Financing in 48187>Question Details

Kimberly, Home Buyer in Ypsilanti, MI

I need to know of a few good mortgage companies that work with people who had foreclosures.

Asked by Kimberly, Ypsilanti, MI Thu Dec 1, 2011

My husbands foreclosure was almost 3 yrs ago. Ready to start looking for new home. We were approved this spring through our credit union but they required 20% down and a adjustable rate. NOT WHAT WE ARE LOOKING FOR! They had said if we decided we were not going to accept their terms then in March of 2012 (end of sheriff sale) we would be free and clear of the foreclosure and we could try elsewhere. We just called another bank and they stated that we would have to wait till Dec. of 2012 because that is when the 80% mortgage released us from any penatlies. We are free my any obligations to the foreclosed home. And we settled with the 20% motgage. And we have all of our documents available to show this.
Do all banks have different guide lines to when they will deal with someone from a foreclosure.
Are there any banks any one is aware of or deals with that will help us now? We have little credit card debt (under ($1000.00) and only owe on our cars. Income is $90,000. credit scores 650

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I have a few really good Mortgage companies that can help you!! email me so I have your address and I will send you the numbers!1 Kristyhorne681@yahoo.com
0 votes Thank Flag Link Tue Jan 8, 2013
Hi Kimberly,
I have a mortgage lender that I 've worked with for almost 6 years now and he has worked with many of my buyers to help them prepare their credit for purchasing a new home. His organization has an intermediary who works directly with the three credit bureaus. Together, we have not lost a deal due to mortgage issues!!

Please call me, 734-216-1206. I'll look forward to working with you.
Sincerely,
Robin Kay Cooke
Associate Broker
Keller Williams Plymouth-Canton
http://www.MIHomeSeller.com
0 votes Thank Flag Link Fri Dec 2, 2011
Hi Kim,

Give me a call at 734-323-7596...I have a couple of really great Lenders to work with.

Cheryl Nothnagel
Keller Williams Realty-Plymouth
0 votes Thank Flag Link Fri Dec 2, 2011
Hello Kimberly,
I hate to be the bearer of bad news but if the foreclosure has not gone to Sheriff Sale then the foreclosure is not complete and the "Waiting Period" after foreclosure has not even started.
Also let me add a 20% deposit is pretty standard for victims of foreclosure.

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.

Want to get your life back in order and into a home? Want to live in your future home while we get you approved? We have a program that does just that “gets you approved”. “Start Now”, we can have you in a home in as little as 6 months. Visit http://www.BuyaHomeAfterForclosure.com for more information.

Bob Patrick
Buy a home after foreclousre expert
bob@mortgagetrainingprogram.com
(860)392-8353 cell
Movin-On LLC
Revolutionizing the Real Estate and Mortgage Markets
(860)653-6111
http://www.BuyaHomeAfterForeclosure.com
0 votes Thank Flag Link Thu Dec 1, 2011
Yes, I have an excellent person to work with.
Give me a call and I will pass her name along.
What I like about her is she can talk with you for a little while and tell you what you need to do without any expense.
734-634-7674
Kathy
0 votes Thank Flag Link Thu Dec 1, 2011
Kimberly - Yes, all banks/lenders are different. Try contacting a local agent who specializes in foreclosures. They will likely be able to point you in the right direction.
Bes of luck -
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
508-790-2000
info@mariesouzateam.com
MarieSouzaTeam.com
0 votes Thank Flag Link Thu Dec 1, 2011
I think it's best to go to a direct lender like Wells Fargo, start with your local branch HMC (Home Mortgage Consultant), they have always been a good start for my clients to answer these questions. They can give you advice on steps you may need to take to get your financial snap shot in order to become a pre-qualified, or even better a pre-approved buyer. Also, HUD has some good advice on their web site (see the link below). Blessings to you, good luck, and I hope you find a perfect "Dream Home" for your needs.
0 votes Thank Flag Link Thu Dec 1, 2011
Hi Kim

Im 3 yrs from sheriff sale or 2 years with documentation that proves the default was outside of your control (ie. Medical records from a car accident). Feel free to apply online or call me directly.
0 votes Thank Flag Link Thu Dec 1, 2011
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