May 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.

JS Properties, LLC Discusses Several Local Opinions of Murfreesboro

JS Properties, LLC is a local real estate brokerage and property management firm in Murfreesboro, Tennessee. As such, states Joyce Smotherman of JS Properties, LLC, the company is in a unique position to witness firsthand the changes that have occurred in the Middle Tennessee area and particularly in Murfreesboro in recent years.

With the addition of retail outlets such as The Oaks and The Avenue, Murfreesboro has become a shopping destination. This is especially nice for those that don’t want to make the drive to Nashville to experience quality dining and shopping. Residents and businesses like JS Properties, LLC are proud to be a part of Murfreesboro’s continued growth and economic success.

JS Properties, LLC adds that the city has been able to achieve a balance between the city’s older, more quaint downtown area and the newer, more modern construction by focusing civic enhancements and developments on Murfreesboro’s neighborhood-scale downtown center. Historic downtown, according to JS Properties, LLC, offers visitors a chance to frequent art galleries, various clothing shops, hardware stores and restaurants as well as other businesses and government offices with the centerpiece being the pre-Civil War courthouse.

The new Middle Tennessee Medical Center, located on Medical Center Parkway in the Gateway area for Murfreesboro, will be opening October 2, 2010, says Joyce Smotherman of JS Properties, LLC. The “green” facility is a part of the St. Thomas Health Services group, contains 286 beds that are 277 square feet each and has the most advanced technology in Middle Tennessee, notes JS Properties, LLC. MTMC is also the first hospital that features voice over IP throughout the entire facility. JS Properties, LLC states that the construction of the new medical center is a huge boon for Murfreesboro.

Overall, the response to the vast changes that have come to Murfreesboro from locals and visitors alike has been overwhelmingly positive. While traffic may be a bit more congested, adds JS Properties, LLC, the family-friendly atmosphere and southern hospitality are still very prevalent.