Hi "What Now". You are not alone. Foreclosure is a nightmare that doesn't end when the house is taken from you. Congratulations on finding another job. That's hard to do in DFW right now, so you must have marketable skills. It is true that the only person making money on your abode now is your landlord. And, you lost out on your tax deductible mortgage interest for a while. Now that this process is behind you, I suggest you begin working with a qualified loan officer who will guide you on taking steps to prepare you for home ownership again. Today's loan programs are all over the board. There are Neighborhood Stabilization Programs that are down-payment assistance grants to help folks get into vacant properties. And, there are ways to maximize your credit capacity and credit scores that you can start on right now, with a specific timeline set by the loan officer based on the price range of home for which you will be trying to qualify. I strongly recommend, if you don't have a loan officer you know and trust:
Rodney Anderson, Rodney Anderson Lending Services (a division of Supreme Lending) 1-800-express or 972-985-5208

Have a blessed day!
Ronda

Ronda Allen-Realtor and Certified Purchasing Manager
CEO of comingsoonhomes.com
RE/MAX Dallas Suburbs-Keith Dobbs Team
#1 Office and #3 Team for RE/MAX in the North TX Region at mid-year 2009! http://www.rondaallen@remax-texas.com

I would recommend that you talk to a reputable mortgage company and have them give you an honest assessment of where you currently stand and where you need to be. Once you know where you are and where you are going, they will give you some steps to help get from point A to point B.

Some mortgage companies have departments to help you clean up your credit, and others just give you advice on how to do it yourself. It really depends on how much time/energy you have to devote to this or how much you may be willing to pay to have someone else do it for you.

Either way you look at it, the most financially sound way to go is to wait to buy a home....while you work to restore your credit rating and save up some reserves for the purchase. The fastest way (to buy now at a high-risk interest rate through a high-risk lender) is going to cost you more than that apartment in the long run.

If you would like some recommendations on reputable lenders in the D/FW area, please feel free to get in touch with me. I am happy to give you get you in touch with a reputable lender who can help get you on the right track.

Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com

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Unfortunately, the two Cali people have given you some good info. Foreclosures basically bar you from getting a new mortgage loan for a minimum of 24 months, but typically 36 months and 48 for some lenders. Since that's a long time to hang around waiting for the foreclosure to age, the alternatives are to find a seller willing to finance the property sale to you.

Many of these properties have been taken already, but some are left and a few new ones come on the market irregularly. Another weird possibility is the have your fiancee buy the property and then get married.

Short of these actions, there is not a whole lot of choice for you. If it's any comfort, you're not the only one in this boat.

Pull your credit report and clean up any deroggatory information. Keep all credit line clean and you should be able to get a mortgage in three years or so. Seller finacning or a hard money loan are other options.

0 days! ...You don't have to wait!

Just ask the property seller to finance.

Sure, your options will be limited if you don't put any money down and have horrible credit- less people will say yes- But just make TONS of phone calls- someone will eventually say yes IF you explain it right.

Here are some ways to increase your success:

-offer 10% or more down payment
-offer a 9% interest rate or higher
-offer a 30 yr amortization and offer to pay off the balance after 7 years.
-650+ credit, (or what you've got right now), and keep trying to improve your credit by getting 3 credit cards and keep the balances very low and always pay them on time) You can also have someone else sign with you as an additional responsible party to assure them in order to off set the poor credit.

-If they say "But I want cash" Just offer to connect them with an investor like me that can buy their monthly payments so they don't have to wait to get their money. I'll give them a lump sum for their promissory note if they create it right!

Discounting the well created note from a property sale will get a property seller more cash than discounting the property!

If you have any questions please ask.

Regards,
Andrew Distad
Investor
Cash4PromissoryNotes.com
(760)-296-1573