Are there any programs for families that lost their jobs had foreclosure but are back on their feet but it's under the 3 year waiting period?

Asked by Lmurphy1075, Rolling Meadows, IL Mon Apr 4, 2011

My husband lost his job. He found a job 4 months later making 1/2, we depleted our savings trying to save our house. Ultimately it went to foreclosure. We are now making the money we used to and would like to purchase a single family house. It has only been 1 1/2 years since our foreclosure. Are there any programs available for families that didn't want to lose their house, but really exhausted all options. We have a sizable down payment and really are looking at homes in the modest $180-$200,000 range.

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3
Ranj Mohip, Other Pro, Chicago, IL
Tue Apr 5, 2011
Lots of Americans have hit a rough patch in the last 5 years. Your options will be limited depending on what you did once your home went into foreclosure. Did you short sell it or did you just walk away?

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes
Sean Hess, Agent, Saint Augustine, FL
Tue Apr 5, 2011
Why? After this housing market bit you so bad...why do you want to get back in, what do you need to prove?
Here's my advice: hire a good financial planner and take that down payment to grow as a nest egg. Down the road if you still feel you need to own, use it then.
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Apr 4, 2011
The banks want to have a proven track record.... No programs are available

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
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