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Getting a mortgage after a foreclosure.

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christine1 Joined: 27 Jan 2012 Posts: 4 2.03 Dollars($)	Posted: Fri Jan 27, 2012 12:13 pm    Post subject: Getting a mortgage after a foreclosure. Like 0 Dislike 0 I am almost 2 years out from a foreclosure and have been working hard to get back into a position to purchase a home again. At this point I have paid off or settled every debt, except two. We have a $14,000 balance on one credit card and a $22,000 2nd mortgage that was left after the foreclosure. The 2nd mortgage is showing on my credit report as a "Charge Off" right now (despite the fact that I never stopped paying them until they closed the account and charged it off!) and I have no clue who holds the loan at the moment. I thought they had sold it to a collection agency but there are no signs of any collections on my credit report. I realize I cannot even consider a new mortgage for at least another year so I'm planning to use that year (and perhaps another year or two if I need it) to put myself in the best position I can to purchase a home again. My question is... what should I prioritize? Is paying down my credit card balance most important? Trying to settle the 2nd mortgage loan (if I can figure out who holds it) or saving for a down payment on a home? Thanks, Christine
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Fri Jan 27, 2012 9:48 pm    Post subject: Like 0 Dislike 0 Hi christine, What type of bankruptcy did you file? If you had filed Chapter 7 bankruptcy and got a discharge from it, then you are not personally liable for paying the unsecured debts any more. The credit card debt must have been discharged in your bankruptcy filing. Moreover, if you haven't reaffirmed the debt, you won't be liable for paying the second mortgage as well. Thanks
alvinajohn Joined: 25 Dec 2011 Posts: 38 7.96 Dollars($)	Posted: Sat Jan 28, 2012 3:30 am    Post subject: credit score Like 0 Dislike 0 i think you should first consider your credit card payment it will raise your score, as thirty-five percent of your credit score is your payment history. although after foreclosure its very difficult to qualify for 2nd mortgage for consecutive three years, so use this time to make good credit history! regards! _________________ www.foreclosures-gov.ca
christine1 Joined: 27 Jan 2012 Posts: 4 2.03 Dollars($)	Posted: Sat Jan 28, 2012 9:22 am    Post subject: Like 0 Dislike 0 This was a foreclosure, not a bankruptcy so I am still liable for my debts. My concern is, with the charged off 2nd mortgage (home equity loan) still sitting on my credit report, nobody will want to give me a mortgage when it comes time, regardless of the state of my credit. I have already risen my credit score by 100pts since the foreclosure but I'd like to get it up another 60 at least. I guess the real answer is... I need to do both. Get the credit card down to 30% or less of my limit AND try to settle the 2nd mortgage. If only I could figure out how to manage that in less than 3 years time My family of 6 is ready to get out of an apartment and back into a house again!
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Jan 30, 2012 1:39 am    Post subject: Like 0 Dislike 0 Welcome christine, You will have to find out the name of the collection agency to whom your home equity loan has been sold off. You will have to negotiate with the lender and apply for a repayment plan so that it becomes easier for you to pay off the loan. Once you pay it off, it will have a positive impact on your credit report and you will be able to qualify for a mortgage as well. _________________ Procrastination is the enemy of your financial success
christine1 Joined: 27 Jan 2012 Posts: 4 2.03 Dollars($)	Posted: Mon Jan 30, 2012 6:18 am    Post subject: Like 0 Dislike 0 Do you have any clue how to find out who holds the collection account? As I mentioned, it does not show up on any of my 3 credit reports. Would the original loan holder (Bank of America) know this information? Thanks, Christine
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jan 30, 2012 9:03 pm    Post subject: Like 0 Dislike 0 Hi christine! Welcome to forums! Well, it is your lender who will be able to let you know who holds your collection account. You can normally check out your credit report to find out the name of the collection agency. However, as you're not finding their name in the credit report, I guess the collection agency has not reported the account to the credit bureaus. Feel free to ask if you've further queries. Sussane
christine1 Joined: 27 Jan 2012 Posts: 4 2.03 Dollars($)	Posted: Tue Jan 31, 2012 6:47 am    Post subject: Like 0 Dislike 0 Thank you. Hopefully Bank of America has the info I'm looking for -Christine-
linkplayer72 Joined: 28 Feb 2012 Posts: 5 Location: Chicago 1.28 Dollars($)	Posted: Tue Feb 28, 2012 12:33 am    Post subject: Like 0 Dislike 0 Good information provided by you related to mortgage brokers but they can only help you in getting loans against properties if the person have good credit score history and have the resources to pay the loan installments regularly..!! _________________ Edgewater Condo

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