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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: 5167
Location: nevada
645.98 Dollars($)
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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
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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 $).
My question is, will the mortgage companies update both accounts on my credit report with a foreclosure status once it gets to that point? Or will they not report them since they have not reported anything since 2007? i want to get a new home loan on a new house. I was told to hurry up and get a new home loan before the banks report any foreclosure proceedings. AND if they do report foreclosures, is the date of the foreclosure NOW or back to the discharge date? I guess I need to know if I can get a home loan now and if I should hurry up. Thanks |
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jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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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: 4719
Location: ALASKA
255.10 Dollars($)
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Post subject: |
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Hi MJ,
Once your deed in lieu of foreclosure is 3-4 years old, you would be able to get a loan for a new property. Before that, lenders won't be ready to give you a loan.
_________________
Procrastination is the enemy of your financial success |
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danonymous
Guest
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Post subject: Bankruptcy |
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| Hi, I filed bankruptcy and received my release letter in July 08. I would like to purchase a home, I have the downpayment, my credit score is up to 650 and I have been on my job 7 years. I want an FHA loan but I have heard that they don't (lenders) even look at your record until exactly 2 years after bankruptcy which will mean July 10 for me. Is this true? |
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adonis
Joined: 22 Oct 2005
Posts: 4719
Location: ALASKA
255.10 Dollars($)
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Post subject: |
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Hi Guest,
If you filed for Chapter 7 bankruptcy and received a discharge on July 2008, then you'll have to wait till July 2010 in order to qualify for a FHA loan.
_________________
Procrastination is the enemy of your financial success |
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confused
Guest
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Post subject: foreclosure |
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| Our home went into foreclosure and was to be sold by the bank in the morning when a rich friend went to the bank and bought it back for us before the bank could sell it that morning. He is letting us pay him for the house under the same payments and interest as the bank. We want to buy the house back from him is there anyone that would give us a loan, we owe about 20,000 on the house that was appraised for 250,000. How can we get money out of the house? The man said he would write something saying we have been paying on time for the last 4 yrs. Help |
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confused
Guest
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Post subject: foreclosure |
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| We did not file for chapter 7 bankruptcy . Could we qualify for a FHA loan? |
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confused
Guest
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Post subject: foreclosure |
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| No bankruptcy, what about a FHA loan? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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Post subject: |
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confused, what you've left off is information about your credit standing. that's critical to let you know who might grant a mortgage loan to you.
you could find it difficult because you're buying back your old home, and you'd have to structure it as a purchase. then the question of sales price enters in, as does down payment. i suspect most lenders would be scared off by your current situation.
would your benefactor consider transferring title back to you and holding a mortgage for the minimal amount you owe him? that would accomplish the same thing you're looking for and make it smoother, assuming he's open to suggestion.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Doug P
Guest
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Post subject: After foreclosure credit report |
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| Do the mortgage companies see a different credit report than what we pay to see? My credit report didn't actually say I was defaulted on my loan, it just showed a late payment twice, but I was denied a mortgage 14 months after my foreclosure even with a 725 credit score |
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Doug P
Guest
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Post subject: After foreclosure credit report |
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| Do the mortgage companies see a different credit report than what we pay to see? My credit report didn't actually say I was defaulted on my loan, it just showed a late payment twice, but I was denied a mortgage 14 months after my foreclosure even with a 725 credit score |
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