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qualify for a home loan after foreclosure

Posted on: 29th Mar, 2010 03:07 pm
I got a foreclosure on 2/2007 due to a financial hardship, having said that I have collections for my unpaid credit cards (3) in total all charged off and now I am ready to rebuild my credit, where do I start to qualify again for a house?
Hi lisvet!

Welcome to forums!

With a charged off account on your credit report, lender will not be ready to give you a loan. You should first start paying off the collection account.You can negotiate with the collection agency and get a payment plan for it. Paying off the collections will also help you in improving your score to some extent. Thus, it would become easier for you to qualify for a loan.

Feel free to ask if you've further queries.

Sussane
Posted on: 29th Mar, 2010 08:47 pm
I decided to give my home back after suffering an illness after the birth of my son. My husband could not afford the house payments. We gave the house and car back. I have recently paid the difference in the car. I am back to work making 34/hr . I have been a nurse for 12yrs and always worked except for my illness. Can I get a home loan for approx 40,000
Posted on: 10th Oct, 2010 11:49 am
Hi Guest,

Did you apply for a short sale in order to get rid of your previous property? If yes, then you'll have to wait for at least 2-3 years in order to get a new loan.

Thanks
Posted on: 10th Oct, 2010 10:09 pm
If you have a substantial down payment you can go to what is called a hard money lender. You will pay more interest, but these types of lenders look at the equity you have in the property rather than your credit. In the mid 1980's regular lenders were charging 18% to people with good credit. Hard money lenders at 11% don't look too bad from that perspective.
Posted on: 15th Feb, 2011 01:33 am
I would like to see if I qualify for a low morygage
Posted on: 15th Jan, 2012 02:45 pm
Hi Tim,

You may qualify for a lesser amount of mortgage. If you have the required credit score, income and employment history, you should contact the local lenders and apply for a mortgage.

Thanks
Posted on: 16th Jan, 2012 12:46 am
When my husband and I lost our job due to outsourcing, We lost our house for foreclosure, I went back to school for nursing and almost done my husband got a job and made last year at 80,000 annual. we applied for credit after years of foreclosure, Company said we are not qualified because he doesnt have any credit, only the foreclosure, Is there any other places that we cold applied?
Posted on: 02nd Feb, 2012 11:06 pm
Posted on: 05th Feb, 2012 11:30 pm
Hello, I would like to know if a foreclosure in 2007 will prevent me from getting a new mortgage? (FHA or 203K Loan) Also, if 3 people can apply for the mortgage if this is a more helpful or more hurtful to applying for loan. 2 of the people have existing mortgages that are rent for option to buy, can both people be used on a new mortgage since they already have a mortgage? Any solutions or lenders would be greatly appreciated....
Posted on: 28th Mar, 2013 12:15 pm
Hi Tutty,

I don't think such an old foreclosure will create any problem for you if you have taken proper steps to improve your credit and financial situation. Situation will be same irrespective of how many people apply for a loan.
Posted on: 28th Mar, 2013 11:22 pm
i have an annual salary of $240,000.00 I had a investment property go into foreclosure 1 year ago. I have paid off all collections and i am rebuilding my credit...currently at 560. Where can I get a home loan
Posted on: 13th May, 2013 12:12 am
Hi bokar!

Welcome to the forums!

With a 560 credit score, it will be difficult for you to qualify for any kind of loan. You will have to wait till your scores reach 620. Once you're there, you can at least qualify for a FHA loan.

Feel free to ask if you've further queries.

Sussane
Posted on: 13th May, 2013 09:15 pm
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