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jhuman01 · Joined: 31 Jan 2009 Posts: 3 2.17 Dollars($)

how long after forclosure can you get a mortgage? I have 20% down and I still am being told I can not get aproved for a loan. Is this correct?

gmakerley · Posted: Sat Jan 31, 2009 9:17 am Post subject:

it's all in the details. can you supply a tad bit more information, such as how long it's been since your foreclosure?

jhuman01 · Joined: 31 Jan 2009 Posts: 3 2.17 Dollars($)

we forclosed in oct of 2007

Caron · Posted: Mon Feb 02, 2009 4:51 am Post subject:

I guess you need some more time before you can qualify for a mortgage. It'll take at least 3 years or so in order to get an approval for a new loan. It depends on how much you've been able to improve your credit after foreclosure. Can you give us some more details so that we can guide you in the right direction.

good luck

Posted: Mon Feb 02, 2009 12:51 pm Post subject:

I seen a statement on your site that states you can get a loan within a year of your forclosure. I am currentlt fighting with country wide trying to find out as to why the second loan still shows open. I have called them friday, saturday and twice today. I keep getting transfered form department to department and never getting an answer for any of my questions. They also have now sent me a 1099-A form in the mail and they state on it that we aabandon the property on April 30, 2008 when we never went to court untill june 1, 2008 and their lawyer told us we had to be out on june 14, 2008. I have contacted my congressman and am currently waiting for them to e-mail me a privacy statement and for me to make a statement to them and they will contact country wide. I am getting rather flustrated and am not sure what to do.

Guest

I was reading about your foreclosure question and I thought that maybe I could give you some info about it. Where are you living at? Number one question because every place has different ideas. There isn't any way that you can apply for a loan within a years time unless you have incredible credit. What is your credit like? Do you have any children? This helps your situation also if you do. How long did you keep paying on the house that you foreclosed on? Get back to me with these answers and I will see what I can come up with. Also what mortgage company did you go through and how long did you own the property?

jenkin7 · Posted: Mon Nov 02, 2009 12:28 am Post subject:

Hi Guest,

After the sub-prime mortgage crisis, the lenders are now more cautious while approving your mortgage application. You will have to wait for a minimum of 2 years to qualify for an FHA mortgage loan. For conventional loans, you need to wait for at least 3-4 years after a foreclosure. Moreover, your credit scores have to be quite good to get approved for a loan.

It seems that the second mortgage lender has not cancelled or charged off the debt. The lender wants to go after you to recover the loan balance, which is why they have still kept the mortgage account open. Talk with the second lender to find out what exactly they want. If they want to sue you for the unpaid amount of the mortgage, you should negotiate with them and convince them to accept a short pay-off.

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