With the tightening of underwriting guidelines many borrowers are getting turned down because their FICO scores are not high enough to meet the threshold requirements to be underwritten. Foreclosures are at an all time high and every week it seems the tightening is getting worse. Those with low FICO scores are often left out in the cold.
Lenders are using FICO scores to grade applicants to determine credit risk. A borrower may have a more delinquencies or collections or items on their public record that will reduce their score below many lender's threshold FICO scores. Other factors that may reduce FICO scores can be the proportion of balances to limits on revolving or installment accounts. Some borrowers think that they can raise their scores by closing accounts. Many times this will lower their credit score. A borrower that has more than one name reporting on their credit may see a score hit. The same holds true with multiple addresses.
Some threshold scores are being raised with many lenders for underwriting purposes and as a result more borrowers are being turned down.
The key to getting the borrower approved is having programs where the threshold score is lower. Once that happens, the mortgage originator can at least look at the file and start verifying information and building a case for approval. Sometimes it's a lot of work but many items can be explained to the underwriters if the borrower's FICO score meets the minimum threshold level. This will work the same whether the borrower is trying to get refinanced or purchase a home.
Gino have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for wyoming foreclosure and great passion and knowledge for foreclosure listings and all the different options & providers available in the market today. Find out for more info also here wyoming-foreclosure.com
Monday, November 15, 2010
Wednesday, November 10, 2010
Foreclosure Law
Even if you have suspected that your home would go into foreclosure, perhaps you were misinformed and believed you had to wait until you received a notice of default from your lender before you could do anything. Maybe even now that you have received the notice, you are still stunned and paralyzed with the fear of losing your home.
No matter what your situation may be at the moment, if you have just received a notice of default and are facing a foreclosure, now is an excellent time to get started on understanding the foreclosure laws that apply to your particular situation and to begin seeking help from professionals who can help to end foreclosure proceedings against your home and restore your home loan to a proper state of payment. Most importantly, you can achieve a peace of mind and return to sleeping at nights knowing that your home is not in jeopardy of being taken from you.
It cannot be overstated that foreclosure law is different from state to state. For example time frames for each state are as follows:
Alabama: 49-74, Alaska: 105, Arizona: 90+, Arkansas: 70, California: 117, Colorado: 145, Connecticut: 62, Delaware: 170-210, District of Columbia: 47, Florida: 135, Georgia: 37, Hawaii: 220, Idaho: 150, Illinois: 300, Indiana: 261, Iowa: 160, Kansas: 130, Kentucky: 147, Louisiana: 180, Maine: 240, Maryland: 46, Massachusetts: 75, Michigan: 60, Minnesota: 90-100, Mississippi: 90, Missouri: 60, Montana: 150, Nebraska: 142, Nevada: 116, New Hampshire: 59, new Jersey: 270, New Mexico: 180, New York: 445, North Carolina: 110, North Dakota: 150, Ohio: 217, Oklahoma: 186, Oregon: 150, Pennsylvania: 270, Rhode Island: 62, South Carolina: 150, South Dakota: 150, Tennessee: 40-45, Texas: 27, Utah: 142, Vermont: 95, Virginia: 45, Washington: 135, West Virginia: 60-90, Wisconsin: 290 and Wyoming: 60.
Just as each state has a different time frame, the laws that govern the particular state are different from the next state as well. There is no way to list all of the different laws that are applicable in their respective states. Even if it were possible to list all of the laws here, it would be impossible to keep the listing current as laws can change from state to state and year to year, depending on the state's government and legislation.
Both judicial and non judicial forms of foreclosure regulations are used from state to state. Likewise, the sale publication and redemption period can vary, including some states where the court decides what the redemption period will be. There are many different web sites that offer some general information about foreclosure law for each state. These sites should not substitute for learning about the foreclosure law in the state applicable where the property is that you are concerned with.
Although foreclosure is a lender option to allow the lender to gain back the property or cash for the property, foreclosure law is designed to help the homeowner take advantage of the opportunities that exist with foreclosure time frames and various other laws within each state that work to help the homeowner stop foreclosure before losing their home.
