Foreclosure in 97229>Question Details

David, Home Buyer in 97229

Won lawsuite on new home. Was forced to let it go into forclosure due to becoming uninhabital 2/2/2012. Can I still get a new mortgage today.?

Asked by David, 97229 Sun Jul 8, 2012

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I doubt it. No bank is going to loan on an uninhabital home
0 votes Thank Flag Link Wed Mar 6, 2013
Hi David, sorry to hear about having to enter into litigation, but it sounds like you have had some positive outcomes from it. I am guessing you must be a part of a HOA that took some sort of action against a developer/builder. While, it is sometimes necessary to fix faulty building issues, the by product is it is near impossible to sell a home when there is any sort of litigation going on because the lenders simply will not lend, which sadly forced you into foreclosure.

Has your attorney provided you any advise going forward? That might be a place to start. There are also credit recovery companies that help position you to obtain credit in the future. One that a few of my clients have used is National Credit Care, 866-595-6313 - I do not know anything about them personally, but it might be a go to resource. The final person you should consult is a Mortgage Broker. If you would like some referrals just let me know and I can pass on some names.

Good luck to you. It sounds like you at least have a plan to reenter the market and I wish you the best.
0 votes Thank Flag Link Sun Jul 8, 2012
Maybe, but I doubt it. I think you're looking at 2014 minimum, but more likely 2017 or later.
0 votes Thank Flag Link Sun Jul 8, 2012
Not sure what you won, if house was uninhabital, the builder should of paid off your Mortgage, or you should of with the money you received. County inspectors missed the problems too, so they too should be on the line for a problem, then of course the lender made a loan on this property with an appraisal that missed the problems, and the home inspector, if one was used, even on a new home there should be a home inspection. It's a matter of checks everything out.

You see the problems, now should you get a new mortgage, will the process allows after two years of a foreclosure with FHA, but you will have to wait it out as your credit was damaged with the foreclosure no matter the reason.

Best to you.

0 votes Thank Flag Link Sun Jul 8, 2012
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