where can i get a loan after foreclousre decree sale

sawyer397 · Joined: 15 Nov 2007 Posts: 1 1.35 Dollars($)

we were fooled by a man who asked us to give him 700 to stop the foreclousre, he also said a loan was in place and not to worry, we believe him until we lost our home.

banker0679 · Posted: Thu Nov 15, 2007 6:14 pm Post subject: maybe

with FHA you will need to wait 2yrs from a foreclosure.

also, you will need to rebuild your credit...preferably with 3 tradelines.

I would rent for now.....and try to build the credit back up...and save for a down payment (with fha you only need 2.25%)

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi sawyer,

Welcome to this forum.

You should have consulted with your lender regarding your late payments and foreclosure. But now as it is foreclosed, you have to wait until your credit improves to get another loan. Your foreclosure will drop 200 to 300 points. You should try to improve your credit score in the coming years. You should try to make all the debt payments on time. And for the time being you can rent a home.

Thanks,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Sawyer,

Is the foreclosure sale already complete? Or, are you looking for a loan to stop the foreclosure after the decree has been made?

If you are trying for a loan to stop foreclosure, then I think, you may talk to your lender for a short refinance. This is helpful for people on the verge of foreclosure. In such cases, the lender generally forgives a certain portion of your loan and refinances the remaining debt.
It is easier to get this refinance if you have 30% equity in your home.

If the foreclosure is already complete, then I think, it is better to wait for some time and build your credit in order to avail a reasonable rate.

Jessica · Posted: Fri Nov 16, 2007 11:26 am Post subject: RE: foreclosure scam

Hi Sawyer,

It seems that you have fallen a prey to foreclosure scam artists. And, what I understand from your query is, someone promised you to offer a loan so that you could avoid being into foreclosure and then he went away with your money. But there wasn't any loan to help you save your home. And now, perhaps the loan is in foreclosure, and probably the decree of sale has been already issued.

Well, in which state do you reside? There are redemption rights which may help you to get back the property even after it is being foreclosed. Nobody wants your property to be foreclosed but if it at all does, then redemption might work for you at least if not now, then later on. In the meanwhile you can stay in a rented property.

What's your lender saying? How many days are left for the sale to be in place?

Let me know so that I can help you with further suggestions.

Regards,

Jessica

Guest 0.10 Dollars($)

"Your foreclosure will drop 200 to 300 points" - what do you mean, pls clarify it.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Ryan,

I just wanted to say that if you go through a foreclosure process, then 200 to 300 points will be dropped in your credit score and it will show in your credit report for 10 years.

Thanks,
Larry

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