Emily, getting pre-approved by a local mortgage lender is definitely your first step. I would go meet with a lender that you may already know & trust. If you don't have one, I personally would recommend working with a lender that is with a locally owned bank. A mortgage officer will be able to tell you if you qualify for a loan, how much of a loan, & if you don't qualify, they should give you tips on how to get to that point.
Another option is that you could find someone looking to rent-to-own. However, there are both good & bad qualities with this option. If you have any questions or would like to just talk about your options, feel free to contact me anytime.
Have a great day Emily!
RE/MAX Real Estate Concepts
Foreclosure sites that charge for the list or offer free information often have missing or incorrect information associated with them. Some of them post crazy low prices that are not correct just to suck you into their site.... more
Sometimes buyers can make a good purchase in this way. One needs to be well-informed though to inspect the property, investigate possible problems, know the area, and current market values before yidou become emotionally involved in the excitement and overbid. In addition, you need to learn the local laws on original owner reinstatment. The time frame can vary and extend even AFTER you have closed on the purchase. Good luck to you!... more
When you say "they foreclosed" you mean that Lehman filed foreclosure papers or they actually sold your home in the courthouse steps? If they filed, starting the foreclosure process, this should not affect you very much in the short term. The bank that takes over Lehman will likely freeze all foreclosure proceeding while getting a handle on all files.
You will be assigned a new Loss Mitigation rep from the new bank and it is unfortunate but your file might not be picked up from the point it was left off. You might lose some time and there is a chance that the new bank will not receive your full, complete file.
I would advise you to have your complete short sale package ready when you call and be prepare to send it all again to the lender who takes over Lehman.