There are other factors besides credit that determine mortgage qualification, therefore for a personalized answer do visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.... more
It does not usually happen. But it al depends on the the investor and the insurer. FHA loans use to allow owners to rent if they met certain requirements if certain paper work was filed out. If it is not a FHA loan, other investor FNMA/FHLMC earlier this year allowed mortgagors to rent the houses. However, I have not heard about this recently since the government got involved with the tarp money.
I would call your bank and see what they say. However, I would also start looking for another place to live. If your place went to foreclosure, the notice of eviction should have already been served, so time is not on your side. Most likely you will have to move.... more
Donna when was the last time you talked to someone directly? Have you talked to who is in charge of the home now? If you have a log of conversations, paperwork that you tried to work something out and that you meet the needs test for loan modification then get ahold of them with the presentation. Show them the amount they tried to charge for the modification and you might get the right person this time. If they still are stubborn contact a real estate lawyer (not just any lawyer or they may not have the experience in this type of law to see the angle you need) to see if you have a way. Good Luck!... more