Did a loan modification a yr ago, recently seperated, now ready to purchase another home. Want to put 20% down. How long do I have to wait?

Asked by a.classylady2, Pembroke Pines, FL Fri Mar 8, 2013

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Ricardo Mejia, Agent, Pembroke Pines, FL
Wed May 22, 2013
Hi, You should consider a credit management program like http://www.improvasolutions.com/restaura.html and in a term of 6 months to one year, you should be ready to buy a good property with great terms 'loan wise'. Dont hesitate in contacting me If furthter info is needed.

Ricardo Mejia
Real Estate Broker
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Christina Ha…, Mortgage Broker Or Lender, Morristown, TN
Sat May 4, 2013
Questions I need answers to in order to answer yours:

How many mortgage lates are reporting on your credit report? For example one 30 day late, one 60 day late, etc.
What happened to the house? Sold, rented, foreclosed.
Was the house on your credit report to begin with?
Why did you have to get a loan modification? Income, etc...
What is your current credit score?

Based on these questions will determine if you can buy now or in 3 years.

Have a great weekend.

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
0 votes
I haven't been late since Sept. 2011. The house is being rented. The house is on my credit report, showing late since, January 2012, but that's not true. I've been trying to dispute this, but to no avail.. I got a loan modification because my husband & I separated . My credit score should be around 650 700 & 710.
Flag Tue May 7, 2013
Audrey Morman, Home Buyer, McDonough, GA
Sun Mar 24, 2013
Yes, I am aware that he can refuse, I discussed this with him & he is willing to do whatever needs to be done. I'm just ready to purchase another home. My middle credit score is about 640 and I've saved about $25,000. Can someone please help me
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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Wed Mar 20, 2013
You are aware that on a primary residence purchase that your spouse can stop you dead in your tracks on closing day by refusing to sign "OFF" on the mortgage, (waiving homestead right) and prevent you from closing correct?

Some attorneys will tell their client to allow their spouse to believe they'll sign off on the mortgage with no issue, then right before closing they'll ask for more divorce concessions and threaten to refuse to sign.

...Low trick, but can be a very effective to extort more of whatever that other spouse may want in the divorse.

What's so messed up is that there is nothing the other spouse can sign up front, the signing has to be the day before or on closing day. (note: 2nd homes and investment property are different)

0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sat Mar 9, 2013
Why wait to buy? Home prices are going up quickly, especially in S FL!

After reviewing programs below, please call me to go over loan options.

1) 100% LTV- VA - pay off debt at closing on a purchases too!
2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!
3) 99% LTV- FHA
4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!
5) 95% LTV- NEW-No PMI!
6) 95% LTV- NEW-CONDO Loan
7) 90% LTV- NEW-No PMI -2nd Home
8) 90% LTV- New-Jumbo w/cc
9) 85% LTV- NEW- No PMI to Super Jumbo
10) 80% LTV- Rental Property

------------STATED INCOME ALT Loan programs-------------
11) 80% LTV- to Super Jumbo
12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!
13) 75% LTV-to Mega Jumbo
14) 75% LTV- Foreign Nationals-to Super Jumbo
15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo
16) 70% LTV- Hard Money to Jumbo
17) Lot Loans / Land Loans Too!

Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404

Prior Service U.S. Marine Corps
0 votes
Andrew Liebe…, Agent, Tamarac, FL
Fri Mar 8, 2013
36 months after loan modification generally, but there may be other options depending on credit and debt to income and the specifics of your loan mod.

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