More Boomerang Buyers Are about to Enter the Market

We previously informed you about a study conducted by TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019.

Recently, HousingWire analyzed data from the US Bankruptcy Courts and revealed that 6 million Americans will have their bankruptcies disappear off their credit reports over the next five years and that this could “ possibly send a flood of more homebuyers into the housing market.”

The chart below shows the total number of bankruptcies filed by year in the US over the last 10 years. The light blue bars represent over 3.3 million people who have already waited the 7 years necessary for their reports to no longer include their bankruptcies.

How would this “ send a flood of more homebuyers into the housing market”?

As the article mentioned, in 2010 the number of chapter 7 bankruptcies increased to nearly 1.14 million. Now, 7 years later, they will begin to fade from credit histories, enabling prospective buyers to become homeowners again once their credit scores improve.

As we can see from both reports, the homeownership rate has the opportunity to increase drastically over the next few years with all of these boomerang buyers returning to the market.

Bottom Line

If your family was negatively impacted by the housing bust, here is the light at the end of the tunnel! You may be able to purchase your dream home faster than you think!
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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Mortgage defaults at lowest numbers since January 2007

Equifax Inc. has just released its June 2016National Consumer Credit Trends Report. This monthly report analyzes data from over 220 million consumers in the United States. According to the report, the first mortgage write-off rate is 3.3 basis points (100^ths of a percentage point) of outstanding balances. Meanwhile, the total number of first mortgage defaults in June 2016 was 17,909, the lowest it has been since January 2007.

While the overall US first mortgage write-off rate has returned to historic lows, it remains high in some parts of the country. Puerto Rico, which is dealing with a major debt crisis, has a write-off rate that’s three times higher than the national average (12.9 basis points). Nevada has the second highest write off rate at 6.6 basis points, which is twice as high as the national average.

Other states that have high write-off rates include Florida (6.2), New Jersey (6.2), Delaware (5.1), and Mississippi (5.0).

“The backlog of foreclosures from the financial crisis finally appears to be waning and write-offs are returning to historically-normal levels,” said Amy Crews Cutts, senior vice president and chief economist at Equifax. “Rising home values have helped significantly, as have improving labor markets. Given the low inventory of homes for sale and the overall improving credit profile of the US consumer, we expect home sales to maintain the upward trend we’ve seen in the first half of the year and for mortgage default performance to continue its downward path.”

As for first mortgages, the severe delinquency rate was 1.40% in June 2016, down from 2.07% in June 2015.
Meanwhile, as of June 2016, the total number of first mortgages outstanding was 49.8 million—a 0.7% increase from June 2015. Lastly, the total balances outstanding on first mortgages was $8.33 trillion as of June 2016, a year-over-year increase of 2.8%.

Original Article Link

Buying a home is now easier than it has been in years.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

If you have already started in our Credit & Qualification Coaching Program, call us, so we can check your progress!
The KEYS to your new home are within reach!

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Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. SCOTT HARRIS | VICE PRESIDENT & BRANCH MANAGER
& MORTGAGE MIRACLE WORKER

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

Shadow Inventory causing CAIVRS Alerts. Do you have a buyer with an old foreclosure that is still causing them problems?

“Can I buy a home with a CAIVRS ALERT?”

CAIVRS stands for Credit Alert Verification Reporting System and it is a system maintained by the federal government that lists persons who have defaulted or had a loan foreclosed within the last three years on a debt owed to the Federal government or are currently delinquent on a debt owed to the Federal government. Examples of Federal debts include previous FHA or Veterans Administration home loans.

For a borrower that had a FHA mortgage foreclosed upon, that borrower is not eligible to apply for another FHA mortgage until three years after the date that HUD paid the insurance claim to the lender.

This is the key sentence.

Unfortunately, the clock on the 3 years waiting period does not start ticking until the Lender takes legal ownership of the property, files the claim with FHA and FHA pays the claim.

We have had several prospective buyers recently that had problems 3 to 6 years ago. They left the home and turned the property back over to the lender. But, the lender, didn’t actually transfer title into their name for months and in some cases years!

We successfully pleaded the cases for the prospective buyers and were able to get CAIVRS Alerts cleared. We documented the transfer should have taken place over 3 years ago, and it was not the prospective buyer’s fault that the lender did not file the claim until months or years after they reasonably should have done.

“Can I buy a home with a Foreclosure, Short Sale or Deed in Lieu in less that 3 years with the FHA Back to Work Program?”

“Can I buy a home with a Bankruptcy less that 2 years with the FHA Back to Work Program?”

We also have closed several FHA “Back to Work” loans. FHA allows exceptions to the 3 years waiting period for prospective borrowers who suffered a Economic Event that resulted in a severe reduction in income due to a job loss or other circumstances resulting in reduced Household Income. and the borrower has demonstrated full recovery from the event for a minimum of 12 months.

As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file bankruptcy. FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.

Here’s the Bottom Line:
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

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We close loans every day that Banks would not,
or could not approve.

J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

Mortgage Forgiveness Tax Relief Act headed to President’s Desk

Great News for Distressed Homeowners!

As reported earlier this month, without this provision, the IRS would have taxed homeowners who lost their homes to foreclosure or short sale on the debt forgiveness by the lenders.

http://www.jscottharris.com/the-irs-wants-to-tax-people-who-have-lost-their-home-to-foreclosure/

Realtors® Applaud Final Passage of Legislation to Extend Key Real Estate Tax Provisions

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WASHINGTON (December 17, 2014) – The following is a statement by National Association of Realtors^® President Chris Polychron:

“The package of tax extensions approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment.

“Realtors^® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed. We are grateful to Sens. Debbie Stabenow, D-Mich., and Dean Heller, R-Nev., and Reps. Tom Reed, R-N.Y., and Charlie Rangel, D-N.Y., for championing the provision.

Source: NAR 12-17-2014

FHA’s waiver for the 90 day waiting period for property flipping is set to expire December 31st 2014

This waived the 90 waiting period before a property could be resold. At this time there is no indication that the waiver will be extended.

Please make home buyers and more importantly, Real Estate Investor’s aware that 90 days must pass from acquisition of a property to the resale for 2015.

Original waiver dated 11-29-12 can be reviewed here… http://www.gpo.gov/fdsys/pkg/FR-2012-11-29/pdf/2012-28918.pdf .

Through the regulatory waiver, FHA encouraged investors that specialize in
acquiring and renovating properties to renovate foreclosed and abandoned
homes, with the objective of increasing the availability of affordable homes for
first-time and other purchasers, helping to stabilize real estate prices as well as
neighborhoods and communities where foreclosure activity has been high. The
waiver is applicable to all single family properties being resold within the 90-
day period after prior acquisition, and is not limited to foreclosed properties.

Call us 1st to avoid mortgage problems, Call us 2nd to SOLVE them.

J. Scott Harris
Vice President – Mortgage Miracle Working
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

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