Second Chance for Foreclosed Homeowners
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Second Chance for Foreclosed Homeowners

Potential homeowners who fell on hard times during the recession are being offered a lifeline back into the housing market, via the Federal Housing Administration.According to a letter sent to mortgage lenders, the FHA said it would offer mortgage insurance to borrowers who, during the recession, filed for bankruptcy or lost their homes through a foreclosure or short-sale proceeding.The insurance is now available to those who can prove they are no longer financially compromised — and met all other FHA requirements."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," the letter says.Besides the burden of proof on the borrower to demonstrate a recovery from the "economic event," the potential homeowner must also complete housing counseling. This event would need to result in a minimum loss of 20% of the household income.The FHA is requiring lenders to verify at least a year has passed since the foreclosure and the economic event is responsible for the loss of the home or bankruptcy.

5 Comments to Second Chance for Foreclosed Homeowners:

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Noida Expressway Projects on Friday, October 04, 2013 1:29 AM
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for sale house on Thursday, December 19, 2013 2:59 AM
very useful blog Second Chance for Foreclosed Homeowners and it content very useful information also so it is the right combination of information and printing keep doing that in future also... Keep on posting...
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The Basic Premise of Foreclosed Homes on Monday, April 07, 2014 5:49 PM
As the housing market continues to get better, there are still a number of homes that are listed as foreclosures or in the process of being foreclosed. Real estate has traditionally been an investment tool for some because of the premise of buy low, sell high.
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William on Tuesday, April 08, 2014 2:41 AM
A Foreclosed Homeowner detailed you wrote in the blog post clearly understood. Great and helping information related to real estate Regards, Truckeehomefinder @
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Chris Jordan on Friday, July 25, 2014 6:18 AM
Homeowners insurance is very much useful for the people having their own houses. This will help them to get the insurance backups whenever necessary. If any damages will happen to your house due to the natural disaster, then you insurance policy will help you get the insurance coverage for your house.
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