10-22-2019  7:57 pm   •   PDX Weather    •   SEA weather  
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NORTHWEST NEWS

Washington State Ecology Director Objects to EPA’s Proposed Clean Water Act Rule

Ecology Director Maia Bellon submitted formal objections in which she calls the proposal ill-advised and illegal

Washington State to Vote on Affirmative Action Referendum

More than two decades after voters banned affirmative action, the question of whether one's minority status should be considered in state employment, contracting, colleges admissions is back on the ballot

Merkley Introduces Legislation that Protects Access to Health Care for Those Who Cannot Afford Bail

Under current law, individuals in custody who have not been convicted of a crime are denied Medicare, Medicaid, and veterans’ benefits

New County Hire Aims to Build Trust, Transparency Between Community and Public Safety Officials

Leneice Rice will serve as a liaison focused on documenting and reporting feedback from a community whose faith in law enforcement has been tested

NEWS BRIEFS

U.S. Census Bureau Hosts Job Recruitment Events in Portland

There are several opportunities to ‘Meet the Employer’ today through Saturday for more information or to apply for 2020 census...

GFO Offers African Americans Help in Solving Family Mysteries

The Genealogical Forum of Oregon is holding an African American Special Interest Group Saturday, Oct. 19 ...

Third Annual NAMC-WA Gala Features Leader on Minority Business Development

The topic of the Washington Chapter of the National Association of Minority Contractors' event was 'Community and Collaboration' ...

Building Bridges Event Aims to Strengthen Trust Between Communities

The 4th Annual Building Bridges of Understanding in Our Communities: Confronting Hate will be held in Tigard on...

The Black Man Project Kicks Off National Tour in Seattle

The first in a series of interactive conversations focused on Black men and vulnerability takes place in Seattle on October 25 ...

Police: Body found is missing university student

PORTLAND, Ore. (AP) — Portland police say a body found near the St. Johns Bridge in Northwest Portland is a missing University of Portland freshman.Police on Tuesday evening said that the medical examiner's office had conducted an autopsy and positively identified the body as Owen...

Nike CEO Mark Parker to step down in January

NEW YORK (AP) — Nike said Tuesday that its longtime CEO Mark Parker is stepping down early next year.He will be replaced by board member John Donahoe, who formerly ran e-commerce company eBay. Parker will become executive chairman of the board.Nike's sales have been on the rise as the...

AP Top 25: Ohio State jumps Clemson to 3rd; Wisconsin falls

Ohio State edged past Clemson to No. 3 in The Associated Press college football poll and Wisconsin dropped to 13th after being upset ahead of its showdown with the Buckeyes.Alabama remained No. 1 on Sunday in the AP Top 25 presented by Regions Bank, receiving 24 first-place votes. No. 2 LSU held...

Vaughn scores twice, Vandy upsets No. 22 Missouri 21-14

NASHVILLE, Tenn. (AP) — Derek Mason wants it known he's the best coach for the Vanderbilt Commodores.Riley Neal came off the bench and threw a 21-yard touchdown to Cam Johnson with 8:57 left, and Vanderbilt upset No. 22 Missouri 21-14 on Saturday with a stifling defensive...

OPINION

Atatiana Jefferson, Killed by Police Officer in Her Own Home

Atatiana Jefferson, a biology graduate who worked in the pharmaceutical industry and was contemplating becoming a doctor, lived a life of purpose that mattered ...

“Hell No!” That Is My Message to Those Who Would Divide Us 

Upon release from the South African jail, Nelson Mandela told UAW Local 600 members “It is you who have made the United States of America a superpower, a leader of the world" ...

Rep. Janelle Bynum Issues Response to the Latest Statement from Clackamas Town Center

State legislator questions official response after daughter questioned for ‘loitering’ in parking lot ...

Why Would HUD Gut Its Own Disparate Impact Rule?

"You can’t expand housing rights by limiting civil protections. The ’D’ in HUD doesn’t stand for ‘Discrimination’" ...

AFRICAN AMERICANS IN THE NEWS

Trump likens House impeachment inquiry to 'a lynching'

WASHINGTON (AP) — Stirring up painful memories of America's racist past, President Donald Trump on Tuesday compared the Democratic-led impeachment inquiry to a lynching, a practice once widespread across the South in which angry mobs killed thousands of black people.The use of such...

Professor's survey in Michigan criticized for racist remarks

EAST LANSING, Mich. (AP) — A survey by a Michigan State University professor to determine how people respond to derogatory online comments has been removed from a school website after sparking outrage because it included racist statements.The Lansing State Journal reported that Saleem...

Queen Latifah receives Harvard black culture award

CAMBRIDGE, Mass. (AP) — Music artist and actress Queen Latifah was among the honorees recognized by Harvard University for their contributions to black history and culture.Harvard awarded the W.E.B. Du Bois Medal to Queen Latifah and six other recipients on Tuesday, according to the...

ENTERTAINMENT

Liam Gallagher talks solo rise, family feud and rock music

LOS ANGELES (AP) — Spend a few minutes with Liam Gallagher and it's clear the rocker hasn't lost any of his bravado, right down to counting himself among the greats in rock history.But Gallagher does acknowledge that one band breakup — not, Oasis, but rather the demise of Beady Eye in...

