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Beverly
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Post subject: FHA loans |
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| If you had a forecloser on a FHA loan, can you get another FHA loan? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Beverly,
You can get a FHA loan after 3 years have passed since your foreclosure have taken place. However, you should have a good credit in order to qualify for a FHA loan. A minimum credit score of 620 is required to get a FHA loan.
Thanks |
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Liz M
Guest
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Post subject: Credit Report |
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I have a question. I filed for Ch 7 back in Feb. of 2007. It was discharged in June of 2007. At the time I filed I was current with my 1st and 2nd mortgage company but they did NOT reaffirm either debt. I just kept making my payments. I was unaware until this month that the mortgage companies were not reporting me correctly. I have received notification that both have updated all 3 bureaus to reflect that both home loans were "included in BK" and have zero balances all dating back to 2007.
Here is my issue, I have continued to make both loan payments until this past August (on the big 1st- current on the small 2nd different lender). We were going to do a short sale but came upon this info (didn't know that we didn't reaffirm the debts) and are thinking about staying as long as we can in the house and then letting it foreclose (save $).
My question is, will the mortgage companies update both accounts on my credit report with a foreclosure status once it gets to that point? Or will they not report them since they have not reported anything since 2007? i want to get a new home loan on a new house. I was told to hurry up and get a new home loan before the banks report any foreclosure proceedings. AND if they do report foreclosures, is the date of the foreclosure NOW or back to the discharge date? I guess I need to know if I can get a home loan now and if I should hurry up. Thanks |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Liz M,
Though you included the mortgage in your bankruptcy filing and did not reaffirm the debts, the lender still holds the lien on the property. As soon as you stop paying the dues, the lender has the right to foreclose it. This foreclosure would be reported in your credit report. The date on which the foreclosure takes place would be mentioned in your credit report.
Thanks |
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Liz M
Guest
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Post subject: re: post |
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| thanks James. I have been told yes and no by various attorneys so who knows what will happen. Thanks for the response. |
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MJ
Guest
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Post subject: |
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| Hi Question - I'm wanting to buy the house I'm currently renting. I did a deed in lieu of 2.5 years ago and have a credit score of 630. I have 3.5% to put down on my current home, but my lender is telling me I can't get a loan until the deed in lieu of is 3 years out. Is this true? I already have the contract with the owner and everything was set up to close until the broker realized this date.. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi MJ,
Once your deed in lieu of foreclosure is 3-4 years old, you would be able to get a loan for a new property. Before that, lenders won't be ready to give you a loan.
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Procrastination is the enemy of your financial sucess |
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