Home Buying in Nashua>Question Details

Cmenow, Home Buyer in Nashua, NH

Foreclosed home 2 years ago, in limbo, have not claimed bankruptcy, chances of getting a new home loan elsewhere?

Asked by Cmenow, Nashua, NH Sun Mar 20, 2011

Went through divorce 3 years ago, the home was occupied by ex for 1 year after, home forclosed 2 years ago but still in limbo and has since been vacant. Not getting any statements or phone calls from bank every month like one may think however I have not officially claimed bankruptcy ( I believe it is a must for this case?) however I am looking at new property (more affordable) but what are my chances of getting a loan? 2 versions, #1 getting a loan now without claiming bankruptcy or #2 claiming bankruptcy and waiting a year to purchase a new home?

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Hi Homebyer

You really should have your credit reviewed by a lender. I am available to review your credit with you and see what your options are for financing, it will really depend on how and when your foreclosure was reported on your report.
0 votes Thank Flag Link Tue Mar 22, 2011
Your first thing you should do is contact a local and trusted mortgage broker, let them pull your credit and look at your financials and see where you stand and if there are any programs still available. A couple of things to note if you are still on teh mortgage for another home, you may not be able to get another loan now, they have tightened up lending guidelines so only buyers with good to perfect credit are getting loans. If you file bankruptcy, it will be more than a year before you will be able to get a oan in this market in most cases. If you ar estill on teh loan and teh bank has not foreclosed, you need to contact the bank, tell them you situation and see if you can sell it in a short sale. You may want to ask your divorce lawyer as you would need cooperation of the ex.

Good luck in working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Mar 21, 2011
Conventional financing has changed so that it is more difficult to qualify for a mortgage after a foreclosure. However, many of the governement sponsored programs that we offer may work. In about 15 minutes and at no cost to you I could tell you what your options are. You can also apply online at my website.
Web Reference: http://www.daledoughty.com
0 votes Thank Flag Link Sun Mar 20, 2011
I would highly recommend that you speak with a loan officer to determine your eligibility for financing. I wrote a blog on Foreclosure Vs. Short Sale which can be found here on Trulia which will supply you with some basic data.

I'm assuming that while your ex- continued to live in the house after your divorce, you still co-owned the house? If you'd like, I can also verify whether the bank still owns the house or whether it's sold.

While I'm not an attorney or a mortgage lender, I don't believe that claiming bankruptcy would have anything to do with increasing your chances of getting a home loan but would recommend that you consult a professional in the field prior to doing so. Showing a good strong credit history, an excellent FICO score as well as a history of employment are the key factors in acquiring financing.

I would encourage you to meet with a lending institution prior to looking at property. That way, you'll know whether you should be focusing on purchasing vs. renting. If you can procure financing, you'd also know what price range you should be looking in.

Hope that helps! Feel free to call me if you require further assistance.
Web Reference: http://www.integrity-rb.com
0 votes Thank Flag Link Sun Mar 20, 2011
There are many variables to consider and a loan officer would be the person to see if there is a program that would work for you. Lots has to do with credit score but there are other factors to consider as well. Please give me a call/email me at your convenience so we can discuss further.
Thank you,
0 votes Thank Flag Link Sun Mar 20, 2011

Not knowing your situation. I would have to say you would need to find out what your credit score is. That is the most important thing. Most lenders like it to be in the 600's

Tracey Guy
Prudential Verani Realty
Epping, NH
0 votes Thank Flag Link Sun Mar 20, 2011
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