Home > Blogs > Evangelina Marshall's Blog
721 views

Evangelina Marshall's Blog

By Evangelina Marshall | Agent in 92011
  • August Home Sales Statistics

    Posted Under: Market Conditions  |  August 14, 2013 11:36 PM  |  186 views  |  No comments
    The July 2013 Statistic are now available from the North San Diego County Association of Realtors. Some of the highlights include: 
    • The median price for all North County home sales - attached and  detached - dipped slightly to $494,000 in July 2013 compared to $495,000 in June 2013. 
    • Detached homes in North County decreased 0.18 percent in July 2013 to $564,000 compared to $565,000 in June 2013.  
    • Year-over median SFD price in North San Diego County jumped 28.40 percent, compared to $439,250 in July 2012 - making 12 months of year-over median price increases (the last five months exceeding 20 percent).                 
    • The countywide median SFD price increased 1.22 percent to $435,000 in July 2013 compared to $429,750 in June 2013.
    • Year-over non-North County median price jumped 22.54 percent compared to $355,000 in July 2012, the sixteenth month of year-over median price increases.
    • The number of North San Diego SFD listings (active and contingent) rose 3.53 percent in July 2013 compared to June 2013.
    • The number of sold North San Diego County SFD units increased 5.12 percent in July 2013 compared to June 2013. Year-over sold SFD units jumped 15.98 percent compared to July 2012.
    • Median days-on-market for single-family detached homes sold in North County decreased to 17 days in July 2013 compared to 19 days in June 2013.
    • The HomeDex affordability percentage for all homes in North San Diego County remained at 34 percent in July 2013. 
  • WAITING PERIODS FOR SIGNIFICANT DEROGATORY CREDIT EVENTS

    Posted Under: Home Buying in Solana Beach, Foreclosure in Solana Beach, Credit Score in Solana Beach  |  April 11, 2013 2:24 PM  |  638 views  |  No comments
      Here is something I think many people today can benefit from.

    CONVENTIONAL LOANS

    Item

    Waiting Period

    Foreclosure

    Home Foreclosed — No owner participation

    · 7 years from date foreclosure completed and transferred back to bank if they had NO extenuating circumstances.

    · 3 years from date foreclosure completed and transferred back to bank with acceptable extenuating circumstances' AND 10% Down Payment. Primary home purchase and rate/term refinance only. Non-owner and second homes not allowed.

    Deed in Lieu of Foreclosure

    Short Sale is treated as a Deed in Lieu

    Home returned to lender in exchange for canceling loan

    · 7 years from date sale closed and transferred to new owner or transferred back to bank for less than 10% down payment

    · 4 years from date sale closed and transferred to new owner or transferred back to bank with 10% down payment,

    · 2 years from date sale closed and transferred to new owner or transferred back to bank with 20% down payment

    · 2 years from date sale closed and transferred to new owner or transferred back to bank possible with acceptable extenuating circumstance' and 10% down payment.

    Bankruptcy Chapter 7

    Debts are discharged through BK, client does not pay any debts

    · 4 years from discharge date

    · 2 years from discharge date possible with acceptable extenuating circumstance'

    Bankruptcy Chapter 13

    Debts are paid back on a monthly scheduled payment plan

    · 2 years from discharged date

    · 4 years from dismissal date

    Extenuating Circumstances

    Nonrecurring events that are beyond the borrower's control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.

     

    FHA LOANS

    Item

    Waiting Period

    Foreclosure & Deed in Lieu of Foreclosure

    Short Sale is treated as a Deed in Lieu

    Home Foreclosed — No owner participation

    Deed in Lieu: Home returned to lender in exchange for canceling loan

    · 3 years from date foreclosure completed and transferred back to bank

    · Less than 2 years, but not less than 12 months from date foreclosure completed and transferred back to bank may be acceptable if the result of acceptable extenuating circumstances

    Bankruptcy Chapter 7

    Debts are discharged through BK, client does not pay any debts

    · 2 years from date of discharge with re-established credit paid as agreed or no new credit obligations incurred.

    · Less than 2 years, but not less than 12 months from date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances and borrower has since exhibited a documented ability to manage financial affairs in a responsible manner.

    Bankruptcy Chapter 13

    Debts are paid back on a monthly scheduled payment plan

    · 1 year payout period under bankruptcy has elapsed and the borrower's payment performance has been satisfactory and all required payments made on time.

    Extenuating Circumstances

    Serious illness or death of a wage earner.

     

    VA LOANS

    Item

    Waiting Period

    Foreclosure & Deed in Lieu of Foreclosure

    Short Sale is treated as a Deed in Lieu

    Home Foreclosed — No owner participation

    Deed in Lieu: Home returned to lender in exchange for canceling loan

    · 2 years from date foreclosure completed and transferred back to bank

    ·    12-23 months from date foreclosure completed and transferred back to bank if credit reestablished and paid as agreed and was caused by acceptable extenuating circumstances.

    Bankruptcy Chapter 7

    Debts are discharged through BK, client does not pay any debts

    · 2 years from date of discharge

    ·    12-23 months from date of discharge if credit re-established and paid as agreed and was caused by acceptable extenuating circumstances.

    Bankruptcy Chapter 13

    Debts are paid back on a monthly scheduled payment plan.

    ·    1 year payout period under bankruptcy has elapsed and the borrower's payment performance has been satisfactory and all required payments made on time

    Extenuating Circumstances

    Unemployment, prolonged strikes, medical bills not covered by insurance, etc., Divorce is not viewed as beyond the control of the borrower and/or spouse.

     

    USDA LOANS

    Item

    Waiting Period

    Foreclosure & Deed in Lieu of Foreclosure

    Short Sale is treated as a Deed in Lieu

    Home Foreclosed — No owner participation

    Deed in Lieu: Home returned to lender in exchange for canceling loan

    · 3 years from the date the foreclosure was completed and transferred back to the bank.

    · Less than 3 years from date the foreclosure was completed and transferred back to the bank may be considered with acceptable extenuating circumstances.

    Bankruptcy Chapter 7

    Debts are discharged through BK, client does not pay any debts

    · 3 years from date of discharge.

    · Less than 3 years from date of discharge may be considered with acceptable extenuating circurnstances4

    Bankruptcy Chapter 13

    Debts are paid back on a monthly scheduled payment plan.

    · 1 year from the date repayment was completed and bankruptcy discharged.

    · Less than 1 year from the date of discharge may be considered with acceptable extenuating circumstances

    Extenuating Circumstances

    Loss of job; delay or reduction in government benefits or other loss of income; increased expenses due to illness, death, etc. Circumstances surrounding the adverse information must have been temporary in nature, and beyond the applicant's control, and have been removed so their reoccurrence is unlikely or the adverse action or delinquency was the result of a refusal to make full payment because of defective goods or services or as a result of some other justifiable dispute relating to the goods or services purchased or contracted for.

 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer