What is a My Community Mortgage?

According to research of the foreclosures during the past 7 years, chief among the cited reasons were lack of down payment, undisclosed debt by the buyers, reduced credit requirements, and unstable income. In response to greater accountability to Washington lenders tightened there criteria…too tight by most industry experts. Thankfully, however lenders are beginning to see…

How is my credit score impacted by paying a charge off?

It is much easier to get paid charge-offs removed than unpaid charge-offs. There is no incentive for the creditor to fight the dispute, since they already have their money. So if you dispute the charge-off, the credit bureaus will send a verification request to the creditor. Most often the creditor will ignore the verification request.…

How much will the new FHA MIP Rules change save me?

Surprisingly, one of the brightest spots of the president’s State of the Union Address last night which might have received a standing ovation from both sides of the aisle barely received a passing mention! The bright shining spot in his speech was the president’s recent directive to HUD regarding the FHA Annual Mortgage Insurance Premium.…

How Long do I have to Wait for a Mortgage after Short Sale or Foreclosure?

We’ve all heard the saying that ‘Bad things sometimes happen to good people’. If you have ever owned a home and have experienced both the pride of homeownership and the correlated sentiment of shame for having lost that home in foreclosure, short-sale, deed-in-lieu of foreclosure, or worse bankruptcy when the event which caused what I…