Home Buying in Elk River>Question Details

Loretta Egge…, Home Buyer in Cameron, WI

We were foreclosed on in Sept 2010. Have been deemed "wrongful foreclosure". Can we now buy a home? Had to move to WI. Want to move back to MN!

Asked by Loretta Eggert, Cameron, WI Thu Jul 18, 2013

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6
You can certainly buy a home. The real question is - can you get financing, and if so, what are the terms.

From your question it seems you are nearly three years out from the foreclosure, so come September all the government loans are an option: FHA, VA, USDA/Rural Development. Further, since you have not had an ownership interest in a principle residence in the past three years, you will be eligible for first time buyer loans like the MN Housing loans, or City Living, with their lower interest rates and maybe even down payment assistance, assuming you meet the program guidelines.

Finally, if this is a "wrongful foreclosure", it may be possible to have it removed from your credit history. Maybe. In which case you could also look at conventional financing.

I would be happy to take a closer look at your situation and let you know what we can finance for you.
0 votes Thank Flag Link Mon Jul 22, 2013
I am not sure any of us can answer that besides just telling you to google it. From a legal standpoint this is out of our "scope of work" for Realtors, and a attorney is the best person who can answer that. That would help you scrape this from the credit report if you so want.

But as I have already stated you are out of the 3-year rule for foreclosure anyways, so you will be able to buy now.
0 votes Thank Flag Link Sun Jul 21, 2013
For the Realtors: What's the legal definition of Wrongful Foreclosure, and at face value, why wouldn't/couldn't it be expunged from the credit report?
0 votes Thank Flag Link Sun Jul 21, 2013
It really won't matter the legal side of it because FHA allows you to purchase a home after 3 years from a foreclosure. Conventional , and thus credit union products are typically the 7 year ones that nobody chooses.

You still need the credit scores to be there and such, but you should be ready to go in September no problem. My loan officer has done this with many of my clients, so if you would like to get started just contact me! I work the whole north side of the suburbs, and actually started my career in Elk River.

Just contact me and I will get you referred over to my LO Lisa to make sure you get qualified for financing.

Chris Block
Realtor North Suburbs
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Fri Jul 19, 2013
My best advice would be to contact a loan officer, have them review what your credit currently looks like. If it was recorded, corrected on your credit bureau, it may be possible. You can also request a copy of your credit bureau yourself for review.
Call/text if you need anything.
Suzanne Bownik
Realtor-Associate Broker
TheMLSonline.com
612-309-0884
0 votes Thank Flag Link Fri Jul 19, 2013
Hi Loretta:

It all depends on the circumstances of the foreclosure, the foreclosure waiting period, your ability to increase your credit score and the type of loan that you are prepared to apply for. It can be 3-7 years. I would check with a local mortgage broker to see where you are sitting with your credit score and situation. I have had clients buy withing 3 years. Let me know if I can help you with your process.
0 votes Thank Flag Link Thu Jul 18, 2013
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