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Are you facing foreclosure or looking to purchase a bank owned foreclosure?  Our real estate blog covers a variety of topics on how to prevent it, options available to you and in the event foreclosure how buyers and investors can take advantage of what can be a great deal.  Pacific Northwest Realty Group is a local leader in listing and selling bank owned foreclosures and we know the the process.  If you're ready to begin your search please visit our IDX search page which shows every home listed and allows you to search for just short sales or foreclosures.

Found 4 entries about Facing Foreclosure.

The Federal Housing Administration (FHA) has trimmed the waiting period for borrowers that had a foreclosure, bankruptcy, and short sale to one year for FHA Case numbers assigned on or after August 15, 2013.  

Prior a borrower that had a bankruptcy had to wait three years and for a short sale or foreclosure two years before becoming eligible to purchase a new home with an FHA insured home mortgage.

If you experienced any of the following financial issues recently you may be eligible sooner rather than later:

  • Short Sale
  • Deed-in-lieu
  • Pre-foreclosure sales
  • Foreclosure
  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Loan Modification
  • Forbearance agreement

First a buyer must prove that the foreclosure or short sale was cause

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Foreclosure is a frightening reality for homeowners across the nation.  Learn about the process and how you can avoid it.

Foreclosure is a frightening reality for homeowners across the nation. Eviction notices nailed to front doors post-foreclosure became common “Main Street” landscaping. The issue for many homeowners facing foreclosure even today is not having a firm understanding of the process. Despite foreclosure laws varying from one state to the next, most foreclosure processes follow the same nexus.

Non-Judicial Foreclosures vs. Judicial Foreclosures

A foreclosure filing is classified either as judicial or non-judicial. The classification is based on the wording in the homeowner’s deed of trust, in tandem with state laws.

The deed of

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How Will a Foreclosure Effect Your Credit Score? When Can I Buy Another Home?

Your credit score determines your eligibility for everything from mortgage loans and credit cards to insurance and some forms of employment. When you lose a home to foreclosure, that fact appears on your credit report and can be viewed by every business that pulls your credit. Foreclosure has an adverse effect on your credit rating and, as such, can significantly impact your future buying power.

Before Foreclosure – Late Mortgage Payments

It’s no secret that a late payment to a lender or creditor will hurt your credit score. What you may not realize, however, is that the longer you wait to pay your debt, the worse your credit becomes. When you can no longer afford your

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Bank foreclosures of homes are at an all-time high and industry experts indicate the number will be going even higher.

What is Foreclosure?

First, you should understand exactly what foreclosure entails. In simplistic terms, the process involves the loan amount secured through a bank or secured creditor. Foreclosure proceedings by the lender against the borrower are triggered when the homeowner violates the loan agreement, typically by defaulting on payments. The foreclosure action terminates with the eviction of the defaulting homeowner. The lender then takes possession of the property and in turn sells the property to pay the mortgage amount in full and cover any legal expenses incurred.

Risk Factors

Sometimes missing a single payment can put

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