Lori Loughlin, other parents charged again in college scheme

BOSTON (AP) — "Full House" actress Lori Loughlin, her fashion designer husband and nine other parents faced new federal charges Tuesday in a scandal involving dozens of wealthy parents accused of bribing their children's way into elite universities or cheating on college entrance exams.A...

Celebrities to get drag makeovers in RuPaul's new VH1 series

LOS ANGELES (AP) — RuPaul is giving a dozen celebrities the chance to get drag makeovers for charity and bragging rights.VH1 said Tuesday that "RuPaul's Celebrity Drag Race" will air as a limited series next year.Each of the four episodes will feature a trio of stars competing for best drag...

U.S. & WORLD NEWS

US endorses tobacco pouches as less risky than cigarettes

WASHINGTON (AP) — For the first time, U.S. health regulators have judged a type of smokeless tobacco to be...

The Latest: Scherzer wraps up night with Nats leading 5-2

HOUSTON (AP) — The Latest on the World Series (all times local):9:42 p.m.Asdrúbal Cabrera singled to...

Trump likens House impeachment inquiry to 'a lynching'

WASHINGTON (AP) — Stirring up painful memories of America's racist past, President Donald Trump on Tuesday...

Death toll rises to 15 as violence wracks Chile for 5th day

SANTIAGO, Chile (AP) — Rioting, arson attacks and violent clashes wracked Chile for a fifth day Tuesday, as...

Venezuelans buy gas with cigarettes to battle inflation

CARACAS, Venezuela (AP) — Motorists in socialist Venezuela have long enjoyed the world's cheapest gasoline,...

Suspect whose case led to Hong Kong's unrest leaves prison

HONG KONG (AP) — A murder suspect whose case indirectly led to Hong Kong's ongoing protests was freed from...

McMenamins
Les Christie

NEW YORK (CNNMoney) -- Borrowers who lost homes to foreclosure during the housing bust are starting to buy again.

Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales, according to RealtyTrac. While many are still struggling to recover financially, a growing number are starting to bounce back -- and they are looking for a new place to call home.

Susan Edwards and her husband, Dave, lost their Palmdale, Calif., home in 2010 after Susan's severe arthritis made it impossible for her to work her medical device sales job.

The medical bills soon piled up and the couple could no longer afford their $2,300 monthly mortgage payment. In addition, their home's value had plunged 40 percent below the $325,000 mortgage balance.

"We were living under such pressure," she said. "We looked at the numbers and knew we had to default."

After the foreclosure, Susan's credit score had taken a 70-point hit; Dave's score fell even further.

By paying all of the bills on time, they nursed their credit scores back to health. And in December, two years after they lost their old home, the couple was able to buy a new home with a loan backed by the Veteran's Administration. VA-insured loans can be obtained just two years after a foreclosure, according to the Mike Frueh, director of the VA's Loan Guaranty Program.

The new house is a lot like the Edwards' old one, with one big improvement: The mortgage payment is $1,150 a month -- roughly half the amount they used to pay.

"[After bankruptcy], foreclosure is one of the things that hits your credit score the hardest," said Anthony Sprauve, a spokesman for FICO.

Foreclosures and short sales usually knock about 85 to 160 points off a credit score. Scores suffer less if you pay at least the minimum on all your other bills on time and only allow your mortgage payments to go unpaid, said Jon Maddux, the CEO of YouWalkAway.com, which offers advice to defaulting mortgage borrowers.

Once the damage is done, it can take three to seven years for a score to fully recover. But some lenders are willing to work with borrowers earlier than that.

Mortgage giants Fannie Mae and Freddie Mac, for example, require defaulters to wait five years -- and have a minimum credit score of 680 and put 10 percent down -- before they can purchase a home again. If they don't meet that criteria the wait is seven years, at which point the foreclosure is expunged from a person's credit report.

If defaulters show that extenuating circumstances caused the foreclosure -- such as a health issue that prevented them from working, a layoff, a divorce or other one-time event -- the wait may be reduced to three years.

The Federal Housing Administration allows banks to issue FHA-insured loans to borrowers three years after a foreclosure or a short sale in which the borrower was in default.

Tony and Ginger Read, who live with their three kids outside of Boise, Idaho, took four years to rebuild their credit after they sold their home in a 2008 short sale. Tony had been laid off and the couple had already sold their camper and other valuables in a fruitless effort to keep their home. Eventually, a broker convinced them to sell.

"It was the hardest thing we ever had to do but we couldn't afford the payments," said Ginger.

Tony now has a job supervising a sand and water pumping crew for the fracking industry and the couple's credit score has regained more than half of what it lost.

In January, they were approved for a 4 percent interest FHA loan on a $280,000 house in Fruitvale, Idaho. They close April 12.

Mike Edgar, the broker who worked with the Reads to sell their home and buy a new one, has worked with several clients to help them repair their credit and, when they're ready, buy new homes.

In 2012, he worked with 15 "boomerang" buyers, about a quarter of his sales. He expects that number to double in 2013.

Tim Duy, a business manager in Verrado, Ariz., and his wife Christina, lost their house in April 2011. They're eager to become homeowners again, but for now they're concentrating on repairing their credit. The foreclosure, which knocked Duy's credit score down 200 points to below 600, has since rebounded to 730.

Meanwhile, the couple window shops. "We're in the penalty box for another year, maybe," said Duy. "I see houses just what we want selling for $185,000. I would jump all over that if I could."

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