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Foreclosure on Credit Report but still own Property?

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jmorel2010 Joined: 07 Jul 2011 Posts: 1 1.31 Dollars($)	Posted: Thu Jul 07, 2011 2:07 pm    Post subject: Foreclosure on Credit Report but still own Property? Like 0 Dislike 0 Due to financial difficulty stopped making payments on our 58K second mortgage, continued making payments on 1st. Got back on a repyament plan with the bank a month ago. The 2nd is listed as a "foreclosure" on credit report dated 9/14/2007. But I still own the property Will I qualify for an FHA mortgage if looking to rent out current and buy another home
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu Jul 07, 2011 4:40 pm    Post subject: Like 0 Dislike 0 No, sorry. You are going to have the mortgage late payments reporting on your credit and the foreclosure/charge off of the second loan. You would have to wait at least 3 years before you could finance again. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Jul 07, 2011 9:27 pm    Post subject: Like 0 Dislike 0 Hi jmorel, You won't be able to get a new mortgage now. You should contact your second mortgage lender and try to rectify the status of the account in your credit report. You should also contact the second lender and try to set up a payment plan which will help you in paying off the debts. _________________ Procrastination is the enemy of your financial success

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