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SpinDistribute.com Article Directory

The following article was published in our article directory on May 25, 2012.
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Albuquerque Home Loans and Foreclosure

Article Category: Finances

Author Name: Wes Moore

Three of the important factors that can affect people seeking out Albuquerque home loans include bankruptcy, short sale, and foreclosure. One of the biggest issues here is a foreclosure. Here are some of the important fundamental details that everyone should know.

Foreclosure Basic Concepts

A foreclosure should be understood as nothing more than a legal process or instrument. It may sound cruel or harsh to some people but it is a way of providing justice due to one's lender. As one might have already guessed, a foreclosure only occurs when a borrower fails to comply with one's mortgage requirements.

Simply put, a foreclosure may only occur when the borrower is not able to comply with the terms of the mortgage agreement. The most common violation of such an agreement is called a default in payment - the homeowner is not able pay his mortgage. This should be one of the most important things to remember especially for Albuquerque first time home buyers.

The good news is that there are a few exceptions that people can use to wriggle around this dilemma. Note that if the mortgage is classified as a residential mortgage then it most likely will be classified as a non-recourse debt. Now that doesn't mean that borrowers can automatically walk away Scott free.

When a borrower's mortgage is categorized under the term non-recourse debt it only means that that debt will not entail any personal liability. That simply means that when a foreclosure occurs, the lender can't go after the borrower's personal assets in order to make up for any possible additional losses that have been incurred.

Note that state laws can also restrict the lender from seeking any type of deficiency judgment. However, it should also be noted that home equity loans and refinance loans are not classified as non-recourse loans. All of this does not release the borrower from paying taxes with regard to the un-repaid amounts even though it is already considered what is called a forgiven debt.

Effect on One's Credit

Of course a foreclosure will not look good on anyone's credit especially for folks looking for Albuquerque home loans. A borrower's credit scores can drop anywhere from 50 points all the way up to 250 points. Note that this drop in one's credit score already includes the ones for delinquent payments. This figure can still drop even further if a tax lien is filed.

Getting another Loan after Foreclosure

Borrowers who have unfortunately had a foreclosure may not immediately get Albuquerque mortgage loans. They will have to wait until the foreclosure proceedings have been completed. That will take around five years, yes - that is nerve wracking news. At least, that gives people time to recover from their losses and work their way up from scratch.

Nevertheless, that is not the only factor that will come into play in this case. There will be an additional three year waiting period in case the foreclosure was due to a severe medical crisis, mortgage crisis fallout, or even loss of employment. These are all important points in any discussion of Albuquerque home loans and foreclosures.

Keywords: albuquerque home loans, albuquerque first time home buyers, albuquerque mortgage loans

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