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helen
Guest
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Post subject: down payments |
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| what if I put half down on a mortgage? is it sure thing? I have had some judgements several years ago, but no foreclosure or bankruptcy. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi helen!
Welcome to forums!
Getting a mortgage will depend upon your credit score and income. You didn't mention your credit score. In order to get a conventional loan, you would require a credit score of 720-740. If you want to get a FHA loan, you would require a credit score of 620. You've mentioned that you had some judgments several years ago. I don't think they would affect your credit report now.
You should get hold of your credit report and check out what your score is like. Then you can start applying for loans with your local lenders. You will find a number of lenders in this community. You can seek a no obligation free mortgage quote from them to know the type of rates and terms you would receive.
Feel free to ask if you've further queries.
Sussane |
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delmar
Guest
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Post subject: |
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| Our house in Florida lost 2/3 of it's value and we were transferred to new job out of state. Therefore, our house could not sell for what was owed. We could not maintain the payments and received a notice of foreclosure from Bank but they never did foreclose. We have an attorney that has tried to work with them but can't get anyone who can give a difinite answer. It has been a year since the foreclosure letter. Is there a time limit on foreclosure? What should we do now? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Post subject: |
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Hi delmar,
Check it out with your lender whether or not your property has been foreclosed. If not, then your attorney should contact your lender and apply for a deed in lieu of foreclosure on your behalf. You can also write a hardship letter in order to apply for a deed in lieu. If the lender accepts it, then you'll have to surrender the property. The lender would sell it off and recover the mortgage dues. As far as the deficient amount is concerned, it would be forgiven by the lender.
Take care. |
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CJ's mom
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Post subject: |
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My husband filed chap 7 in 4/07, we gave up the house. Foreclosure had actually started in June 2006. Aug 2007 he was discharged. House has been up for auction 3 times and has not sold. We have been gone 2 years Dec 09. Our credit is back up +670. What can we do? We want to buy the house we are renting and are worried the owners won't want to wait. Never been late on rent. They say we are great tenants. Help!
Thank you! |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Welcome CJ,
As 2 years have passed since your husband's bankruptcy filing, you can apply for a FHA loan. With a credit score of 670, I don't think you would face problems in getting a FHA loan provided you haven't incurred any other negative item on your credit report.
_________________
Procrastination is the enemy of your financial success |
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CJ's mom
Guest
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Post subject: |
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Wow that is great news. Even if the house we gave up hasn't sold? I appreciate your help.
Thanks!! |
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mary
Guest
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Post subject: forclosure |
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| my husband is now in foreclosure can i buy a home iwth my income and mycredit score. will anyone finance me? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi mary!
Welcome to forums!
If you are not a co-borrower or co-owner of your husband's property, then you can definitely buy a home with your income and credit score. You can contact lenders and go for a mortgage shopping. This will give you an idea about the rates and terms of mortgage. Thus, it would be easier for you to decide whether or not you would be able to afford a loan. Also, you can speak to the lenders of this community for a no obligation free mortgage quote. This will help you know about the present mortgage rates and terms.
Feel free to ask if you've further queries.
Sussane |
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abcdefg
Guest
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Post subject: getting mortgage after chapter 13 bankruptcy |
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We filed chapter 13 and are still in the middle of making payments on this. We are not discharged yet. We surrendered home in bankruptcy and property is now custody of trustee. The property still after 3 years of vacany has not auctioned off yet. We are self employed and doing well in buisness. Can we get a mortgage? And if so what kind?
Thanks
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi Guest,
As you've not been discharged of bankruptcy, it would be difficult for you to get a mortgage. Normally, you would get a FHA mortgage after 1 year of Chapter 13 bankruptcy discharge and a conventional loan after 2 years of discharge.
Thanks |
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Debbi
Guest
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Post subject: |
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| I have an opportunity to get into a smaller less expensive home, if I let go of the mortgage I currently have, will the lender be able to put a lein on my new home property? would it benefit me by calling the lender and letting them know I would like to do this? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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The lender can place a lien on your property if he forecloses it and if you cannot pay off the deficient amount. I don't think it would benefit you in any way by informing the lender about your plans. You can apply for a deed in lieu of foreclosure with your lender and sell off the property. You won't be responsible for the deficient amount. But it would reduce your credit score by 250 points and you may not get a mortgage for the next 3-4 years.
_________________
Good is the Enemy of Great. |
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isittrue
Guest
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Post subject: |
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I'm working with a financial person and they said in 3-4months I should beable to buy a house. Is this possable after a foreclosure 3 years ago? They said credit score is holding us back and can fix it in 4 months.  |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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It is true that you can apply for a loan after 3-4 years of going through a foreclosure. You should have a good credit score in order to qualify for a loan. Credit score of 740 is required in order to get a conventional loan. You can check out the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/problems/hardship-letter.html
_________________
Good is the Enemy of Great. |
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