Luis have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for wyoming foreclosure and great passion and knowledge for foreclosure listings and all the different options & providers available in the market today. Find out for more info also here wyoming-foreclosure.com
No matter what your situation may be at the moment, if you have just received a notice of default and are facing a foreclosure, now is an excellent time to get started on understanding the foreclosure laws that apply to your particular situation and to begin seeking help from professionals who can help to end foreclosure proceedings against your home and restore your home loan to a proper state of payment. Most importantly, you can achieve a peace of mind and return to sleeping at nights knowing that your home is not in jeopardy of being taken from you.
It cannot be overstated that foreclosure law is different from state to state. For example time frames for each state are as follows:
Alabama: 49-74, Alaska: 105, Arizona: 90+, Arkansas: 70, California: 117, Colorado: 145, Connecticut: 62, Delaware: 170-210, District of Columbia: 47, Florida: 135, Georgia: 37, Hawaii: 220, Idaho: 150, Illinois: 300, Indiana: 261, Iowa: 160, Kansas: 130, Kentucky: 147, Louisiana: 180, Maine: 240, Maryland: 46, Massachusetts: 75, Michigan: 60, Minnesota: 90-100, Mississippi: 90, Missouri: 60, Montana: 150, Nebraska: 142, Nevada: 116, New Hampshire: 59, new Jersey: 270, New Mexico: 180, New York: 445, North Carolina: 110, North Dakota: 150, Ohio: 217, Oklahoma: 186, Oregon: 150, Pennsylvania: 270, Rhode Island: 62, South Carolina: 150, South Dakota: 150, Tennessee: 40-45, Texas: 27, Utah: 142, Vermont: 95, Virginia: 45, Washington: 135, West Virginia: 60-90, Wisconsin: 290 and Wyoming: 60.
Just as each state has a different time frame, the laws that govern the particular state are different from the next state as well. There is no way to list all of the different laws that are applicable in their respective states. Even if it were possible to list all of the laws here, it would be impossible to keep the listing current as laws can change from state to state and year to year, depending on the state's government and legislation.
Both judicial and non judicial forms of foreclosure regulations are used from state to state. Likewise, the sale publication and redemption period can vary, including some states where the court decides what the redemption period will be. There are many different web sites that offer some general information about foreclosure law for each state. These sites should not substitute for learning about the foreclosure law in the state applicable where the property is that you are concerned with.
Although foreclosure is a lender option to allow the lender to gain back the property or cash for the property, foreclosure law is designed to help the homeowner take advantage of the opportunities that exist with foreclosure time frames and various other laws within each state that work to help the homeowner stop foreclosure before losing their home.
Luis have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for wyoming foreclosure and great passion and knowledge for foreclosure listings and all the different options & providers available in the market today. Find out for more info also here wyoming-foreclosure.com
Wednesday, November 3, 2010
Looking Closer at Wyoming Mortgage Laws
Homeowners who purchase a property don't always read the fine print. However, every WY mortgage comes with terms and conditions, as well as local laws and jurisdictions that apply to each legal agreement. In order to be in the smartest financial position, you need to understand what laws apply to Wyoming homeowners and what things are most often overlooked that can come back to haunt you later.
Foreclosure Laws
The first thing that you need to know is that most of the WY mortgage notes written fall under what is known as title theory. This means that a clause will be written into the mortgage agreement saying that a trust is created for the title of your home. If you default on the note, the entity that holds that title regains the right to do with the property what they see fit. There are, however, legal requirements in Wyoming to execute a foreclosure without intervention from a judge. For example, your lender must publish a notice of foreclosure in a public place, such as a newspaper, providing the proper documentation. After a four-week publishing period, your home may then be sold to the highest bigger at auction. Still, this usually doesn't happen any sooner than ninety days.
If provisions are not in your WY mortgage for the title theory method of foreclosure, they have to follow the proper legal channels. You will be officially notified of the proceedings, and it will more difficult for the lender to evict you. They must wait for the judge's decision before foreclosure can occur.
Whichever type of foreclosure is being attempted against your home, you have rights in Wyoming. In the event that you pay the delinquent amount in full within a three month period, plus an extra ten percent of the amount needed from the sale date, you can regain control of your home. This brings your WY mortgage current.
