October 23, 2014

Joe Aldeguer Reports: The FHA’s Credit Guidelines Can Allow for Bankruptcy and Foreclosure

Joe Aldeguer

Joe Aldeguer

Chicago, Illinois – Financial advisor, Joe Aldeguer, calms consumer fears that a less than perfect credit history excludes them from a home purchase forever.

Joe Aldeguer, a Chicago based financial counselor and real estate expert, is often approached by consumers worried about the effects that a strategic default will have on future home purchases. The FHA, reports Joe Aldeguer, isn’t as harsh as some believe. In fact, many people are eligible to purchase a new home in as little as 24 months after a negative entry onto their credit report. Here, Joe Aldeguer provides a summary of FHA guidelines:

Foreclosure

Borrowers who opted for foreclosure in three year’s time, says Joe Aldeguer, may obtain mortgages insured by the FHA. There are exceptions stated on the FHA website that include inability to sell a property beyond owner control. Joe Aldeguer points out that the exception does not apply to homes that did not sell if the resident was moving to a new area – for instance moving from Chicago to Miami.

Chapter 7

Once a Chapter 7 bankruptcy has discharged, reports Joe Aldeguer, a person or family may apply for an FHA loan in as little as two years. The applicant must have created a good credit history for themselves after the discharge, have gainful employment, and be financially stable. Also, says Joe Aldeguer, the FHA will want an explanation of the circumstances that caused the bankruptcy.

Chapter 13

In the case of a Chapter 13 bankruptcy, cites Joe Aldeguer, the FHA may be willing to approve an applicant if they have remained current on their payments for 12 consecutive months. The trustee distributing the funds must verify this and approve the application in order to proceed. Joe Aldeguer also states that the borrower must have re-established a good credit history and meet financial qualifications as well.

Other Circumstances

A credit score may have also been affected, notes Joe Aldeguer, by things such as late payments, lack of credit, and failure to pay federal loans, such as taxes or education. It is important to remember, says Joe Aldeguer, that, in many cases, it may be difficult to obtain a new loan after a major blow to your credit report. It is possible though and, with the guidance of an experienced financial advisor like Joe Aldeguer, the process is much less intimidating.

Joe Aldeguer’s Chicago foreclosure management firm, offers consumers sound advice and can go over the pros and cons of each option for mortgage dissolution and getting a fresh start to a new financial life.

Chicago homeowners wishing to obtain further information can contact Joe Aldeguer at 312-915-8105.

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About

At age 26, he started The Mortgage Exchange – a suburban Chicago firm that employed, at its apex, more than 350 mortgage loan officers who together closed more than $10 billion loan business over an impressive 16-year period. This accomplishment earned him Business Man of the year in 2002 and he was later featured on the cover of the NY Times Business section in 2005. Joe Aldeguer’s firm was nominated as Mortgage Company of the Year in 2002. The collapse of Lehman Brothers with over $600 billion in assets in 2008 short-circuited his successful mortgage business as well as hundreds of mortgage brokers across the country in September 2008.

Comments

  1. Julie Mane says:

    Hello Joe Aldeguer, So glad that I’ve found your post. FHA credit guidelines can seem complicated as far as documentation. Your explanation was certainly the easiest to understand Joe Aldeguer. Good job Joe Aldeguer.

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    • @Julie Thanks for you positive feedback. “Joe Aldeguer Reports: The FHA’s Credit Guidelines Can Allow for Bankruptcy and Foreclosure” -Joe Aldeguer

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  2. Mandy Griffin says:

    Good job on explaining Chapter 13 Joe Aldeguer. I really admire your post Joe Aldeguer. I will keep visiting this blog very often to stay updated and to gain more information Joe Aldeguer.

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    • @Mandy If you like what you’ve read and you want to read more, please subscribe to my RSS feed. -Joe Aldeguer

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  3. Dwayne Asip says:

    Hi Joe Aldeguer, Thank you for the posts. I found the information to be informative and useful. Coming from a top financial adviser Joe Aldeguer is a good thing for us. Joe Aldeguer was also featured on the cover of the NY Times as one of the Top Mortgage Brokers in the Country.

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    • @Dwayne Thanks for your nice comment about me. That was 2005 cover of the NY Times “Joe Aldeguer Reports: The FHA’s Credit Guidelines Can Allow for Bankruptcy and Foreclosure”

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  4. This is a good post coming from an experience financial advisor Joe Aldeguer. Joe Aldeguer is certainly the man to trust if you have financial problem. Joe Aldeguer has spent more than twenty-five years’ as a real estate investor and professional.

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    • @Malay Thank You For All Your Kind Words and Support! “Joe Aldeguer Reports: The FHA’s Credit Guidelines Can Allow for Bankruptcy and Foreclosure” -Joe Aldeguer

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  5. Very interesting article Joe Aldeguer,. Content has been written in very nice manner. I enjoy reading this kind of stuff. Thanks for sharing good knowledge Joe Aldeguer,.

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    • @Kelvin Thank you for your comment to the article. “Joe Aldeguer Reports: The FHA’s Credit Guidelines Can Allow for Bankruptcy and Foreclosure” -Joe Aldeguer

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