Home Buying in Atlanta>Question Details

Bert, Home Buyer in Atlanta, GA

My home was foreclosed on about two years ago. The second mortgage is still open on my credit file and

Asked by Bert, Atlanta, GA Mon Mar 23, 2009

showing past dues. a 1099 shows that the company got more than both loans for the house. The same company held both loans. After several phone calls to them I was told that it would be satisfied. a year later it still there, getting the Company on the phone again, I got India and was told they had the right to keep it that way! With proof that they got more than the loans, would it be possible to get another mortgage loan?( all else being ok on my credit?) I feel as though I was tricked out of my home.

Help the community by answering this question:


This is probably a question for either an attorney or a mortgage professional, if you're working with one. If your credit has been good since the foreclosure, then you might want to hook up with a good loan officer that can help you clean up any mistakes on your credit report and help you get qualified for a mortgage simply for the opportunity of working with you on your next home purchase.

I don't see where you would have been tricked out of your home by your mortgage company. Even if they were able to sell it for an amount equal or above what you owed, they still had some pretty major expense in taking it back and getting it back on the market. Banks and mortgage companies are in business to make money - a profit, and part of their loss was the revenue they did not make from the interest on the payments you were unable to make.

There is life after foreclosure. At some point, with your credit back on track, you can get another mortgage and own a home again. Today many of us are paying a price, some through the loss of their homes, for the easy credit we've had the past few years. Lenders are being much more conservative with the loans they make these days, and that probably is a good idea for home-buyers too.

E-mail me at billpiper@kw.com if you would like the names of a couple of good loan officers to work with you.

Good luck,

Bill Piper
1 vote Thank Flag Link Mon Mar 23, 2009
How do you feel you got tricked out of your home? Did you pay the mortgage?
0 votes Thank Flag Link Mon Mar 23, 2009
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