHA loans are good options for first-time homebuyers, but why is that? You can get an FHA loan with a lower credit score, for example.

Risks of nonbank mortgage sellers and servicers revisited

Housing Wire

Many of these firms experienced bankruptcies and closures similar to that of New Century.”. Another major risk of nonbank originators and servicers is operational risk in terms of loan manufacturing quality.

Guaranteed Rate to acquire Stearns Lending

Housing Wire

In a statement confirming the deal Tuesday afternoon, Guaranteed Rate said the acquisition of Stearns would enable a boost in retail loan originations and further scale its JV platform, while also developing “new multichannel capabilities.”

Wells Fargo pays $96M to settle LO comp lawsuit

Housing Wire

The lawsuit, which combined two legal actions that were designated a class action, was filed on behalf of 5,377 loan officers and other mortgage staffers employed by the bank in California from 2013 and 2019. Wells Fargo agreed to pay $95.7

Americans’ mortgage debt increased to $10T in Q4

Housing Wire

2020 ended with a substantial increase in new extensions of credit, driven by record highs of new mortgages and auto loan originations,” said Wilbert Van Der Klaauw, senior vice president at the New York Fed.

Wells Fargo halts proactive COVID-19 forbearance plan following multiple lawsuits

Housing Wire

In some cases, the account holders asked to be removed and continued making their normal loan payments. . ” The letter outlines the categories of affected customers: “In early March, Wells Fargo began providing forbearances to customers in active bankruptcy proceedings if we identified a court filing indicating that the customer may have been suffering a COVID-19-related hardship.”

eXp and Kind plan mortgage JV by October

Housing Wire

By both companies’ admission, a major key to Success’s success will be hiring loan officers. The second big mortgage joint venture announcement this week is a meeting of the Glenns.

Mr. Cooper settles $90M lawsuit over illegal foreclosures

Housing Wire

Cooper , the nation’s largest nonbank servicer of mortgage loans, will refund customers nearly $90 million and pay a civil penalty of more than $6.5 Those modifications allowed the borrower to make trial payments, which would then require the servicer to permanently modify the loans.

Glenn Stearns’ Kind Lending originates $1B in 6 months

Housing Wire

At the time, the bankruptcy was being conducted by Blackstone , the private equity giant that acquired a majority stake in Stearns parent company, Stearns Holdings , back in 2015. Glenn Stearns is back, and not just on television.

IMF: CFPB mortgage servicer complaints drop in Q4

Housing Wire

in the fourth quarter, while complaints about loan modifications dropped 10.1%, servicing concerns dropped 6.7% Presented by: Computershare Loan Services.

Pre Approval vs Pre Qualified vs Underwritten Pre Approval: What’s It All Mean?

HomeLight

Do you know the difference between pre approval vs pre qualified when it comes to mortgage loans? Marcus Rittman, director of mortgage operations at HomeLight Home Loans, has seen that “the catalyst for most homeowners wanting to get approved for a mortgage is finding a home that they love.”

Simplify complex lending processes with powerful analytics

Housing Wire

Unique, comprehensive market and loan data—augmented with proprietary analytics—is integrated with these solutions for clearer insights to optimize clients’ success. The comprehensive MSP servicing system supports all areas of loan servicing for both first mortgages and home equity products.

How Does an FHA Mortgage Work and What Are Its Pros and Cons?

Point2Homes

An FHA mortgage is a loan backed by the Federal Housing Administration, provided through an FHA-approved lender. This type of loan aims to make buying a home easier for families with low or medium incomes, as well as lower credit scores compared to those required by conventional lenders.

Non-QM lenders are back. But will brokers pick up the phone?

Housing Wire

His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. At that point, Dodson was actively working on a jumbo loan for friends of his from church. And whether you do it or someone else does it, that loan is going to get done.”

Loans 285

The appraisal industry’s hidden hand

Housing Wire

He started contracting with home mortgage lenders to appraise the value of the property tied to a loan. “It Under the conduct code, Fannie Mae and Freddie Mac would only securitize mortgages from lenders that had a firewall between writing the loan and selecting an appraiser.

