Property Q&A in Eastlake>Question Details

Debbie Abrams, Home Buyer in Euclid, OH

Would the bank be willing to work with people like us with a past foreclosure working hard to repair our credit and help us to own this property?

Asked by Debbie Abrams, Euclid, OH Wed Apr 9, 2014

Is this a foreclosure the bank is eager to sell for a low price? We pay 950/mo in rent and have never been late. We could own for this amount.

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This question was asked from this property: http://www.trulia.com/homes/Ohio/Eastlake/sold/333333-36754-…

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Answers

5
Hello Debbie - Thank you for reaching out for some advice. You are on the right path. Gather information to help make sure you know exactly what you may need to do to be able to purchase a home again. Typically the foreclosure needs to be 3 years old for you to be able to purchase again. I would suggest developing a team to assist you with getting to the goal you have in mind - a mortgage lender who will assist with reviewing your current situation and help you put a plan together to be ready to get a loan if you are not able to yet and find an experiences real estate agent who will be with you through the process however long it may take. This team will be able to help you through your individual situation . There is never a bad time to review your situation and get your plan started ;-> - Jennifer Allen RE/MAX Traditions 440-796-4833 jallen1105@gmail.com
1 vote Thank Flag Link Thu Apr 10, 2014
Jennifer, Very good advice. I gave you a thumbs up.
Flag Thu Apr 10, 2014
Thank you Ms. Allen. Immediately after our foreclosure situation we got in touch with a debt settlement company to start paying off our credit cards. We paid a fee and they helped us pay down SOME of our debt but en disappeared thin air. We were left to negotiate ourselves. then we thought a rent to own was the right path to take so we moved into a rent to own. It was a nice home we were excited to eventually own. The management company we dealt with said they too were a credit repair company and with every on time rent payment our credit would improve to eventually buy the home. Well rent we were paying every month plus the amount set aside for the purchase was never applied to the mortgage and the home went into foreclosure. We had no clue this was going on and when they contacted us about it they gave us 30 days to get out. I called lawyers, I called our Mayor, I called the bank that took over the house, everything I could do because we had no where to go.
Flag Thu Apr 10, 2014
Hi Debbie, According to the link you provided the home you mention is no longer for sale. Concerning your credit and foreclosure: I can work with clients down to 530 credit scores on FHA and VA (add'l requirements apply ie if your score is
0 votes Thank Flag Link Thu Apr 10, 2014
Call a good loan officer...they can tell you what you might (or might not ) be able to do. Some of that will depend on how old your FC is, what your scores are, your debt to income ratios, etc...And we never know how low banks will go...but you are always allowed to make offers if you're a qualified buyer :)
0 votes Thank Flag Link Wed Apr 9, 2014
Debbie,

I am a lender with an office in Cuyahoga County. You are welcome to call me and you can find my contact information if you click my profile.

With a prior Forclosure there is a waiting period before you will satisfy the requirements of FHA/VA/FNMA. In addition to that they want to verify you have re established your credit and have maintained it with payments as agreed.

Again, I am local and I would be glad to speak with you and go thru the details of what you have done and anything additionally that would improve your chances of becoming a home owner again.
0 votes Thank Flag Link Wed Apr 9, 2014
Debbie,
Thanks for your follow up to my comments. I would welcome a phone call to verify what I believe I am reading. As others have said, it is typically 3 years after a foreclosure to qualify again. I also agree with Jennifer Allen's comments about putting together a plan and a team.

Give me a call if you have any questions.
Flag Thu Apr 10, 2014
Thank you for responding. It seems as though we are ignored because of our situation. We have worked hard to repair our credit and because of that we have become victims of scams. What I mean by that is we decide to go with a debt settlement company to pay off our credit cards. Well after we paid a fee they disappeared into the thin air. They did help us pay off some debt but certainly not all of it so we took it upon ourselves to pay off the remaining credit cards they failed to help us pay off. Also after our foreclosure we decided to move into a rent to own. This management company told us they were also a credit repair company and with every on time rent payment our credit would improve so after a two year period we would purchase the house. Well the money we paid every month was never applied to the mortgage and the home went into foreclosure. They called us to inform us we had to be out in 30 days! Once again scammed.
Flag Thu Apr 10, 2014
How long has it been since your foreclosure and what was the reason you went into foreclosure?

I am a local realtor that covers Euclid so if you would like to discuss privately please call me on my cell at 440-344-5261.

Rick Chambers, Realtor
Keller Williams
0 votes Thank Flag Link Wed Apr 9, 2014
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