Home Buying in 34120>Question Details

lisa09mason, Renter in Naples, FL

can you buy a house if you have a foreclosed?

Asked by lisa09mason, Naples, FL Mon May 7, 2012

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21
Hi Lisa,
It is possible to purchase a house if you have foreclosed in the past. Each circumstance is different and I would be more than happy to recommend my financing contact to you to help answer any questions you may have about the process.

Please reach out to me either via website http://www.napleshomes.com, via cell 239.244.1559, or via email ryan@napleshomes.com.

Have a great weekend,
Ryan
http://www.NaplesHomes.com
Web Reference: http://www.napleshomes.com
1 vote Thank Flag Link Sun Sep 8, 2013
You can if its been at least 12 months ago. It only takes ten minutes to find out if you qualify. There are very few lenders doing what we do at Carrington Mortgage. I have been originating loans for over 16 years here in SW Florida. I am available until 10:00 PM every night. If you would like to know if you are financable pelase call me at 239-471-9829. I can have an pre approval in your hands tonight.
0 votes Thank Flag Link Tue Aug 27, 2013
I live in Texas and my home loan is with Chase and I have been in foreclosure for 2years what should I do move or stay until they sale
0 votes Thank Flag Link Tue Aug 27, 2013
Depends on many factors, but you need to talk with several lenders and look at government and non-governmental lenders. KathyBC 800-448-3411 x 601...(5/19)
0 votes Thank Flag Link Mon May 20, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.

CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes Thank Flag Link Sun May 19, 2013
Yes YOU CAN! But it will depend on several factors.
Have you re-established your credit? Have you NOT had any late payments since the foreclosure?
I'll be happy to take a look at your credit and discuss your situation.
Usually 2-3 years waiting period.

Please give me a call. I'd love to help you.Thank you.
Joanne Brenenstuhl
Sr. Mortgage Banker, Sales Manager/VP

Phone: 239-470-1711
Email: jbrenenstuhl@aemc.cc
0 votes Thank Flag Link Mon Apr 1, 2013
i had a foreclosed hoes last year now i want to buy a house for cash just $34000 that i withdrowed from my 401k plan. i have no plase but a room that i rent and i have 2 dougthers . can the back come back to me and made me pay or take the house away from me ?
0 votes Thank Flag Link Sun Mar 31, 2013
Your plan to rebuild credit after foreclosure should include a mortgage professional that can counsel and really help you. Some great comments below, but your situation should be assessed by a professional. This includes counsel by a Real Estate Attorney before foreclosure. We have some Naples Vendors including Real Estate Attorney options on our website http://www.agent4naples.com on our buyer - seller page. Settling your debt amicably with the bank with them signing off on the deficiency judgement is your best option.
Web Reference: http://www.agent4naples.com
0 votes Thank Flag Link Sat Jul 28, 2012
Two months out of Foreclosure can buy in FL

click on the below to see programs

http://www.trulia.com/blog/steve_31/2012/05/2_months_after_s…
0 votes Thank Flag Link Sun May 20, 2012
Have an arm loan that we are forcloing on under water in, and husband is now waiting for disability award can't affor payments, plus another 20% Ho. O. Ins. increase and water bill alone with sewer is 140 a month in Cape Coral Fl. Cannot afford to live here any longer. My question is, once he gets his award, and we complete forclosure, can you purchase a mobile on land with cash down and payments coming from disability payments in FL? And if so, do you no of any land owned parks in area or central Fl. Just need a decent home and to be able to pay bills without all these steep taxes. Thanks
Flag Thu Mar 7, 2013
For FHA, your foreclosure will have to be at least 3yrs old from the date of the sheriff sale. For VA, it's 2 yrs. For Conventional financing, 7 years.
0 votes Thank Flag Link Thu May 10, 2012
yes! depends upon a lot of parameters, especially who is carrying the loan (Freddy or Fannie), your credit score and time elasped. Call me to discuss KathyBC @ 800-448-3411 ext 601.
0 votes Thank Flag Link Thu May 10, 2012
Here is a useful chart that can give you an idea of the waiting period for several credit issues. Contact me for more information.


WAITING PERIOD FOR OBTAINING A MORTGAGE AFTER SHORT SALE, BANKRUPTCY, FORECLOSURE, OR DEED IN LIEU


FHA VA USDA Conventional
Bankruptcy Chapter 7 2 years 2 years 3 years 4 years
after discharge
Bankruptcy Chapter 13 1 year 1 year 1 year 2 years
from discharge
Foreclosure 3 years 2 years 3 years 5 years
Deed in Lieu 3 years 2 years 3 years 4 years
from discharge
Short Sale pre-foreclosure 3 years 2 years 3 years 2 years w/20%
4 years w/10%
7 years w/10%

All of the above presume re-established credit, acceptable credit scores, no late payments after action. If multiple actions occur, then worst case scenario will be applied. Additional time may be required based on credit history. Guidelines subject to change.

FOR MORE INFORMATION
Always CALL Joanne Brenenstuhl 239-470-1711
or E-MAIL jbrenenstuhl@aemc.cc
This is not a loan commitment. A complete application processed and fully evaluated in accordance with underwriting criteria required.




