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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Hi rick,
After a foreclosure, you need to wait for 3-4 years in order to get a mortgage to buy a property. It might be difficult for you to qualify for a mortgage just after 2 years of a mortgage foreclosure.
Thanks |
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Brandi
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Post subject: Would like to qualify for a home loan |
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| BK7 discharged almost 2 years ago and house was included, house foreclosed 3 months ago when can I purchase again. I moved out of home in 2006 with my children and ex and his former wife lived in it. Bank put a padlock on in Jan 2009 and ex was evicted out of home. I filed BK7 due to ex who was on court paperwork responsible on RV did not pay in 2009 and also included the home since on court paperwork he was suppose to shortsale it but refused to. I could not help since I was renting on a lease property and also lost 15% cut in pay working with the state of CA, house was broken into and I had to insurance, I was hospitalized in 2010 and also had to take my children to court mandated counseling. I want to know if and when I can purcahse again.. I do hold a credit score of 720 now. I paid off my car and motorcycle and hold the title and recently purchased my daughter a car for college. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome Brandi,
What type of bankruptcy had you filed for? If you filed for Chapter 7, then you will have to wait for 4 years to get a conventional loan and 2 years to get a FHA loan. If you filed Chapter 13, then you will have to to wait for 1 year to get a FHA loan and 2 years to get a conventional loan after discharge.
_________________
Procrastination is the enemy of your financial success |
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les
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| I filed bk and chase mortgage still forclosed on my home, and it is sitting on my credit report that way. I was told that they could do that. Is that correct |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome Guest,
Once you file bankruptcy, the lender won't be able to foreclose the property as the bankruptcy court will issue a notice as per which no actions can be taken against you by the lender/creditor. I will suggest you to speak to your bankruptcy attorney in this matter.
_________________
Procrastination is the enemy of your financial success |
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Selamawit
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Post subject: My house forclosed in Aug. One month later my credit got up |
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Hallo
My house got forclosed in Auguest 2011. At the time of forclosuer, my credit was 670. But two months after the forclosure, my credit jumped up by 41 points to 711. Now, it has been six months since my house is forclosed. Is that mean I can be eligible for a new mortgage since my credit is very good? Is it a good sign that my credit jumped that much?
Also, I have a good income but my wife has a job with not much income. But her credit square is 735. does this help? Please help me with your answer.
For my forclosed house I put down 20% for a total of $85,000.
But its value lost by over 65% and the bank refused to refinance since my income is higher than the 33% required for eligibility.
Thank you for your help |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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goodgirl
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Post subject: home purchase |
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| bankruptcy 2010..discharged 2010/foreclosure 2010..any chances on getting a mortg for new home to be built right now with anyone..5% down..price of home 150-190,000..credit scores 694 and up on all 3 credit bureaus..have gotten things off report and have re-established credit to good |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Monica
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Post subject: Foreclosure |
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| I had my house foreclosed on 11/10. Back in 04' I couldn't afford the mortgage so we sold it to a broker. (So I thought) it turns out that I only signed over the deed to the house. He was renting out the house and collecting the money, but not paying the mortgage. Can this qualify for extenuating circumstance since it was out of my hands? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi Monica!
Welcome to forums!
Well, I won't be the right person to say whether or not it was an extenuating circumstance. You should contact a real estate attorney and he/she will help you in this matter.
Feel free to ask if you've further queries.
Sussane |
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Sweetswing
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Post subject: Old Foreclosure |
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| I had a foreclosure after losing my job in 2003. Equifax shows my credit score at 747, no credit problems since. The home actually sold at auction for what we owed, so the bank did not take a loss and my credit report from Experion indicates that my lender was paid in full. I make 160k+ and have about 80k saved to use as a downpayment. How much impact will all this have on my ability to get a loan? I'd like something in the 400k range. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome Sweetswing,
After so many years of property foreclosure, it won't have much impact on your borrowing ability. After a foreclosure, you need to wait for 3-4 years in order to qualify for a loan. As you have the required credit score, income, down payment, you will be ale to qualify for a loan. You can contact the local lenders and apply for a loan.
_________________
Procrastination is the enemy of your financial success |
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Bill La
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Post subject: I need a new home mortgage |
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Is there is mortgage co that will loan me money when I had a foreclosure 2.5 years ago, My credit score is 650.
I can put 20% down |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Post subject: |
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Hi Bill,
Normally, lender will approve a loan to you after 3-4 years of a foreclosure. However, as 2.5 years have passed, you can apply for a loan and try to check out if the lender will be ready to give you the same. I personally feel that if you wait for 6 months and then apply for a loan, your chances will be better.
Thanks |
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