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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jmjsrcom/public_html/wp-includes/functions.php on line 6114\nThere is encouraging news for some prospective homeowners with a\u00a0<\/span>foreclosure in their recent past: more common sense seems to have entered the picture.<\/p>\n The financial crisis that began in 2007 caused global disarray: across the U.S. (and Triad area\u00a0was no exception), large numbers of responsible homeowners were clobbered by the fallout, often finding their incomes suddenly reduced or even obliterated as business cutbacks and closings reverberated through the economy.<\/p>\n The Triad\u00a0foreclosure rate jumped as a direct result\u2014and it\u2019s taken quite a while for the effects of that to work through the system. But even after the economy has resumed something like normal activity, more than a few local residents have found themselves having to deal with how a Triad\u00a0<\/span>foreclosure on their record dims their home ownership prospects.<\/p>\n Even if the reason for the\u00a0<\/span>foreclosure was due to circumstances beyond their control\u2014and even if they had recovered enough to now be able to service a home loan\u2014many found that qualifying for a mortgage with reasonable terms was difficult to impossible. That was bad for everyone, and the effect on the market was such that the Federal Housing Administration decided to address the problem in specific situations. For those who qualify, it can make the availability of a normal home loan newly possible.<\/p>\n \u00a0The idea was to enable FHA backing for borrowers who could show that their foreclosure or bankruptcy was caused by external economic factors. With few exceptions, borrowers had not previously been eligible for an FHA loan until two or three years after a foreclosure. Exceptions to that rule were granted only if the death of a spouse or medical emergency had caused the forfeiture: now \u201closs of income\u201d was added as an extenuating circumstance.<\/p>\n \u00a0It means a much swifter rehabilitation. For those who can demonstrate that a job loss, pay cut, or decline in business income caused their Triad area\u00a0foreclosure, the previous years-long waiting period may be waived. There are other details that can affect any individual applicant\u2019s eligibility\u2014and the guideline change is temporary\u2014but overall, the recognition that the Great Recession was the true cause of many Triad area\u00a0foreclosures does seem to be a fair accommodation.<\/p>\n In the wake of a foreclosure, you\u2019d expect it to take more work to arrange a new home loan, and that\u2019s the case. But the good news is that for those who qualify under the widened eligibility guidelines, they are increasingly likely to be able to obtain a new home loan\u2014even following a recent foreclosure in the\u00a0Triad. Whether or not that is your situation, if you\u2019re looking to buy a home this summer, Step One is to get pre-qualified. I\u2019m standing by to help get the process rolling! \u00a0Give me a call!!<\/p>\n","protected":false},"excerpt":{"rendered":" There is encouraging news for some prospective homeowners with a\u00a0foreclosure in their recent past: more common sense seems to have entered the picture. The financial crisis that began in 2007 caused global disarray: across the U.S. (and Triad area\u00a0was no exception), large numbers of responsible homeowners were clobbered by the fallout, often finding their incomes […]<\/p>\n","protected":false},"author":2,"featured_media":3620,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,1],"tags":[9,10,11,12,13],"class_list":["post-3569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","category-uncategorized","tag-credit-report","tag-fha","tag-foreclosure","tag-loan","tag-mortgage"],"yoast_head":"\n