If you suffered a short sale, foreclosure, bankruptcy or deed in lieu on a property in Las Cruces within the last year or two due to circumstances beyond your control such as job loss or lifestyle change, there’s great news in store. The administration for Housing and Urban Development have combined with FHA to give relief to those that have suffered this type of financial hardship over the last year or two. If your income has dropped 20% or more and you can prove that bankruptcy and short sale circumstances were beyond your control you can’t be entitled to reapply for a home loan or mortgage within 12 months.

So what does this mean?

This means that if you suffered a foreclosure or short sale within the last 12 months but have maintain rental payments, have stayed current with any debt payments, and your income has dropped 20% over what it was when you owned the home, you may be eligible to reapply for a home loan currently. One of the biggest things that borrowers need to do is collect as much evidence and explanations on the hardship and the reasons behind it and why it was out of your control. This explanation will be presented to lenders for eligibility.

There is typically a 3 to 7 year waiting period for foreclosure, bankruptcy or short sale borrowers but with this new program it gives relief and hope to those that may be able to buy again currently now that they are stable and back on their feet.

If you suffered a short sale, bankruptcy or foreclosure within the last 12 months and are looking to buy again in the Las Cruces real estate market, call me today and let’s discuss your finances and current situation. I’m in contact with lots of different mortgage brokers and lenders that can work with you in this new program and get you back into a home.

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