Financing in Elk River>Question Details

Dobie, Home Buyer in Elk River, MN

have foreclosure from 8 months ago. want to refinance my current home. have 60% equity in it. will I be able to?

Asked by Dobie, Elk River, MN Sun Dec 2, 2012

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Answers

5
It's unlikely that you will be able to refinace in the first three years after a foreclosure regardless of your equity position.
0 votes Thank Flag Link Tue Apr 16, 2013
Not with a typical mortgage. FHA is 3 years after the foreclosure and conventional is longer from when you can obtain a new mortgage.

I would try contacting local small banks.

You could also try to dispute the foreclosure, The credit repair company that I send my clients to has been able to get them removed from some peoples credit due to errors in the recording of the foreclosure.

Thanks,
-Matt
0 votes Thank Flag Link Thu Jan 17, 2013
Hi Elk River, Consult your lender.
0 votes Thank Flag Link Tue Jan 15, 2013
Unfortunately, not for some time with conventional financing...likely a couple years plus.
0 votes Thank Flag Link Tue Jan 15, 2013
I know a lender out of the Elk River area that is amazing at her job. She has a path to buy program that doesn't cost a thing. If you cant she can get you on the right course to figure it out. Her name is Molly Nadeau with Waterstone Mortgage. She can be reached at mnadeau@waterstonemortgage.com

Good luck to you.

Warmest Regards,

Vivian Sylvester
http://www.MinneapolisMetroHomeFinder.com
Keller Williams Classic Realty NW
0 votes Thank Flag Link Wed Dec 5, 2012
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