Home Buying in Oakland>Question Details

Tstruble, Home Buyer in Oakland, CA

Hello, as sad as it is I lost my home back in 2007, due to a bad loan company. And, I want to be able to buy my family a home, where should i start?

Asked by Tstruble, Oakland, CA Thu Feb 24, 2011

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Hello T:
Your first visit is with a trust worthy mortgage banker. He/she will be able to tell you if you can get financing and under what circumstances. He/she would also be able to pre approve you for the amount required to buy real estate. I would not do anyhting else. Once this is completed, you will know your options. You can come speak with me in a no obligation meeting. aepirson@yahoo.com
0 votes Thank Flag Link Thu Feb 24, 2011
Tstruble, how did that happen?
1 vote Thank Flag Link Thu Feb 24, 2011
I agree with other posts mentioned, find a good mortgage broker. I have plenty to recommend to you.

Leona.
1 vote Thank Flag Link Thu Feb 24, 2011
If your family home is owned outright by your family members, they can finance the purchase of your family home. If not, Troy is correct - the present environment for getting a loan is different that it was, and a good loan broker will help you sort it all out. I recommend anyone from RPM Mortgage - in Berkeley, a good mortgage broker is Chet Gohd of RPM Mortgage. He has done a number of my own loans. Chet is at: 510-845-5741. All the best. Liz
1 vote Thank Flag Link Thu Feb 24, 2011
Hi Tstruble

Regret to hear of the problems you have had in the past.

You should start by first checking to see what your FICO scores are, go to the site
http://Www.myannualcreditreport.com. Get a free copy of your Credit report, you are entitled to one
Every twelve months.

After reviewing it thoroughly the next steps will be to get in touch with a lender who deals with
Your situation, or if you have problems finding a suitable one give me a call.

I have some hard money lenders who would be able to help you.

Tstruble, what is the amount of down payment you can put down?

Best regards
Perry
0 votes Thank Flag Link Sat Feb 26, 2011
Tstruble
Did you have anything to do with the purchase of your past home or do you want to blame everything on the "bad loan company". I would need clearity on your definition of "bad loan company". I see alot of people recommending you start with a good mortgage person. I suggest you start by reading the contract before you sign it and if you do get credit make sure you can afford the payments. I see too many people blame the mortgage company (I'm not defending them) for everything when you have to take a little blame yourself. You should only buy what you can afford and make sure you work with reputable professionals in both the mortgage business and the real estate business.
Another suggestion is to make sure you can afford the down payment and have some money saved in the bank. That is how you take care if your family.
I'm not intending to sound harsh but you need to face reality and do your homework. This is one of the biggest investments you will make in your like.... please do it right, you'll have less headaches.
Good luck
0 votes Thank Flag Link Sat Feb 26, 2011
That is a tough situation. I completely understand you wanting a home for you family. Foreclosures do stay on your credit much longer then short sales. About 7 years. I like Helens answer. A few options for you to consider!
Good Luck!
0 votes Thank Flag Link Sat Feb 26, 2011
Hello,

To be honest, looking at your situation right now, it's very unlikely you'll find someone willing to loan you money. I know it's a tough pill to digest but I have worked with many lenders for my buyers and know the lending is really really tough out there. What you need to do is work with a reputable credit repair agency and start from there. Once your credit is repaired, you may have a chance. Until then, you'll just run around from one lender to another submitting dozens of documents just to be turned away. As much as I hate to give you bad news, I think it will save you the heartache of being turned down after putting in so much effort. Good luck.
0 votes Thank Flag Link Sat Feb 26, 2011
I am sorry about the loss of your home. Since your credit is most likely significantly impacted due to the incident, it'd be hard for any lenders to approve you with a loan. Foreclosure stays on your credit for about 7 years. However, it doesn't mean it's entirely hopeless for you to get a home. Here are some creative options:
1) Find seller financing homes
2) Find portfolio lenders who may individually evaluate your credit. You'll have to be able to document that you have been paying for your rent and other payments on time after the foreclosure.
3) Mortgage assignment strategy.
Feel free to email me if you have questions on any of these strategies. Helen@HaylenGroup.com
0 votes Thank Flag Link Fri Feb 25, 2011
Hello... I'm so very sorry you lost your home in 07!!.. Its awesome you have the resilience and desire to purchase another for your family... of course the first step would be to get yourself pre-approved prior to looking around for any properties... This step is key in finding out how much money you can borrow... the days of easy to get loans are gone... lenders are under great scrutiny and must only approve those truly qualified... Finding a broker you can trust and have a great rapport with is very very important... if you dont know of any personally... you might ask your co-workers, friends and family if they could recommend a great mortgage broker... if you'd like to do some research on lenders in your area... try googling great mortgage brokers (and city of your choice)... then you can check with the local BBB to see if they have any complaints filed against them or last but not least most realtors have great relationships with lenders they've worked with over the course of their careers and they know how their "preferred lenders" have performed for their clients... realtors can be a great resource for you...whatever way you choose your next lender due your due diligence and do your best to screen them... you can certainly google "best questions to ask a mortgage lender" or a facsimile thereof to use as a guide... asking for references and following up with them is a good thing to do as well... Wishing you a much better experience this time around and a positive outcome!... Cheers... Isi
Web Reference: http://www.IsiWu.com
0 votes Thank Flag Link Thu Feb 24, 2011
Set a meeting with a loan officer and go over the following:

1) When did the foreclosure sale take place
2) How has your credit been since the foreclosure
3) What kind of financial assets ct an you committ to closing

From that point you and your loan officer can establish a timeline for when and if you will be able to purchase a new home.
0 votes Thank Flag Link Thu Feb 24, 2011
You can start by talking to a good loan officer with a bank to see where you are. You will then have a good idea of what needs to be done and can take it from there. I have helped others with this in the past and am available to help you if you like.

Let me know how I can help.
0 votes Thank Flag Link Thu Feb 24, 2011
As everyone has said you need to find a good lender. I have several listed on my website if you need someone.

http://sanleandrorealtor.com/buyer/lenders
0 votes Thank Flag Link Thu Feb 24, 2011
Find a respected realtor who can help you get a pre-approval. Once a pre-approval is obtained you can start searching for your dream home! Rates are still extremely low but lenders guidelines are much stricter.

Best of Luck!
0 votes Thank Flag Link Thu Feb 24, 2011
If you are unable to qualify for financing through a lender then it might be a possibility to have the seller provide financing. Sometime to look into.
0 votes Thank Flag Link Thu Feb 24, 2011
I would talk to a good mortgage broker, depending upon your situation they might be able to help you to figure out if you qualify for a mortgage. If you need recomendations I would be glad to help.

Good luck

Troyu
Web Reference: http://www.troystaten.com
0 votes Thank Flag Link Thu Feb 24, 2011
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