As a Senior Loan Officer, I think the biggest challenge in today’s economic and mortgage lending environment has to do with the amount of people that have had a bankruptcy, foreclosure, or short-sale; and sometimes all of the above. It is important to understand what the current lending guidelines are when trying to get pre-approved to purchase a home. While they are always subject to change, here are the current ones. Read the rest of this entry
Can I Modify My Mortgage in Bankruptcy? Yes!
The Home Affordable Modification Program (HAMP), also known as the Making Home Affordable Program, is being used in the bankruptcy courts in SW Florida. The HAMP program was established by the government to help struggling homeowners save their homes. You may or may not be eligible for a HAMP modification; however, you will never know unless you try. Read the rest of this entry
Short Sales and Chapter 7 Bankruptcy
Let’s face it bankruptcy complicates everything, Right?
Well, not really. Let’s say you list a home for a short sale. Many times, the homeowner has other financial problems besides the mortgage on his or her home. The homeowner may decide to file for bankruptcy. That’s OK. Your chance to complete the sale is not dead, but it is on hold. Read the rest of this entry
In the last two weeks we discussed some basic bankruptcy concepts as well as Florida’s Homestead and Personal Property exemptions. With any luck, this week’s discussion will hopefully tie the last two blogs together and shed some light on the proverbial “big picture.” That being said, I urge you to review my previous two blogs beforehand. Also, if time permits, my “Homestead” blogs will help clarify this as well. Read the rest of this entry
Homestead, Personal Property, and Enhanced “Wildcard” Exemptions
Last week we began discussing some general bankruptcy information. This week we will focus our attention on Florida’s exemptions. Specifically, the Homestead and personal property exemptions. Read the rest of this entry