February 27, 2020

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:


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.

Joe Zanotti Discusses the Wines of Israel

Joe Zanotti

Joe Zanotti

Joe Zanotti likes a nice glass of wine. With typically 40-50 bottles of wine in his Pittsburgh-area basement at all times, Joe Zanotti believes he is a decent judge of wine, even though he wouldn’t consider himself a connoisseur.

During a work trip to Israel in 2010, Joe Zanotti had his first taste of a great Israeli wine. Until this time, his experience with Israeli wines was limited to the sweet Mogen David wines. But he was seeing Cabernets, Merlots, and even some other white wines, all produced in Israel. [Read more…]

Joseph Merlo on the Three R’s: Reduce, Recycle, and Reuse – Joseph Merlo

Joseph Merlo on the Three R’s: Reduce, Recycle, and Reuse

As the founder and CEO of Energy Automation Systems (EASI), Joseph Merlo‘s research has demonstrated that Americans throw out over 700 billion pounds of recyclable trash every year. This wasted material includes paper, wood, food, plastic, metal, clothes, and electronics. Joseph Merlo says that nearly all of these materials could be recycled and returned into our society’s culture of use. Dealing with these mountains of trash may seem overwhelming, but Joseph Merlo wants America to know that there are easy ways for people to make a difference. Here are some ideas that Joseph Merlo, CEO of Energy Automation Systems, has gathered.

Break old habits. Joseph Merlo says that instead of buying beverages in cans that you might not recycle, buy items in bulk. From beverages to household cleaning items, buying in bulk reduces the amount of packaging that must be disposed of later.

Joseph Merlo says that most of the work of conservation is in learning to think differently about every day tasks. A little imagination can go a long way, notes Joseph Merlo. For example, rather than grabbing a morning newspaper every day, try reading the online version of your daily paper rather than the print version.

Keep things loose, suggests Joseph Merlo. Buy small hardware, like screws and nails, from bulk bins rather than individually packaged half dozens. Joseph Merlo asserts that this is a great way to cut down on packaging waste. Same goes for the grocery store. Buy foods in bulk to reduce packaging waste.

Bring your own bags to the stores and reuse them as often as possible. Joseph Merlo suggests keeping a cache of old bags, either canvas or just some plastic bags you’ve salvaged, in the trunk of your car. This way, says Joseph Merlo, you’re never caught without bags when you go shopping.

Buy detergents and other household cleaning supplies in concentrated or bulk form. Joseph Merlo, CEO of Energy Automation Systems, points out that concentrated cleaning products use much less packaging material. Concentrated detergents, adds Joseph Merlo, contain less water, use less plastic, and use less energy to transport to the store. These days a 32-ounce bottle of concentrated detergent can clean as much as a 100-ounce bottle of non-concentrated detergent.

Teach yourself new habits, encourages Joseph Merlo. Make the decision to choose reusable products as often as possible. Try cloth napkins during meals instead of paper napkins. Use sponges and washcloths rather than paper towels. When you go into your favorite cafe in the morning for your caffeine fix, says Joseph Merlo, bring your own mug.

Get smart about the energy you use. Joseph Merlo suggests switching to rechargeable batteries. Rechargeable batteries make less garbage and keep poisonous metals out of the environment. Buy Energy Star rated appliances and equipment with warranty coverage.

These simple tips and hints from Joseph Merlo are meant as a springboard for your own conservation efforts. Remember, working together, one day at a time, we can save the environment.