Posted on 25 November 2012.
?There?s a new term in real estate to know ? boomerang buyers. This is the term the Wall Street Journal has coined for people who have gone through a foreclosure or a short sale and are ready to be a homeowner again. They have come through the rough patch and are back in the market. Over three-quarters of a million foreclosed borrowers are eligible to apply for an FHA mortgage. It?s not an automatic thing, and depending on whether you?ve gone through a short sale or a foreclosure and who the lender is, there are different rules to follow, but the point is, it?s possible.
In either case, there is going to be a waiting period and a minimum credit score to qualify. In general, a short sale has less of an impact than a foreclosure. Late payments cause the most damage, and since foreclosures take longer than short sales, the damage is more dramatic. Also, a ?settled? debt is less damaging than a ?defaulted? debt.
Read the entire article here.
About Josh Cantwell
Josh is a full time real estate investor from Cleveland, Ohio who?s been involved in thousands of wholesaling, rehabs, rentals, foreclosure, pre-foreclosure and short sale transactions over the past 7 years.rosario dawson young jeezy world wildlife fund gsa keith olbermann andrew bynum the time machine
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