Financing in 91764>Question Details

Wanda, Home Buyer in Upland, CA

iim in southern ca. Ontario. Upland, Rancho Cucamonga and im trying to buy a home or even lease with option

Asked by Wanda, Upland, CA Fri Feb 22, 2008

my credit is poor because i went along with a plan that did work which was a flip and i was fliped after i signed the contract. a big mess. the person that i did this with had made a personal loan and with out telling about it . he had a promisary on the property and i ignorant didnt search to find what the consequences were i messed up. i wouldnt sign over the promisary because he reniged on his agreement which was to continue paying the morgage the we both knew i could not afford. so i let the house go into forclosure. ithere was never a payment paid. im so screwed , will i ever be able to purchase a home i never have.

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Hi Wanda!

You may not be able to buy in the near future, but really....who cares?!!! There are plenty of beautiful and affordable homes all throughout the Inland Empire that you can rent even with a poor credit history like yours.

Renting has lots of benefits! You do not have to deal with the frustration of getting a mortgage loan. You are not tied down to a property that will probably start to lose value as soon as you purchase it. You are not financially responsible for repairs and you don't have to worry about needing a large down payment, property taxes, homeowners insurance and all of the other expenses that come along with homeownership.

My company http://www.renttoday.us has lots of homes available in Rancho Cucamonga, Upland, Ontario and surrounding cities and we work with people just like you every single day. Take a moment to check out our site and see if there are any rental homes you are interested. If so, you can apply right on-line for free! Great, right? And we get new stuff every single day from real estate investors, people moving out of the area, banks, and REO portfolio holders who are looking for great tenants.

If you have any questions, please do not hesitate to call our offices at 888.927.7266.

Good luck!!!

Mia Melle, Broker
Renttoday.us | West Coast Property Specialists, Inc.
http://www.renttoday.us
Web Reference: http://www.renttoday.us
0 votes Thank Flag Link Wed Jan 19, 2011
Hi...Wanda
It was an expensive lesson/experience learned. We all make mistakes & pay for it at some point, so don't feel too bad & let's move on and be more cautious with your next purchase.
Of course you can buy a home again in due time depending on the date of foreclosure.I need more info. as to what are your needs , criteria , affordability to pay & credit history. My contact information is enclosed if you need my assistance.

Best Regards;

Homa Javadi
Broker/Loan Consultant.
H & A Realty
302 S.Milliken Ave.Ste.E3
Ontario,Ca. 91761
Office: 909-390-4663
Cell: 951-532-7770
Fax: 909-390-4664
http://WWW.HomaAndArt.com
0 votes Thank Flag Link Wed Jan 12, 2011
Sounds like your situation was not unlike many others who were looking to make a quick buck at the top of the market. I would imaging that you used your credit to purchase with the understand that the "investor" would split the profits after sale with you. Is this correct? If so, the "investor probably told you that they could not qualify because, although they had huge incomes, the lender would not approve another home. Sound something like that? If so, your troubles could be far from over and not limited to a bad credit rating. If the loan was secured this way ad, the loan originated or, was sold to an FDIC regulated or government sponsored lender, what has happened looks like you could have a problem on the Federal level (mortgage fraud can be a serious Federal crime). Consumers and industry professionals have downplayed the consequences for this activity but, federal investigators have made this a high priority. If a payment was never made, you can be pretty certain that your loan will be reviewed. ( With the comment of "we both know I could not afford" sounds like you may have a serious issue on your hands). Before looking for another home to buy or, lease option, contact an attorney and advise them of the situation. Waiting for something else to happen would not be the best bet especially if there was any portion of your loan application that may have been misstated("we both knew I could not afford" reads like something had to have been manipulated to get the loan). Good luck. You are not alone in your situation but, you may have time to minimize the effects.
0 votes Thank Flag Link Fri Feb 22, 2008
Hi Wanda,

I sympathize with your situation. Are you sure you were on the deed? Have you checked to see if the foreclosure judgment went against you both? If not, then it would be a good idea to do that first.

Also, technically, if your name was on the deed, though you might never have been a home buyer you were a home owner. For purchasing purposes you are considered a first time buyer if you have not purchased, sold or owned a home for three years. So, about the time that your credit situation improves other opportunities in the form of first time buyer programs will open up for you as well.

I would counsel you not to use any of the so called "credit repair" services to speed the process as most will only cost you money and won't be able to do anything legally for you that you could not do for yourself.

There are some wonderful books out there that give clear, concise step-by-step information on how one goes about cleaning up one's credit.

I am based here in the Claremont/Upland area and would be happy to help you in any way that I can. Please feel free to contact me so that we can sit down and see what options might be available to you now and to get a game plan for the future.

Take care and have a wonderful day!

Tisza Major-Posner, Realtor, I.V.P.G. (909) 837-8922
Web Reference: http://Route66Living.com
0 votes Thank Flag Link Fri Feb 22, 2008
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