Homebuyers Education Classes Begin On Sept. 12

Tuesday, August 27, 2013

The Federal Housing Administration is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to reenter the market in as little as 12 months, according to a mortgage letter released Friday.

The Partnership’s Consumer Credit Counseling Services will offer a required eight hour pre-purchase class starting on Sept. 12 through Oct. 3, from 6-8 pm. Partnership’s CCCS program wants to make consumers aware of these changes, as a greater understanding of the FHA loan process increases the likelihood of the consumer being able to get approved for an FHA loan.

The new set of guidelines includes the following:

· Borrowers who experienced a foreclosure must wait at least three years before getting a chance to get approved for an FHA loan, but with the new guideline, certain borrowers who lost their home as a result of an economic hardship may be considered even earlier.

· Borrowers who went through recession-related financial event, FHA stated it realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”

· In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond their control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months.

· According to the letter, recovery from an economic event involves reestablishing “satisfactory credit” for at least 12 months. Criteria for satisfactory credit include 12 months of good payment history on payments such as a mortgage, rent, or credit account.

· Borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling.

· The new guidance is for case numbers assigned on or after Aug. 15, and is effective through Sept. 30.

For help or to learn more contact a trained and certified counselor at Partnership’s Consumer Credit Counseling Service at 423 490-5620 or 800-459-2227 or www.CreditHelpToday.org.

Real Estate Transfers For Oct. 13-19

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

Habitat For Humanity Of Greater Chattanooga Area Launches New Volunteer Initiative

Habitat for Humanity of Greater Chattanooga Area rely solely on volunteers to help them build decent, energy efficient, and affordable homes for working families enrolled in the nonprofit’s homeownership program, officials said. On any given weekend, one may find civic, corporate, student, or church groups volunteering on the Habitat for Humanity’s work sites. The most popular day ... (click for more)

Domestic Assault Charge Dismissed Against Bobby Stone In Case Involving Mayor's Top Advisor; Stone Says Berke Had Inappropriate Relationship With His Wife; Says Berke And Fletcher Conspired To Arrest Him; Lacie Stone Says Charges Completely False

A charge of domestic assault was dismissed Friday morning against Bobby Stone in a case involving a top advisor to Mayor Andy Berke.  Afterward, Mr. Stone told reporters that the mayor had an inappropriate relationship with his wife, Lacie Stone. He also charged that Mayor Berke and Police Chief Fred Fletcher conspired to arrest him. Mr. Stone is expected to file ... (click for more)

Christopher Padgett Taken Into Custody

A Chattanooga man who went on the lam after cutting off his ankle monitor and failing to show up for the third day of his felony murder trial is back in custody. Christopher Padgett was arrested by Chattanooga Police in the 3200 block of South Street at 12:55 a.m.  He was taken into custody without incident and transported to the Hamilton County Jail for booking. ... (click for more)

Bobby Stone, Is It Really A Win?

It brought a smile to my face this morning when I saw where the case was thrown out of court against Mr. Stone and the domestic violence charge.  I have supported his cause from the beginning, but I do feel heartbreak because his personal life had to be tossed out there for all of us to see.   I truly hope and pray things turn around for him and his wife, while I feel ... (click for more)

Roy Exum: Prayer Over Despair

As a strong proponent of early voting, I joined hundreds at the Hamilton County Election Commission headquarters on Amnicola Highway yesterday to exercise what I consider one of our greatest freedoms – “for the people, by the people.” Candidly, I have never been as upset or as disappointed over my choices for President in my life. Locally I am fine with our candidates but to pick ... (click for more)