Disclosure: This post is written by me on behalf of KEL. All opinions expressed are 100% mine.
Florida foreclosures have been pretty high the past few years. When we bought our first home a few years ago there were almost twice as many foreclosures than sellers just wanting to sell their home.
Back in the day to get a mortgage was easy here. No income verification was big factor. The banks were willing to lend more than people could really afford, leaving so many that were faced with foreclosing on their home years later when the interest rates went up.
After you foreclose on your home you are faced with so many hits to your credit and the long wait of 7 years to buy a home that you actually afford. It sure is a tough spot to be in. But now there is help.
There is hope for Florida foreclosures.
In August 2014 Fannie Mae changed their lending guidelines to help you move into a new home and a fresh start after just 24 months. There is one qualification you have to meet. You must file for bankruptcy and discharge the mortgage debt. By filing for bankruptcy you can combine credit cards, car loans, medical bills and other major debts.
Once you have completed the 2 years, The Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) have specific guidelines and programs for accepting borrowers who have filed for bankruptcy. For example, the FHA will insure mortgages to individuals who have filed Chapter 7 liquidation bankruptcy 24 months after the discharge if “the borrower has reestablished good credit (or has chosen not to incur new credit obligations), and has demonstrated an ability to manage financial affairs.
To weigh out your options if this is right for you, its best to speak with an attorney. The KEL offices can help you make the right choice. They specialize in bankruptcies and are there to help you start re-establishing your credit after filing.
Attorney Matt Englett of KEL – “You CAN NOW get a new mortgage as FAST as 24 months if you have been through a FORECLOSURE!”
Florida foreclosures could make a huge turn around with this new program. Helping people start fresh and live the American dream once again.