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Can I qualify for a mortgage with after a foreclosure in process did a loan modification to stop it.

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rebclifton Joined: 04 May 2011 Posts: 4 1.80 Dollars($)	Posted: Wed May 04, 2011 3:32 pm    Post subject: Can I qualify for a mortgage with after a foreclosure in pro Like 0 Dislike 0 Our house was in foreclosure in 2009 with a lot of late payments due to my husband being out of work. We did a loan modification early 2010. We have not had any late payments since the loan modification went into effect April 2010. We are relocating to CA as my husband has a new job there. We are selling the house and I wanted to know if we will be able to qualify for a new mortgage in CA?
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed May 04, 2011 3:36 pm    Post subject: Like 0 Dislike 0 Unfortunately when a lender knows that you are in any type of forebearance or modification, they treat them as negative. If your home is sold for the full amount to payoff the loan, and you have no outstanding balance, and the credit report doesnt show anything more than late payments, you could obtain a loan. You would need to check your credit, and see how its reported. Do you have enough equity to sell the property via a regular sale? Or would it be a short sale? _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
rebclifton Joined: 04 May 2011 Posts: 4 1.80 Dollars($)	Posted: Wed May 04, 2011 4:13 pm    Post subject: Foreclosure/Modification Questions Like 0 Dislike 0 We have equity in the home so we can pay off the mortgatge--THANK GOD! I just checked my credit and it shows the account in collections at that time. I dont see anything about foreclosure or modifications on there.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed May 04, 2011 4:20 pm    Post subject: Like 0 Dislike 0 I am a California based Direct Lender. When you are ready to go, save my information and I would be happy to run the numbers for you. You can get pre-approved before you sell your house, contingient upon the sale of the current residence or you can wait until its sold. Good luck to you!!! _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
rebclifton Joined: 04 May 2011 Posts: 4 1.80 Dollars($)	Posted: Wed May 04, 2011 4:38 pm    Post subject: pre-approval Like 0 Dislike 0 I will need proof of income down there in order to use it towards the pre-approval right? I am working now in Idaho but my job is ending in June and then we are moving to CA. My husband is there now working but we will need 2 incomes to get a house.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed May 04, 2011 4:40 pm    Post subject: Like 0 Dislike 0 Well when you are ready, you can contact me anytime. You are right you would need to establish your work. Remember that you want to stay in a similar line of work when changing jobs. We have been in business since 1992 and we provide all our products under one roof. No middle man, no brokers. Hope to hear from you and good luck with the move. Hope you dont mind traffic...Argggg!!! _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
rebclifton Joined: 04 May 2011 Posts: 4 1.80 Dollars($)	Posted: Wed May 04, 2011 4:48 pm    Post subject: Thanks! Like 0 Dislike 0 I appreciate the information. I will contact you when we are ready. I know traffic...grew up in SF bay area. Lived and worked in Silicon Valley for years. Its been nice not having to worry about that for the last seven years!. Thanks again.
JCDLending Joined: 05 May 2011 Posts: 8 2.24 Dollars($)	Posted: Thu May 05, 2011 7:52 pm    Post subject: you can qualify Like 0 Dislike 0 hi, reblcifton, i think you may qualify to some lenders. if you would like, i could refer you to my friend to see your situation and i believe he can help you with.

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