• Conventional Loan: 4 year time period from either the discharge or the dismissal.
• FHA / VA Loan:  2 year time period from the discharge of the bankruptcy.

• Conventional Loan: 2 years from the discharge date or 4 years from the dismissal date. 
• FHA / VA Loan:  Acceptable with 12 month acceptable payment history of the bankruptcy and permission from the court.  Credit Must be reestablished outside the bankruptcy.

• Conventional Loan:  5 year time period from the most recent dismissal or discharge date required for borrowers with more than one bankruptcy filing within the past 7 years.
• FHA / VA Loan:  Same

• Conventional Loan: 3 year time period from the most recent discharge or dismissal date.
• FHA Loan:  3 year time period from the completion date.
• VA Loan: 2 year time period from the completion date.  Borrower must have reestablished good credit.

• Conventional Loan:  2 years for 80% LTV/CTV or 4 years for 90% LTV / CLTV or 7 years for LTV per standard guidelines.

• FHA Loan: 3 year time period from completion date.
• VA Loan: 2 year time period from the completion date.  Borrow must re-establish good credit.

•    Same as Deed in Lieu

• Conventional Loan: 2 years for 80% max LTV / CLTV or 4 years for 90% max LTV / CLTV or 7 years for qualifying per standard guidelines.
• VA Loans:  No seasoning required so long as the following guidelines are met:  1. The borrower has no lates on previous mortgage.  2. The borrower has not entered into any agreement with the previous lender or servicer that obligates them to repay any amount associated with the short sale, including a deficiency judgment.
• FHA Loans:  1.  Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to:  take advantage of declining market conditions and purchase a similar or superior property within a reasonable commuting distance.  2.  Borrowers are considered eligible for a new FHA insured mortgage if they were current on their mortgage and other installment debts at the time of the short sale of their previously owned property, and the proceeds from the short sale serve as payment in full.  If the borrower was in default on their mortgage at the time of the short sale, are not eligible for a new FHA insured mortgage for three years from the date of the pre-foreclosure sale.

Hopefully that provides you with some helpful guidelines.  If you find yourself in the situation of needing to consider any of these options feel free to give me a call.  I have worked with several people facing foreclosure and short sale and can at least get you pointed in the right direction. 

From Sunset Hill, to Crown Hill, Blue Ridge to Whittier Heights, Ballard residents want to know what the housing market is doing.  So here you go.  The following data is taken from the NW Multiple Listing Service. 

Overall the story for Ballard is not bad.  Housing prices have yet to make a comeback, but activity is strong and considerably better then Seattle and King County as a whole.

Ballard Days On Market   - Days on Market (DOM) is a measure of how long on average it is taking for Ballard homeowners to get a potential buyer to make an offer. 

Ballard Now - 35

Ballard 1 Year Ago - 91

Seattle Now - 79

King County Now - 98

The most recent number for Ballard of is considerably better then that for Seattle as a whole and better still then King County.  Also compared to last year Ballard is much improved

Median Price  - This price is the best suggestion of overall price appreciation or depreciation. 

Ballard Now - $380K

Ballard 1 Year Ago - $379

Seattle Now - $350

King County Now - $332

These numbers should not come as a surprise.  Ballard has always out priced Seattle and King County as a whole.  What is encouraging is that while Seattle and King county have depreciated roughly 10% each over the past year, Ballard has remained stable.  Still not great news for Ballard Home owners who would like to see appreciation, but much better then loosing value.

So overall a brighter picture for Ballard home owners.  Values are not yet going up, but much more stable then the surrounding area.  Also, homes are selling much faster.  Hopefully the trend continues and next year we can start talking about price appreciation. 

For more information about Ballard click below where you can find:

Ballard Open Houses

Ballard Foreclosed Homes

Some criminal element is gathering information about homes that are for sale and creating their own Craig’s List ads. The ads purport to offer the homes for rent. They list fake names of the listing agent or property manager. The homes are offered well below fair rent. As a result they are getting many responses to both the listed e-mail address and the phone number. When you call the supposed property manager to get information about the “rental” they are asking for credit card information so that they can run a background and credit check. Needless to say the criminals are then charging up the credit cards and then disappear. 

In some really scary instances, owners who are still in the homes for sale, have had potential “renters” show up at the house asking all kinds of questions believing that the houses are for rent. 

To be fair, Craig’s List is doing all they can to curtail this activity. If you flag a particular ad, they will investigate it and pull it off if it seems suspicious. The criminals however are staying one step ahead by posting so many ads at a time, that it is nearly impossible to catch all of them. 

It seems redundant, but be careful when you are out there shopping for anything. Never give out your credit card information by e-mail or over the phone unless you know who you are talking to. Anyone who is looking to rent a unit will be happy to meet you to show you through and accept a check or cash for the credit and background check. 

If you have your home for sale or recently for sale, and think you are the target of the scam, immediately flag the ad on Craig’s List. They will pull the ad and investigate.  If you are looking to rent and smell a rat, give me a call or do your own investigation.   If the rent seems rally low and they are demanding credit card information immediately to secure your application, I would beware.   As with most things trust your gut. If it feels too good to be true it probably is.

Be safe.