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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Hi Ruth,
As 2 years have passed since your bankruptcy has been discharged, you will be able to apply for a FHA loan now. You should start contacting the local mortgage lenders and apply for a FHA loan.
Hi Marcy,
As you own the home, you will be able to apply for a FHA home loan. If you have the required credit score, income and debt to income ratio, you will be able to get the mortgage.
_________________
Procrastination is the enemy of your financial success |
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Faye
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Post subject: Home loan after foreclosure/bankruptcy |
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| We filed bankruptcy approximately 10 years after my husband was injured and declared disabled. The bankruptcy was discharged in Nov, 2008. Now, we find out the company filed a foreclosure 7 days before the bankruptcy was discharged, and we didn't know anything about it. You mentioned only 2 years after foreclosure a loan can be secured. We have documentation of the injury and the bankruptcy, but under Hud, it is showing as a foreclosure. Would your company be able to loan to us? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Welcome Faye,
This is not a mortgage company but a mortgage community. You will have to contact the local lenders and apply for a loan. I hope you have improved your credit scores in these two years time. Good credit score and income plays an important role in getting a mortgage.
_________________
Procrastination is the enemy of your financial success |
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A.L.
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A) Does city or county tax foreclosure count in the same manner as foreclosure by the lender? (I mean as far as dates and time required to qualify for another mortgage.)
B) I keep reading "3-4 years" must pass before lenders will give you another loan after a foreclosure has been recorded. Which is it? 3 or 4? Does it just depend on the individual lender? |
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A.L.
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Post subject: |
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In regard to question B:
Is it 3-4 years for both conventional and FHA lenders?
Thanks so much! |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi A.L.,
As far as I know, the effect of foreclosure will be the same. Your score would go down by 250 points. Moreover, you will have to wait for 3-4 years in order to qualify for a mortgage. However, with the new rules effective from 1st July, 2010, you may be able to get a Fannie Mae sponsored loan in 2 years if you meet the required criteria.
Check out the given page to know more about the new rule:
http://www.mortgagefit.com/problems/getloan-aftershortsale.html
Thanks |
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shebob
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| I have a credit score of 700, 20% down and no debt...the lenders I have been speaking with have told me I have to wait 4 years after foreclosure. It will be 3 years in Dec. Can I get decent mortgage? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi shebob,
It is good to note that you have a good credit score, required down payment and no other debts. However, you need to wait for 3-4 years in order to get a mortgage to buy a property. After you complete 3 years, you can start speaking to the local lenders to get a mortgage. In case, the lenders approve you for a loan, they may charge a high interest rate for the same.
Thanks |
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veteran
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Post subject: mortgage after foreclosure & chapter 7 |
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I got in too deep (bought 3 houses), I lost them (last home foreclosed on 7 Aug 07) & then filed bankruptcy chapter 7 (my bankruptcy was discharged in mar 0 since then I have been working on my credit & have been told I have a 629 score, should I be able to get a new VA loan? (oh yeah, Im a disabled vet) |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Hi veteran,
As 2 years have passed since your Chapter 7 bankruptcy discharge, you will be able to qualify for a VA loan. You would require around 620 credit score in order to get a VA loan. As you've the required score, I don't think you will face issues in getting a loan.
Thanks,
Jerry |
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jsonic
Guest
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Post subject: reaffirm |
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| My wife and I had our bankruptcy discharged in aug 2008. Our credit scores are above 660 and we're outgrowing our house quickly. However, come to find out our atty did not reaffirm our mortgage from Wells FArgo and on our credit repeort, it shows 'included in bankruptcy'. We never missed a payment in 6 years on this house but now our payments are not being reported to the credit bureau. #1-can we sell our house and keep the profits #2-Can we qualify for a new mortgage? Thanks |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi jsonic,
As your mortgage was not reaffirmed when you were in bankruptcy, you are not personally liable for the dues. You will be able to sell off the property but the sale proceeds will go towards the loan dues. Though the mortgage has been discharged, the lender still holds the lien on the property. You will be able to qualify for FHA loan with the credit score that you have in your property.
Take care.
_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
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Rebecca32
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Post subject: Forclosure recovery |
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How can i purchase another home after i have forclosed and how long is the waiting period after forclosure   |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Rebecca,
You won't be able to qualify for a mortgage immediately after a foreclosure. This negative item will remain in your credit report for the next 7 years and you'll have to wait for 3-4 years in order to qualify for a mortgage.
Thanks |
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meghartmacy
Joined: 29 Jul 2010
Posts: 3
2.29 Dollars($)
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Post subject: Property discharged in Chptr 7 Can I get new home loan? |
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I filed a Chapter 7 in Dec 2008. I petitioned to keep my house but everything was discharged and the house was not reaffirmed. I still make my monthly payments on time but have had so many problems with the house- I lost 1/2 of my home (Finished basement)when after a flood-the sellers did not disclose and hid black mold behind walls) 3 months to the day of purchase so I had been making due with 1/2 a home and gutted basement.
I was recently remarried, now a family of 4 and would like to start over. the value has dropped over $50,000 on what is owed and we are very frustrated.
I understand that I am not obligated to pay since the property was discharged and that the bank can foreclose on the house. We found a great property from a friend who is willing to wait until the date when my discharge will be 2 years. If the current house has already been discharged and it does foreclose or I request a deed in lieu 1) will the foreclosure/deed in lieu show on my credit report? and 2) will it prevent me from being able to get a mortgage for a new home?
We just want a fresh start and morally are not comfortable selling the house because of the problems we had and the fact that it is already discharged and would not sell for what is owed anyway. We really need guidance as our #1 goal is to get a mortgage for a new home for our family in a home that is 1) safe and 2) large enough for our growing family.
Thank you for your help! |
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