For a full reading of the foreclosure laws that are specific to Wyoming, refer to the Wyoming Statutes, Title 34, Chapters 3 and 4.
What about Licensing?
There are also laws in place that regulate the licensing of the professionals that can deal with your WY mortgage. This area of Wyoming law is regulated by the Division of Banking in the Wyoming Department of Audit. Beginning in 2005, all loan officers in Wyoming are required to carry a valid Mortgage Broker License. Some exemptions are required, but they shouldn't apply in most situations where you are buying a home in Wyoming. Testing and financial guarantees of solvency can be required, so this is a protection that is in place for you, the homeowner. Even loan professionals who are located out of the area will need proper documentation to legally issue a WY mortgage to local residents, so don't be fooled by those who claim otherwise.
What About Predatory Lending?
No one wants to wake up from their dream of owning a home to the nightmare that is created by predatory lending. Luckily, if this does happen to your WY mortgage, there are laws in place to protect you and provide recourse. All federal programs fighting predatory lending, including those offered under the umbrella of the Federal Trade Commission, can be utilized by Wyoming residents. In addition, more localized laws provide an extra layer of protection against fraud. Wyoming built its predatory lending laws around the parameters that the FTC uses. Citizens can take their own legal action, as well as asking the Attorney General's office to intervene in their behalf.
Greg have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for wyoming foreclosure and great passion and knowledge for foreclosure listings and all the different options & providers available in the market today. Find out for more info also here wyoming-foreclosure.com
Foreclosure Laws
The first thing that you need to know is that most of the WY mortgage notes written fall under what is known as title theory. This means that a clause will be written into the mortgage agreement saying that a trust is created for the title of your home. If you default on the note, the entity that holds that title regains the right to do with the property what they see fit. There are, however, legal requirements in Wyoming to execute a foreclosure without intervention from a judge. For example, your lender must publish a notice of foreclosure in a public place, such as a newspaper, providing the proper documentation. After a four-week publishing period, your home may then be sold to the highest bigger at auction. Still, this usually doesn't happen any sooner than ninety days.
If provisions are not in your WY mortgage for the title theory method of foreclosure, they have to follow the proper legal channels. You will be officially notified of the proceedings, and it will more difficult for the lender to evict you. They must wait for the judge's decision before foreclosure can occur.
Whichever type of foreclosure is being attempted against your home, you have rights in Wyoming. In the event that you pay the delinquent amount in full within a three month period, plus an extra ten percent of the amount needed from the sale date, you can regain control of your home. This brings your WY mortgage current.
For a full reading of the foreclosure laws that are specific to Wyoming, refer to the Wyoming Statutes, Title 34, Chapters 3 and 4.
What about Licensing?
There are also laws in place that regulate the licensing of the professionals that can deal with your WY mortgage. This area of Wyoming law is regulated by the Division of Banking in the Wyoming Department of Audit. Beginning in 2005, all loan officers in Wyoming are required to carry a valid Mortgage Broker License. Some exemptions are required, but they shouldn't apply in most situations where you are buying a home in Wyoming. Testing and financial guarantees of solvency can be required, so this is a protection that is in place for you, the homeowner. Even loan professionals who are located out of the area will need proper documentation to legally issue a WY mortgage to local residents, so don't be fooled by those who claim otherwise.
What About Predatory Lending?
No one wants to wake up from their dream of owning a home to the nightmare that is created by predatory lending. Luckily, if this does happen to your WY mortgage, there are laws in place to protect you and provide recourse. All federal programs fighting predatory lending, including those offered under the umbrella of the Federal Trade Commission, can be utilized by Wyoming residents. In addition, more localized laws provide an extra layer of protection against fraud. Wyoming built its predatory lending laws around the parameters that the FTC uses. Citizens can take their own legal action, as well as asking the Attorney General's office to intervene in their behalf.
Greg have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for wyoming foreclosure and great passion and knowledge for foreclosure listings and all the different options & providers available in the market today. Find out for more info also here wyoming-foreclosure.com
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