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Rich
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Post subject: Chapter 7 included a property... |
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| I recently went through chapter 7 and included a rental condo in FL. I owned this with another person who is still deciding what action he wants to take (deed-in-lieu, short sale, foreclosure). How will each of those actions affect (and the ch. 7) affect my ability to get an FHA loan in the future? |
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justme
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I had a foreclosure last year and I am trying to find a lender so that I can buy a place to live in besides renting. I have good credit i am never late on any of my payments. Unfortunaley i got scam by a fake loan officer who was doing my loan modification and he took my money to do the loan modification but what was worst i lost my house since he never process any of the paperwork to the lender. I am currently work with the District Attorney in my area to go after these people, but in the mean time i would really like to get a loan to buy a small house. Tired of renting and renters...  |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12357
Location: bloomfield, ct
55.04 Dollars($)
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j.m. you're going to have a difficult time of it, even if you have copious documentation that you were scammed. i don't disbelieve you, but the burden of proof is going to be quite high, i'm sure, when you approach a new lender seeking a new mortgage. every mortgage lender has become more conservative in the recent past, and even with documentation, it's most difficult to persuade one to grant a loan when you've got a foreclosure in your past - especially the recent past.
one other option is to consider an owner-financed situation, but that's tough ground to tread too...you need to be ultra-careful that you know who the person is, what he/she is about, etc.
i suppose if you can provide all sorts of rational proof of your circumstance, that a lender might take a flyer on you. and, of course, there's only one way to figure that out...go find a lender in your area and run this scenario by him/her.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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lel
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Post subject: mortgage |
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i lost my house 2 years ago
i had just lost a member of my family and i didnt pay it for months
can i still get another mortgage |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Post subject: |
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Hi lel,
You've mentioned that you lost your house 2 years back. Did you go through a foreclosure? If yes, then you won't be able to qualify for a mortgage immediately. Generally, lenders would give you a mortgage after 3-4 years of a foreclosure. You haven't mentioned what your credit score is like. In order to get a conventional loan, you should have a score of about 700-720. |
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Sophia3700
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Post subject: Avoiding foreclosure |
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Hi ! My husband and I have very good FICO score both over 850 right now , never late on any payments . But my husband got a new job in other state and we have to move . We have 4 months to sell the house . We owe on our mortgage 350 000 but value of the house is maybe 275000.Prices went down here a lot. What can we do that we don't damage our FICO score that much ? When can we buy another house in future ? Thank u for your help .  |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Post subject: |
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Welcome Sophia,
You can list the property in the market and check out if you can get a buyer for your property. You can apply for a deed in lieu of foreclosure in order to get rid of the property. This will lower your credit score by 250 points and you won't be liable for the deficient balance resulting from the sale. You will have to wait for 3-4 years after a deed in lieu, in order to get a mortgage.
_________________
Procrastination is the enemy of your financial success |
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structural issues
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Post subject: forclosure due to structural problems |
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| if structural problems are fixed, home will not be worth anywhere near what we have in the house. Contemplating forclosure because of it. would it be possible to be let out of the current loan we have now, or would we be able to get another loan on a different house should we foreclose? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
Immediately after a foreclosure, you won't be able to get a mortgage. You'll have to wait for 3-4 years in order to get qualified for a loan.
Sussane |
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searching
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Post subject: score |
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| i had a foreclosure over two years ago on a time share when i was unable to work due to illness now on disability in all this credit score dropped have reestablished credit scoes are 612 609 544 can i obtain a mortgage now |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12357
Location: bloomfield, ct
55.04 Dollars($)
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Post subject: |
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your scores are too low for virtually all lenders at this time. 620 is the essential threshhold now. there is a pocket of lenders which is lending to those with scores such as yours, but they're not exactly easy to find. if you stay on this forum for a while, you may encounter offers from such lenders; otherwise, you may wish to do an internet search of your own to determine who might deal in that market. be prepared to pay more for your mortgage than what is considered "market" rates these days.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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ishatony
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Post subject: |
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| We have a old house that my husband paid very little for and he refinaced after a few years because he needed money to fix the house up, they gave him an adjustable rate now we're paying $1100 a month and we can bearly afford it.Now it has been 10years and we have about $15,000 in repairs to do to the house.We can't afford the repairs and in the last 10 years we seen 2 people get killed a couple houses down from us and we hear gun shots all the time the neighborhood has really went down hill and i'm scared for my family while we were having a roof repaired they found bullets stuck in the roof. we have tried for the loan modifacation but they pretty much want us to pay almost the same thing.Is there anything that i can do please help?We want to get out of this neighbor hood what are our options? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi ishatony,
As you want to get rid of the property, you can apply for a deed in lieu of foreclosure with your lender. If the lender accepts your request, then you would be able to sell off the property and won't be liable for the deficient balance resulting from the sale. However, your score would go down by 250 points.
Thanks |
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ruth434
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Post subject: when can buy after foreclosure & chapter 7 |
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| filed chapter 7 -jan.2007 and foreclosure-house sold by bank-aug.2008-have rented since april 2007-never late on any payments-charge cards established to build credit- never late-pay more than minimum-when can apply for FHA loan, or any home loan. rent payments much higher than what my desired home loan payment would be-please advise. bankruptcy discharged-april-2007 |
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marcy
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Post subject: just bought forclosed home |
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| lived here three months would like to put house up for lieu and get fha loan to fix it up. do you have to live in the house for a certain amount of time before you can do this? |
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