How Does a USDA Mortgage Work and What Are Its Pros and Cons?

Point2Homes

The USDA mortgage is a loan made available through the U.S. Unlike conventional mortgage loans, it doesn’t require a down payment, it has a higher eligibility rate, but it does come with some restrictions on the location of your future home. Image: IvanMichailovich / Shutterstock.com.

Loans 81

What Is an Alt-A Mortgage?

RIS Media

Between prime (highest-quality) and subprime (lowest-quality) home loans are a category called “Alt-A mortgages.” . The federal government sets guidelines for Qualified Mortgages that focus on a borrower’s ability to repay the loan. How Are Requirements Different for Alt-A Loans?

Wells Fargo sued for placing borrowers in forbearance without consent

Realty Biz

The federal government’s recent Coronavirus Aid, Relief and Economic Security Act comes with a provision that allows mortgage borrowers who face economic hardship due to the pandemic to ask for temporary forbearance on their loan.

Should You Consider Contract for Deed Financing in 2021?

C4D Crew

Rocket Mortgage puts it best as they say, “When someone cosigns on a mortgage loan, it means they agree to take responsibility for the loan if you default. Cosigning on a loan isn’t just a character reference. VA loans are great if you are a first-time home buyer.

The Impact of COVID-19 on Mortgage Foreclosures in 2020

C4D Crew

According to Veronica Baxter, an established legal assistant to Philadelphia Bankruptcy Attorney David Offen says,” “Under federal law, a lender or servicer cannot begin the state foreclosure process until your loan is more than 120 days past due.

Loans 52

Door Is Shut to Millions of American Homeowners in Need of Mortgage Relief as Pandemic Enters Year 2

Realtor.com

They were struggling with the mortgage before the pandemic began and tried to modify the loan, which has a fixed rate of nearly 4.9%, but their mortgage servicer, Select Portfolio Servicing, demanded a lump-sum payment that they couldn’t afford, Moroni says.

Meet The Real Estate Tech Entrepreneur: Michael Jimenez from Xchange.Loans

GeekEstate

I’m a co-founder and the CXO of Xchange.Loans- The online marketplace for non-performing loans. When a lender has an asset- typically a non-performing loan- that they want off their books they come to our marketplace to sell that asset to qualified buyers for cash.

Why You Should Check Your Credit Reports on a Regular Basis

RIS Media

Financial institutions request copies of credit reports to help them decide whether to approve loan and credit card applications. Derogatory information, such as a bankruptcy, may still be included in a credit report when it should have been removed.

Canada Sees Increased Wealth Concentration Amid COVID-19

Point2Homes

An uptick in Canada’s home prices might seem unlikely amid the COVID-19 crisis, particularly when the economy is facing significant job losses and a record-high number of bankruptcie s. Image: Afshin Sadeghi Lavasani / Shutterstock.com.

The Home Appraisal Process: What Homebuyers and Sellers Should Know

Redfin

The lender wants proof that the amount of the loan does not exceed the value of the home, or they end up taking on more risk in the event you default on your loan and go into bankruptcy. There are many important steps to buying or selling a house.

Top Financial Resources to Support Your Residents

App Folio

At the moment they are currently offering low-interest loans of up to $2 million to small businesses and nonprofits in certain states that have been impacted by COVID-19. . To help those in need, they are offering loans to bartenders who are out of work due to COVID-19. .

7 Money and Personal Finance Lessons 2020 Taught Us

Point2Homes

2020 has had a severe impact on the job market, resulting in unemployment and even bankruptcy for many people. High interest loans, such as credit cards or payday loans, can be tricky to juggle at the best of times. Image: lovelyday12 / Shutterstock.com.

What Does Clear to Close Mean, And How Much Longer Before I’m a Homeowner?

HomeLight

Bankruptcy documents. This, of course, depends on a few variables, such as getting preapproved for a mortgage, or whether you’re taking out an FHA or a VA loan, which may take a bit longer. (We Any and all conditions and contingencies of the loan. Underwriter reviews the loan.