12-04-2021  5:59 am   •   PDX and SEA Weather
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NORTHWEST NEWS

Famously Soggy Seattle Sees Its Wettest Fall on Record

Seattle, a city known for soggy weather, has seen its wettest fall on record.

Longtime Oregon Rep. Peter DeFazio Won't Seek Reelection

DeFazio, the longest serving U.S. House member in Oregon’s history and a staunch advocate for environmental issues, said Wednesday he is retiring

Juneteenth Becomes Paid Holiday in Another Oregon County

Washington County Board has approved Juneteenth as a paid holiday for county employees

Sen. Manning on the Year Ahead and the Year That Was

Prominent BIPOC Caucus member concerned with gun regulation, access to Covid-19 testing

NEWS BRIEFS

Congressional Cannabis Caucus Co-Chairs Blumenauer, Joyce, Lee and Young Urge VA to Offer Veterans Access to Lifesaving Cannabis Treatment

“…over twenty veterans continue to die by suicide each day—it is past time we stop barring access from these innovative...

200+ Groups Call on Senate to Delay Recess to Pass Voting Rights

In a letter to the Senate, the group states, "We urge you to stay in session to do whatever it takes until these bills are passed...

Zeta Phi Beta Sorority's National Educational Foundation Awards Historic $125,000 Founders' Centennial Scholarship

Zeta Phi Beta Sorority Inc. and the Zeta National Educational Foundation Inc. announced that Janae Smith-Williams was awarded of the...

Oregon's Cannabis Industry Could Be More Vulnerable Than Ever

Portland is the first in the country to allocate cannabis tax revenue to relieve the industry's impacts of...

Open Enrollment Deadline Is Dec. 15 for Health Insurance Coverage Starting Jan. 1, 2022

Help applying and financial assistance is available through the Oregon Health Insurance Marketplace ...

Body discovered in suitcase inside car trunk, 1 arrested

SALEM, Ore. (AP) — One person was arrested after Salem Police found a suitcase in a car that contained a body. According to Salem Police, officers responded Thursday morning to the Claxter Court Apartments in north Salem after someone reported seeing a person move a large...

Australian company begins drilling for lithium in Oregon

VALE, Ore. (AP) — An Australian company has started drilling at a southeast Oregon site that could eventually host a large lithium mine. Mineral exploration company Jindalee Resources Ltd. announced this week that it’s working to determine the extent of a lithium deposit in...

No. 25 Arkansas beats Missouri, caps best season since 2011

FAYETTEVILLE, Ark. (AP) — Sam Pittman grinned for almost the entirety of his postgame press conference Friday night. The Arkansas coach and his team had done something no others ever had. The No. 25 Razorbacks capped their regular season with a 34-17 victory over Missouri,...

Mizzou's Drinkwitz returning to Arkansas for rivalry game

FAYETTEVILLE, Ark. (AP) — Just 45 miles of interstate highway separate Eli Drinkwitz from where he started and where he is now as Missouri's head football coach. Raised in the small Arkansas town of Alma, Drinkwitz will come full circle Friday when his Tigers visit No. 25...

OPINION

State is Painting Lipstick on Its One-of-a-kind, Long-term-care Law

Starting in January, the unpopular law imposes a stiff new tax of 58 cents per 0 earned for every worker in the state ...

Giving Thanks

Just by being alive we can be sure of having moments of sadness as well as happiness. When you’re active in politics, you experience both wins and losses. Sometimes it can be hard to feel grateful. ...

Acting on Climate will Require an Emphasis on Environmental Justice

Climate change affects us all, but its effects aren’t distributed equally. ...

Small Businesses Cannot Survive With Current Level of Postal Service

At The Skanner News office we received an important piece of correspondence that was postmarked June 12, 2021, and delivered to us on November 4, 2021. ...

AFRICAN AMERICANS IN THE NEWS

New Orleans: Push to rename Lee boulevard after Toussaint

NEW ORLEANS (AP) — A member of the New Orleans city council is pushing to change a street currently named after Confederate Gen. Robert E. Lee and replace it with one the city's most famous musicians, Allen Toussaint, who died in 2015. Councilmember Jared C. Brossett...

Pipeline: Cascade of white owners has slowed NFL change

Over the past 100 years, around 110 people have owned controlling portions of NFL teams. Of that select group, all but two have been white. This basic head count might offer the simplest explanation for how, even with rules in place for nearly two decades that are designed to...

EXPLAINER: Who are the jurors for trial of Kim Potter?

MINNEAPOLIS (AP) — A look at the jurors who will hear testimony in the manslaughter trial of former suburban Minneapolis police officer Kim Potter, who is charged in the April shooting death of 20-year-old Black motorist Daunte Wright. Potter says she meant to use her Taser on Wright and drew her...

ENTERTAINMENT

Kelsea Ballerini feels her way through her new poetry book

New York (AP) — Country music star Kelsea Ballerini had no intentions of starting a new job as an author in 2020. She did plan to tour her new album, “Kelsea” — then the coronavirus pandemic shut down most of the world. As COVID-19 all but stopped the touring industry, the Grammy nominee...

Duggar trial focusing on computer where child porn was found

FAYETTEVILLE, Ark. (AP) — A computer used by Josh Duggar at work contained child pornography behind a partition that allowed the user to circumvent an application that monitors internet use, and metadata indicates the images were downloaded when the former reality TV star was working, computer...

State rests case at Smollett trial after star witnesses

CHICAGO (AP) — The state rested its case at Jussie Smollett's trial Thursday after key testimony from two brothers who said the former “Empire" actor plotted a racist and anti-gay attack on himself in downtown Chicago and paid them to carry it out. After a three-day...

U.S. & WORLD NEWS

‘We just feel it’: Racism plagues US military academies

Eight years after he graduated from the U.S. Military Academy at West Point, Geoffrey Easterling remains...

The AP Interview: Scientist says omicron was a group find

JOHANNESBURG (AP) — The Botswana scientist who may well have discovered the omicron variant of the coronavirus...

Time is no ally as Dems strain to finish Biden's [scripts/homepage/home.php]T bill

WASHINGTON (AP) — If President Joe Biden's [scripts/homepage/home.php] trillion social and environment package was a Broadway show, its...

Lebanese minister resigns in bid to ease crisis with Saudis

BEIRUT (AP) — Lebanon’s information minister resigned Friday, a move many hope could open the way for easing...

Struggling Chinese developer warns it could run out of money

BEIJING (AP) — A Chinese developer that is struggling under 0 billion in debt warned Friday it may run out of...

SKorea sets daily records for new coronavirus cases, deaths

SEOUL, South Korea (AP) — South Korea again broke its daily records for coronavirus infections and deaths and...

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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