Posted on: 18th Feb, 2009 04:46 pm
1990 - purchased a home in VA $238,000
2004 - foreclosed by Countrywide; no escrow on the mortgage - they incorrectly applied portions of payments to insurance escrow account (did have paperwork from insurance company verifying prepaid a year in advance coverage)
I received NO advance notice of deliquency status - delinquency was NEVER mentioned during numerous calls to Countrywide (I called every month to confirm my payments arrived and were credited (serious mail problems resulted in me sending certified funds via Fed Ex monthly)
January 2004 received a phone call asking for two payments - followup conversation I was told all was well, records were corrected and no foreclosure action would be taken. February 2004 sheriff locked me out of the house no notice received prior. Attorneys contacted at that time were useless.
Forensic accountant verified payments were made and I was actually one month ahead on payments. Unable to get any attorney to pursue legal action against Countrywide.
Now I would like to purchase a home for retirement in IL. I have enough cash to pay for a home outright but would prefer to finance and preserve my savings. In addition, I have a very common name and have always had issues not related to me reported on my credit. Currently there are several negative items that do not belong to me. I have NO credit cards, purchase vehicles in cash, no loans - no financial obligations. I am currently employed in a stable job earning six figure income. I have been living overseas for 3+ years and recently returned to the States.
Questions:
1. Are there lenders out there that would be willing to finance a single family home in the range of 200,000?
2. Is there any recourse available regarding our reported foreclosure beyond making a statement for credit report?
3. Is there any sort of legislation under consideration that would require both lender and borrower to appear in court before foreclosure is granted.
Thank you for your assistance S. Miller
[size=9:a9877f3871][color=Red:a9877f3871][E-mail address deleted as per forum rules. Thanks.][/color:a9877f3871][/size:a9877f3871]
2004 - foreclosed by Countrywide; no escrow on the mortgage - they incorrectly applied portions of payments to insurance escrow account (did have paperwork from insurance company verifying prepaid a year in advance coverage)
I received NO advance notice of deliquency status - delinquency was NEVER mentioned during numerous calls to Countrywide (I called every month to confirm my payments arrived and were credited (serious mail problems resulted in me sending certified funds via Fed Ex monthly)
January 2004 received a phone call asking for two payments - followup conversation I was told all was well, records were corrected and no foreclosure action would be taken. February 2004 sheriff locked me out of the house no notice received prior. Attorneys contacted at that time were useless.
Forensic accountant verified payments were made and I was actually one month ahead on payments. Unable to get any attorney to pursue legal action against Countrywide.
Now I would like to purchase a home for retirement in IL. I have enough cash to pay for a home outright but would prefer to finance and preserve my savings. In addition, I have a very common name and have always had issues not related to me reported on my credit. Currently there are several negative items that do not belong to me. I have NO credit cards, purchase vehicles in cash, no loans - no financial obligations. I am currently employed in a stable job earning six figure income. I have been living overseas for 3+ years and recently returned to the States.
Questions:
1. Are there lenders out there that would be willing to finance a single family home in the range of 200,000?
2. Is there any recourse available regarding our reported foreclosure beyond making a statement for credit report?
3. Is there any sort of legislation under consideration that would require both lender and borrower to appear in court before foreclosure is granted.
Thank you for your assistance S. Miller
[size=9:a9877f3871][color=Red:a9877f3871][E-mail address deleted as per forum rules. Thanks.][/color:a9877f3871][/size:a9877f3871]
Mr common name,
I believe you need another attorney who specializes in this area to help clean up this mess for you including corrections to your credit history. It should never have gone this far based upon your explanation above. If you have the income to support qualifying ratios, you should be able to get a mortgage.
I believe you need another attorney who specializes in this area to help clean up this mess for you including corrections to your credit history. It should never have gone this far based upon your explanation above. If you have the income to support qualifying ratios, you should be able to get a mortgage.
Hi kslamil!
Welcome to forums!
As far as the negative items in the credit report is concerned, you will have to dispute that with the credit bureaus and remove it from your credit report. As Eric has suggested, you can contact an attorney who will help you in this regard.
If your credit score is good and if you have a stable income, then I don't think you will face any problems in getting finance for a single family home. You can speak to the lenders of your area in order to check out the terms and conditions they are offering you. You can also seek a no obligation free consultation with the lenders of this community to have an idea about the kind of rates you can expect to receive.
In case of a judicial foreclosure, the lender will have to file a case in the court and record a notice of Lis Pendens. Judicial foreclosures occur when the mortgage doc does not have the power of sale clause, which compels the lender to take the borrower to court.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as the negative items in the credit report is concerned, you will have to dispute that with the credit bureaus and remove it from your credit report. As Eric has suggested, you can contact an attorney who will help you in this regard.
If your credit score is good and if you have a stable income, then I don't think you will face any problems in getting finance for a single family home. You can speak to the lenders of your area in order to check out the terms and conditions they are offering you. You can also seek a no obligation free consultation with the lenders of this community to have an idea about the kind of rates you can expect to receive.
In case of a judicial foreclosure, the lender will have to file a case in the court and record a notice of Lis Pendens. Judicial foreclosures occur when the mortgage doc does not have the power of sale clause, which compels the lender to take the borrower to court.
Feel free to ask if you have further queries.
Sussane
