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Applying for new loan

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Guest	Posted: Sun Jul 04, 2010 9:06 pm    Post subject: Applying for new loan Like 0 Dislike 0 Hello. I live in Florida. My name is listed second on the deed of trust for a condo that is about to go into foreclosure. I did not sign the note, meaning I do not have any financial obligation to the bank for the loan.This loan does not appear on my credit report. I am applying for a new loan, FHA seems to be the way that I am leaning toward. Will I be denied from FHA for a new loan because my previous address is in foreclosure? Or should I go the Conventional loan route? Will it make a difference if I fill out a Quit Claim Deed? All of this is very confusing to me. I really need an opinion from someone. Thank you.
jonsush Joined: 20 Apr 2010 Posts: 9 -0.74 Dollars($)	Posted: Mon Jul 05, 2010 3:08 am    Post subject: Like 0 Dislike 0 can you please specify your credit score... that will help to identify your finantial background.
shane Joined: 03 Dec 2007 Posts: 240 Location: Orange County, CA 51.84 Dollars($)	Posted: Mon Jul 05, 2010 9:57 am    Post subject: Like 0 Dislike 0 A foreclosed home doesn't appear on a credit report, the foreclosed mortgage does though. So since you aren't on the mortgage, your credit report won't have any notations of a foreclosure. However you still would have to answer "Yes" to the question on the loan application which asks, "Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?", and then provide a detailed explanation to the underwriter of the mortgage you are applying for. If you live in the property then odds are the underwriter will feel you were responsible for the mortgage and may hold the foreclosure against you. So if you live in the property I'd definitely look into quit claiming off title, not sure if it's still possible if a notice of default or trustee sale has been posted, that is something to consult with your county recorder's office on. If they accept a quit claim deed I don't see why it'd be an issue. _________________ Shane Milne TheBestHomeLoans.com More about Shane and Client Testimonials Mortgage Banker & Broker 949-273-4161 Lending in all 50 states FHA/VA/USDA/Coventional

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