We are a DIRECT LENDER offering Conventional, Jumbo, FHA, 203K, USDA, VA, HomePath, Foreign Nationals, Unwarrantable Condos, Construction and FL Bond!!
Featuring in-house processing, underwriting, closing and funding! We use local appraisers enabling quick closings! I am available to help you and your clients! Let us help you close your next sale!
Joanne Brenenstuhl NMLS# 375376
Senior Mortgage Banker & Trusted Advisor for over 20 years
Cell 239-470-1711
Gulfshore Life Magazine's FIVE STAR MORTGAGE PROFESSIONAL: Best in Client Satisfaction 2010, 2011 & 2012
This is not an advertisement to extend customer credit as defined by part 226.6 of Regulation Z. Interest rate, program terms and conditions are subject to change without notice. Not all products are available for all loan amounts. Other restrictions may apply. Granting of loan is subject to the credit and policy requirements.
0 votes Thank Flag Link Tue May 8, 2012
Depends upon finding a lender who will do, your credit and how long ago the foreclosure took place, usually seven years. Best to talk with a lender first who is familiar with a wide variety of mortgage products...call KathyBC 800-448-3411 ext to set up an interview with our lender ...Summit Mortgage.
0 votes Thank Flag Link Tue May 8, 2012
Actually it's as short as 3 years with FHA loan and 3.5% down.
Flag Tue May 8, 2012
I would suggest talking to family members that can buy the house for you and put you on title. After a certain number of years you can refinance your family members off the loan and hold title yourself. Once you get your credit score up. Good Luck!
0 votes Thank Flag Link Tue May 8, 2012
That is called straw buying and is a Felony. I would not recomend. If you are a real estate agent i would suggest retaking an ethics class
Flag Thu Apr 4, 2013
Lisa,
Yes YOU CAN! But it will depend on several factors. Have you re-established your credit? Have you NOT had any late payments since the foreclosure?
I'll be happy to take a look at your credit and discuss your situation.

Please give me a call. Thank you.
Joanne Brenenstuhl
Sr. Mortgage Banker, Sales Manager/VP

Phone: 239-470-1711
Fax: 866-686-5382
Email: jbrenenstuhl@aemc.cc

The Orion Center The Offices at Mercato
6611 Orion Drive Unit 103 9128 Strada Place, Suite 10106
Fort Myers, FL 33912 Naples, FL 34108
NMLS# 375376 LO7638 MLD 420 NMLS ID #167191
0 votes Thank Flag Link Tue May 8, 2012
Best to find a Mortgage Broker to answer this question Lisa. Try here http://www.trulia.com/voices/directory/Naples-mortgage_broke… Also read this, http://www.naplesrealestateguys.com/blog/foreclosure-scams-a…
0 votes Thank Flag Link Tue May 8, 2012
Lisa,
The answer depends on how long ago the foreclosure was and what where the circumstances.
I have to agree with me peers, the best start is to call a banker or loan officer, if you have a relationship with your own bank set up a meeting with the mortgage department, if not contact a mortgage broker they usually have more options available then a bank. be careful though some of these alternative mortgages usually carry a higher interest rate.

One last thought is look for owner financing,or rent with an option to buy

Best of luck. call if WE can help..
Dependably yours,

Joe Epifanio

Joe Epifanio, PA
239-300-SOLD (7653)

Search real estate by Clicking Here
http://www.RealEstateJoe.com
0 votes Thank Flag Link Tue May 8, 2012
Lisa, please, seek a professional mortgage broker's opinion. They wear the financial hat and pre-approve you for a mortgage based on all the financial requirements from a lender. Do you have a foreclosure in the process now? As an Agent with pre-foreclosure experience, I will offer to meet with you on a confidential professional free appointment to help you with any and all real estate based questions. After 45 years in this industry, my experience and trusted professional opinion have proven valuable to families pondering to decide the best plan for their family needs.

Lisa, factual information in writing, is the key to making a best decision. Make a list of all your questions for our appointment....if I do not know the answer, I will refer you to professionals I have trusted for over 45 yrs. in Naples.

Personal - Professional - Prompt Service since 1967
Linda Sue Granata, Realtor
Keating Associates
850 5th Ave South, Naples, Fl 34102
http://www.NaplesIsYourLifestyle.com
239.250.1603 direct
0 votes Thank Flag Link Tue May 8, 2012
That's not a problem.

If you're open to it ask your bank or seek a lender to help you create a game plan. Ask if you should pay off credit cards "don't close them". Ask if you should wait to buy a car until after the home. Ask them every financial question you have. Everyone has a unique financial situation and it might take time, but as long as you know where you're going and stay on track you'll get there.
0 votes Thank Flag Link Mon May 7, 2012
Hi Lisa,
Yes you can buy a home after a foreclosure in as soon as 2-3 years. It depends on other factors as well, like if you have had no late payments since foreclosure.

I have a few mortgage broker's I have referred customer's to and they have been surprised at how soon they have been able to purchase another home.

Call me if you would like more information.
Thanks,
Dorene Pierceall
Buyer's Agent
(239) 331-1124
Amerivest Realty
Naples, FL
0 votes Thank Flag Link Mon May 7, 2012
That is a question for a mortgage professional. The professional below can give you guidance.

Joanne Brenenstuhl

Sr. Mortgage Banker, Sales Manager/VP



Phone: 239-470-1711

Fax: 866-686-5382

Email: jbrenenstuhl@aemc.cc


The Orion Center The Offices at Mercato

6611 Orion Drive Unit 103 9128 Strada Place, Suite 10106

Fort Myers, FL 33912 Naples, FL 34108

NMLS# 375376 LO7638 MLD 420 NMLS ID #167191
0 votes Thank Flag Link Mon May 7, 2012
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