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November 2011

Wednesday, November 16, 2011 - 12:06pm | Foreclosure, Short Sale, Credit Score
One of the greatest questions people have regarding losing a home to foreclosure or selling in a short sale is, "Will I ever be able to buy again?"  The good news is that yes you can! There are some things you should know as you consider going through the process… ForeclosureA homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. FHA loans are backed by Fannie Mae and accounted for approximately 40% of all loans in 2010.  This number is expected to increase to 50% next year. READ MORE >
Wednesday, November 16, 2011 - 12:04pm | Short Sale, Foreclosure
While people have heard the term "Short Sale" over and over again, we've discovered that many don't really understand what it means.   The term "Short Sale" began around 2007 at the beginning of the mortgage crisis. A short sale occurs when the lender agrees to permit the homeowner to sell their home for less than the remaining mortgage balance. In many cases, property owners have 2 mortgages on their home, requiring two different lenders to agree to a reduced payoff.   Here are some of the advantages of selling in a short sale: READ MORE >
The Watsons are active in local communities and have lived in the Northwest Suburbs for over 40 years. Their knowledge and experience will get you the results you want! ~ Jayne Smith, Palatine, IL