To Karen, You can refinance the loan immediately after loan modification

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Mini Profile  jameshogg

jameshogg


Joined: 20 Dec 2005
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Location: Nevada
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Hi Karen,

As far as I know, you won't be able to refinance the loan immediately after the foreclosure. You'll have to wait for at least 2-3 years in order to refinance.

Thanks
Karen5411


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ok.What if I did a loan mod with the lender?Would that enable me to refinance if I modified the loans instead?Since I am in default anyway on those 2 loans would I have to wait 2 yrs anyway?
lynn


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Post     Post subject: mortgage after foreclosure

We had a foreclosure in 07/2007. We are currently renting have done so for almost 2 years now. We were told previously that we could get a mortgage if we show proof of rent checks. I have all the information they require and they still say no mortgage. My current home has Chinese Drywall and it is affecting our health. I need to know what we can do to get a mortgage asap.
Mini Profile  smithsussane

smith.sussane


Joined: 18 Sep 2008
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Hi!

Welcome to forums!

To Karen,

You can refinance the loan immediately after loan modification. You will have to wait for at least a year and then refinance the loan.

To lynn,

As you have a foreclosure in your credit report, you'll have to wait for at least 3-4 years in order to get a mortgage. I don't think lenders would offer you mortgage before that.

Sussane
THERESA


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Post     Post subject: HOW BOUT THE ONE WITH BANKCRUFTCY RECORD

CAN THEY STILL BE ABLE TO BUY AHOUSE.
anonymous1106


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Post     Post subject: What steps should we take to get a new home/mortgage

We recently pulled our home out of foreclosure by working with our mortgage company and have a loan modification set. We would really like to sell this house as soon as possible but wonder if we could even get another loan for a different home. Any suggestions? What steps should be taken? Who would be the best company to contact?
Mini Profile  jameshogg

jameshogg


Joined: 20 Dec 2005
Posts: 12160
Location: Nevada
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Hi,

To THERESA,

Yes, though you file bankruptcy, you'll be able to purchase a property. Though a bankruptcy will remain on your credit report for 7-10 years, you will be able to get a mortgage within 2-4 years.

To anonymous,

If your credit is good and if you have a stable income, then I don't think you'll face problems in getting a loan though your current lender has modified the loan.

I would suggest you to speak to a few lenders and check out what type of terms and conditions you are receiving. This will give you a fair idea about the present market rates and it will also help you to judge whether you'll be able to afford the loan or not. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether you will be getting a loan or not.

Thanks
Ducati2000


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Post     Post subject: Foreclosure

I had a Foreclosure of my home back in 2006. I had moved out of the home and got an apartment before the foreclosure had taken place. My ex was in the home occupying it and didn't pay the mortgage. Currently i got married and my husband and i want to look at buying a home. Will my foreclosure mess up the chances of us being home owners? Is there anything that we should do when trying to buy a home together?
Mini Profile  smithsussane

smith.sussane


Joined: 18 Sep 2008
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Hi Ducati!

Welcome to forums!

A foreclosure will remain on your credit report for 7 years like any other negative item. The lender will come to know about your foreclosure. There are chances that if you jointly purchase the property, you may have to pay higher rates of interest. However, if your husband does not have a negative item on his credit report, then he can take a mortgage in his name alone.

Feel free to ask if you have further queries.

Sussane
Amy


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Post     Post subject: Buying a Home after foreclosure....

So we just recently had a foreclosure but we still have decent credit. Would a lender be more lenient if they see that our credit score is still good & that we have no other problems w/ our credit. With the housing so low right now I'd hate to pass up this opportunity to buy a home.
Beverly


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Post     Post subject: Have Big Down Payment - Need Small Mortgage After Foreclosur

We are about to go into foreclosure on our $800,000 mortgage. However we will be able to make a down payment of $125,000 on a $185,000 home. Will we be able to get a bank to lend us this $60,000 within a couple of months after our foreclosure?
Mini Profile  adonis

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Hi,

To Amy,

I don't think lenders would be lenient enough to grant you a loan if he finds that you had a recent foreclosure. Though your credit is good, you'll have to wait for 3-4 years in order to get another loan.

To Beverly,

No, the banks won't be ready to lend you money after couple of months after your foreclosure.
stacey


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Post     Post subject: chapter 7

How long I have to wait to get a mortgage after chapter 7 I was told you can get it 1 day after discharge? Embarassed
Mini Profile  jameshogg

jameshogg


Joined: 20 Dec 2005
Posts: 12160
Location: Nevada
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Hi stacey,

After the discharge of Chapter 7 bankruptcy, you will have to wait for 2 years to get a FHA loan and 4 years to get a conventional loan.

Thanks
jamielynn1


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Post     Post subject: chapter 13 have been discharged over a year

Hi, my name is Jen and I need help …. I was told by my mortgage Broker (Suburban Mortgage) that we would be qualified for a mortgage even though we have been only discharged a little more than a year ago… we sold our house due to being told by the courts in Chapter 13 Bankruptcy Courts to sell in January of 2007. Since then all of our debt was removed and satisfied. So since the last 2 years we made sure we paid all our bills, rent and even improved our credit history but now the underwriter for FHA is giving us a hard time because in Chapter 13 we made our payments to the mortgage late and the reason why was being my husband lost his job and no money was coming in. (PS….. the credit report state we have been late since we started Chapter 13 in November of 2004 for over 180 days late even though that’s when we started Chapter 13 they the mortgage company never changed the credit reports it kept on saying we were late over 180 days since the beginning……)

Our trustee and our attorney told us the only thing we needed to pay was his trustee payment of $50.00 until we sold our house.

Prior to us using this Mortgage Company we were told we should not have any problems due to filing Chapter 13 now we are…. I really thought the Underwriter was going to consider the pros and cons and make a decision regarding our Present Situation…..(I was told if the underwriter does not approve then they will have a Committee Hearing to decide if we are qualified is that true???) We even got a LSR before even looking at houses and they the mortgage company was well a ware that we were had been in Bankruptcy and had been discharged, they had our paper work since last year…. We are in a Contract now and I so nervous that we will not be approved and get the house because we where late with our mortgage payments prior to the sale of our house. Can you please help to let me know if we still qualify for a FHA Mortgage???? Please Help!!!



And ever since then when we sold our House in January 2007 paid all our debt from the proceeds of the house, we improved our credit score and paid everything on time for over 2 years we still have NO chance to get a mortgage? My last question…. when it is officially “2 years from Discharge” will the underwriter disregard being late during Chapter 13. I really do appreciate you taking the time to help…



One more question…sorry if we had let the house go into foreclosure we still would have to wait 2 years to qualify for a loan too, right?
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