Cape Coral Florida's Real Estate Guide

This beautiful Fort Myers Florida 1st floor condo boasts granite counter tops, views of the lake, tile trought-out except Bedrooms. Newer stainless appliances and A/C. Shutters on lanai. All Parker Lakes amenities. Don't miss this one..

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This is a Short Sale subject to existing lender's approval which could result in delays.  Opportunities at this price do not come very often ! Outstanding waterfront view, Bimini Basin is your backyard! Cape Coral Floirda's finest location with Unlimited boating traffic and western exposure with amazing sunsets! The river is minutes away, and the Gulf of Mexico is within thirty minutes from your back door. The interior has a split floor plan, formal living and dinning room, family room and another sitting/sun room with beautiful view of the pool, the dolphins, great fishing from the dock! You could also build your dream home here too ! Call today to schedule your own personal showing today !

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Foreclosure is just a one-time event-with discipline and perseverance, you can get a mortgage and become a homeowner again.

By: Barbara Eisner Bayer

Published: July 8, 2010

Normally, you'd have to wait five years after a foreclosure before applying for a new mortgage, but there are ways to shorten that wait time. Image: Ariel Skelley/Blend Images/Getty Images

It won't be easy to obtain a mortgage after foreclosure. But with enough time, discipline, and desire, you can own your own home again. Here's what you need to do:

1. Stick with a job after foreclosure

Did you fall into foreclosure because of the lack of a steady job? If you did, the first step toward homeownership after foreclosure is finding and holding one. And if you already have one-stick with it, unless you can move to a better one. Note that potential lenders will require stable employment before they'll give you a new mortgage loan after a foreclosure. Even if it means taking a lower-paying job, it's worth it.

2. Rebuild your nest egg after foreclosure

Establish a safety net. Financial planners generally recommend three to six months of living expenses in a liquid account, but since you're coming out of foreclosure, six is a minimum to show stability and that you're able to pay your bills-including your mortgage-for an extended period if you lose your job.

3. Raise your credit score after foreclosure

This is the hardest and most time-consuming part. After foreclosure, your credit score, according to myFICO, probably dropped by about 150 points. You'll need to raise it back up with perseverance.

Pay bills on time and keep your credit card balances below maximum levels. The foreclosure will stay on your credit report for seven years, but if you prove your money management skills have matured, it will become less of a red mark as years go by.

Tip: Consult a housing counselor. The U.S. Department of Housing and Urban Development offers free housing counseling for distressed homeowners with a foreclosure in their past. A counselor can help you with money management and budgeting. Counseling works-an evaluation of a program in Indianapolis discovered that credit scores greatly improved because of education and counseling, and increased average borrowing power by $4,500 per family.

4. Reduce your waiting time for a mortgage after foreclosure

Normally, you would have to wait seven years after foreclosure before you can apply for a new mortgage under Fannie Mae rules. (Fannie Mae changes rules frequently. You can check the latest rules at Fannie Mae's site.)

However, you might wait only three years if you can show extenuating circumstances for your foreclosure, which are defined as "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." These include:

• Losing a job

• Getting divorced

• Having unexpected medical expenses

There's one last alternative if waiting isn't your thing-you can obtain seller financing, essentially bypassing the traditional mortgage. If both parties are amenable, you can enter into a lease with an option to buy, or take a mortgage directly from the seller. You'll most likely have to show some hefty reserve funds, but if you've turned around your financial situation quickly after your foreclosure, it's worth a shot to deal directly with the seller.

Keep in mind that sellers may be motivated to agree to this if they need to sell and the potential buyers they've met with can't obtain a conventional mortgage-perhaps because they've been through foreclosures, too.

5. Be honest about your foreclosure

When you're ready to apply for your new mortgage, don't try to hide your foreclosure. On the contrary, be proactive and reveal the steps you've taken to remedy the problems that led to your foreclosure.

Tip: Try a mortgage broker, who can work with a variety of lenders to find you a loan. When you work directly with a retail lender, like a bank, they have a limited pool of loans to offer you. But a good mortgage broker-one with a vast network of lendersóhas many options, and may be able to find a mortgage solution if the foreclosure in your past is creating challenges in obtaining one.

If you stay disciplined and positive, the American dream-obtaining a mortgage and owning a home of your own-can, indeed, be yours again. Even after foreclosure.

Barbara Eisner Bayer has written about mortgages and personal finance for the past 16 years for the Motley Fool, the Daily Plan-It, and Nursevillage.com, and has been the Managing Editor for CompleteGrowth.com, Mortgageloan.com, and Credit-land.com. She's grateful that she now knows where to turn if she ever struggles to meet her mortgage payment.

By: Barbara Eisner Bayer

Published: July 8, 2010

Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market. With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable -- but it won't stay this way for much longer. Stuart Hoffman, chief economist for PNC Financial Services, said he expects home prices to flatten out by the third quarter and start climbing by next year. A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores. "This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer," he said. Prospective homebuyers who've been sitting on the fence shouldn't worry if they aren't quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.

By Les Christie