Posted on: 03rd Oct, 2008 02:46 am
I was behind several payments and had received foreclosure notice. A realtor found a buyer, but mortgage company would not accept the offer,
although it was very reasonable and covered the loan amount.
We received notice that the house would be auctioned in Jan 2005, but
this did not happen. We had moved out of the house when we got the
foreclossure notice Nov 2004.
We informed the mortgage company of this and later asked why they did
not sell in Jan as stated. They would not respond. I contacted the Mortgage insurer to let them know they would be up for more money so they would go after the loan company.
Finally in Apr 2007 Fannie Mae foreclosed and in June 2007 sold it to
Mortgage Guarantee Insurance Corp.
Now after my divorce and months of paying off bills, i am in a position
to purchase a modest home, but since the original loan company would
not complete the foreclosure, I am not able to get an FHA loan until
April, 2009. I would like to act now.
Do you think they will make an acceptions since I was served with
foreclosure in 2005?
My credit is bad as well because of purchases made jointly with my wife,
who let her vehicle go back and I had a banckruptcy in 2003, so would
be hard to get a loan with a decent rate, if I could even get one at all,
hence, I need an FHA loan.
Thanks
although it was very reasonable and covered the loan amount.
We received notice that the house would be auctioned in Jan 2005, but
this did not happen. We had moved out of the house when we got the
foreclossure notice Nov 2004.
We informed the mortgage company of this and later asked why they did
not sell in Jan as stated. They would not respond. I contacted the Mortgage insurer to let them know they would be up for more money so they would go after the loan company.
Finally in Apr 2007 Fannie Mae foreclosed and in June 2007 sold it to
Mortgage Guarantee Insurance Corp.
Now after my divorce and months of paying off bills, i am in a position
to purchase a modest home, but since the original loan company would
not complete the foreclosure, I am not able to get an FHA loan until
April, 2009. I would like to act now.
Do you think they will make an acceptions since I was served with
foreclosure in 2005?
My credit is bad as well because of purchases made jointly with my wife,
who let her vehicle go back and I had a banckruptcy in 2003, so would
be hard to get a loan with a decent rate, if I could even get one at all,
hence, I need an FHA loan.
Thanks
Hi,
The situation is bit tricky. You can contact the loan company and tell them that you were served with a foreclosure notice in 2005. Whether they will consider it or not will be totally their discretion. I think you will have to wait till 2009.
Thanks,
Jerry
The situation is bit tricky. You can contact the loan company and tell them that you were served with a foreclosure notice in 2005. Whether they will consider it or not will be totally their discretion. I think you will have to wait till 2009.
Thanks,
Jerry
I don't think that the mortgage company will consider all this. As the real estate market is down, they can show various reasons. Its better you apply for a loan after April 2009.