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Mortgage with investment foreclosure

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stacey4574 Joined: 25 Mar 2011 Posts: 1 1.40 Dollars($)	Posted: Fri Mar 25, 2011 12:18 pm    Post subject: Mortgage with investment foreclosure Like 0 Dislike 0 Hi- My husband and I and 2 partners bought an investment property in FL in 2006. Only our names are on the mortgage and we shouldn't have gotten it. We signed a contract, each put in $12,000 and filled out the paperwork. I was a stay at home mom at the time and we already owned our home. Our partners jumped ship and we sank with the boat!!! We called our lender for help but because it wasn't our primary residence, they couldn't do anything. It was auctioned off Nov 2010. I just checked my FICO and it is still 630. My husbadn and I want to sell our home (we have NEVER even been late in 11 years) but doubt we will be able to get a mortgage. We gross about $140,000/ year. Opinions???
smithsussane Joined: 18 Sep 2008 Posts: 10395 Location: Alaska 978.90 Dollars($)	Posted: Fri Mar 25, 2011 9:01 pm    Post subject: Like 0 Dislike 0 Hi stacey! Welcome to forums! After an investment foreclosure in the year 2010, it will be difficult for you to get a mortgage to buy a home now. After a foreclosure, you need to wait for 3-4 years in order to qualify for the mortgage. Feel free to ask if you've further queries. Sussane
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sat Mar 26, 2011 5:25 am    Post subject: Like 0 Dislike 0 Hi Stacey, Welcome to the Mortgage fit, You should wait for some time.As already 11 yrs have been passed that means you have enough equity in the home...So I do not find any reason to vacate current home...Just do cash out refinance and you will get releived from the current situation.... Feel free to ask any further query if you have..... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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