Post-Foreclosure, Oyster-Less Roasts and a Culcalorus

After Foreclosure: How Soon Can You Buy?

With the rash of foreclosures across the country many people wonder exactly how a foreclosure will affect their home-buying power in the future. Chris Hutchens of Alpha Mortgage provides the following information on the waiting period most lenders follow. In all cases, borrowers must re-establish their credit, meaning they must meet minimum credit score requirements and eligibility requirements.

For buyers who’ve had a foreclosure the typical waiting period is 7 years. There is a three year exception, however, but borrowers must be able to show documentation for an extenuating circumstance, must have at least 10% for the down payment and the purchase must be for a primary residence.

Even if you didn’t go through a full foreclosure Fannie Mae has set requirements for the waiting period for Deed-In-Lieu of Foreclosure, Pre-Foreclosure and Short Sale to the same limits of:

•         2 Years – 80% Max LTV

•         4 Years – 90% Max LTV

•         7 Years – LTV Ratios Per Eligibility Matrix

And as with foreclosure, if you have a documented extenuating circumstance then you may be eligible to qualify for a two year waiting period if the Max LTV is 90%.

If you have experienced any one of these challenging financial events, please contact your mortgage lender to discuss exactly what your options are before trying to buy a home.

Area's Traditional Oyster Roast Almost Wasn't

Airlie's Annual Low Country Oyster Roast was almost an oyster-less roast due to the Gulf Coast oil spill this year.  Many people might have noticed the sign just outside of the park advertising an oyster-less roast this year. That was the brainchild of event organizers who wanted to see what the public reaction would be if oysters were no longer available—ever.

In a letter on the Airlie Garden website Parks and Garden director, Jim McDaniel explains how the Gulf Coast environmental crisis almost ended our local tradition but further explains that our area has been in a coastal crisis for years.

“Airlie Gardens always has been a great resource for providing guests excellent opportunities for hands-on, quality education. This year our Oyster Roast, or Oyster-less Roast as it were, will be no different. This is a chance to focus on our own environment, right here in New Hanover County.”

The Gulf Oil spill created a 'false economy' with Airlie’s normal supplier who began charging $2 per oyster. Fortunately, McDaniel was able to find a new supplier from the Chesapeake area so the roast is on with oysters as is tradition.

This year’s Oyster Roast is Friday, October 15^th. For $75 per person you get steamed oysters, fried fish, and more to fill your belly. You can work off some of the delicious grub dancing to "The Imitations". This event ALWAYS sells out so get your tickets as they go on sale September 1. If you need more information call (910) 798-7700 or visit the park website. All parking is on-site and all proceeds benefit the Environmental Education Program.

Film Festival November 11-14th

What’s up with that name? What’s a Cucalorus?

cuc•a•lor•us n.,
[orig. Gk. kukaloris, the dance of the shadows.]
1. a film set apparatus placed in front of a light source to create a dappled lighting effect on a subject or background. also cookie, UK. gobo.
2. a film festival in Wilmington, North Carolina.

The festival is mostly centered in our historic downtown area with Thalian Hall as the focus. Films are also being shown at City Stage Theatre, Jengo’s Playhouse and other venues around town. There will be screenings of over 110 independent and international films! If you’ve never been to the film fest don’t panic. There’s something for everyone. According to the event website, 

“Cucalorus screens a little bit of everything. Look for lots of shorts and docs scattered throughout the schedule. Each year, more than 100 films make it onto the lineup. There are roughly 50 narrative and documentary features and about 100 shorts. Short films range from super brief (30 seconds) to 39 minutes. Cucalorus attempts to represent the artform in all its diversity and contradiction.”

That’s a lot of variety and a ton of entertainment! Screenings and events sell out every year so get your tickets now. The schedule is expected to be posted in October. Check the website for additional details and to purchase tickets.