Home Buying in Bay Point>Question Details

Ron, Home Buyer in Bay Point, CA

I HAVE 20% DOWN, 689 CREDIT SCORE , MAKES $150K BUT HAS FORECLOSURE BACK IN 8/09. IT WAS AN 80/20 LOAN. 80 IS FORECLOSED WHILE 20 IS WRITTEN OFF BUT

Asked by Ron, Bay Point, CA Sat Oct 15, 2011

SHOWING PAST DUE AT THE PRESENT. DO I HAVE A WAY TO BUY A HOUSE?

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Ron,
If you are certain that it was the 1st loan that foreclosed then is there any chance the two loans involved in that foreclosure were from the same bank? You might have a legal arguement against that 2nd being able to collect (or try). Here's what happens. When a 1st forecloses the 2nd typically gets converted to unsecured debt and then they try to collect. If for some reason it was the 2nd that foreclosed then they are giving up their right to collect straight away. But that is why you rarely see a 2nd foreclose. There is a little known case law that stipulates if both loans are from the same bank and the 1st forecloses then they CANNOT convert the 2nd to unsecured debt because they did not take reasonable action to protect their interest in the 2nd. Basically they cannot chop off their own left arm and then ask for it back. Does that make sense? So there is some chance that you really don't owe them a penny. I'll hook you up with the right guy to straighten it all out if you like.
0 votes Thank Flag Link Sun Oct 16, 2011
I think there are programs that might work for you. But you need to call me. I am in east county.
925-260-4321
0 votes Thank Flag Link Sat Oct 15, 2011
Lets take a look at the qualifying issue. I work with an excellent loan processor who can do a work up for you and see what might work. There are other loan options out there that dont call them selves the "big four lenders" and look at things with a little more flexibility. Still very excellent lenders. Two years ago items may give you some options. Not sure, but lets take a look. Cash, scores, "past dues" specifically. Do you have VA benefits by chance? You may call me on my cell anytime. (925) 963-9146 - Lynn Havens, Burton Real Estate
0 votes Thank Flag Link Sat Oct 15, 2011
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