Bankruptcy? No Problem: FHA Offers New Mortgages to Bankrupt Consumers One Year After Discharge

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FHA: Back to Work – Extenuating Circumstances

From the letter…

FHA is continuing its commitment to fully evaluate borrowers who have experienced periods of financial difficulty due to extenuating circumstances.
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 payments, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file for bankruptcy to discharge or restructure their debts. Because of these recent recession-related periods of financial difficulty, borrowers’ credit has been negatively affected. 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.

To that end, FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can document that:

  • certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;
  • the borrower has demonstrated full recovery from the event; and,
  • the borrower has completed housing counseling.

Housing counseling is an important resource for both first-time home buyers and repeat home owners. Housing counseling enables borrowers to better understand their loan options and obligations, and assists borrowers in the creation and assessment of their household budget, accessing reliable information and resources, avoiding scams, and being better prepared for future financial shocks, among other benefits to the borrower.

Check out the full details below…

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4closureFraud.org

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FHA: Back to Work – Extenuating Circumstances

Comments
2 Responses to “Bankruptcy? No Problem: FHA Offers New Mortgages to Bankrupt Consumers One Year After Discharge”
  1. The banksters need integrity and gambling counseling for the special privileges financial, psychopathic narcissus, gamblers whom are involved in riskie business, any and all failure guaranteed, backed by the poor mans taxes. it is not the homeowner that needs counseling except for battle fatigue and trusting the wrong people.

  2. Completed housing counseling eh? Like millions of homeowners were irresponsible when the dead beat risk taking irresponsible bankers are the ones whom should take integrity counseling.

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