Rima Patel, Home Buyer in Glastonbury, CT

How long does it take to be per approved? I am in need of a house immediately.my house is about to be foreclosed and I don't have good credit

Asked by Rima Patel, Glastonbury, CT Thu Jan 17, 2013

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5
Dave Rose, , South Glastonbury, CT
Fri Feb 15, 2013
I am a licensed mortgage lender, have an office and live in Glastonbury.

i have been in the mortgage business, all in Central CT, since 1988.

This would take, less than 1 hour, to get you properly qualified and pre-approved. If you are self employed or earn more than 25% of your income, as commission...I will first need your complete 2011 and 2012, federal tax returns.

Dave Rose
Residential Mortgage Services, Inc.

MLO # 67007

Cell # 860-796-2727
drose@rmsmortgage.com
0 votes
Brian Takiff, Agent, Glastonbury, CT
Wed Feb 13, 2013
A foreclosure will probably put you out of commission for 5-7 years. Have you been working with the bank to try a short sale? This will affect your credit, but it won't be as bad as having a foreclosure on your record. You are most likely going to have to rent for awhile until you can get back on track. To find a rental you are probably going to need 2 months security and at least 1st month upfront (perhaps more if your credit is shot)
Good Luck!
0 votes
Nebolisa Aji…, Agent, Bloomfield, CT
Thu Jan 17, 2013
Hi Rima,

I recommend that you sell your home with your bank's approval. Ask them if a short sale could be approved for you. I am doing one now and will be happy to help you. It is unlikely that you will get a pre-approval now, if you are threatened with foreclosure. If you live in Glastonbury, chances are that your home could sell quickly. It is your best option at this time.
You should also start considering a rental for whenever your home is sold. You do not have much time. Call me or any other agent with a short sale background for help with the process. Good luck to you!
0 votes
Sue Apito, Agent, Glastonbury, CT
Thu Jan 17, 2013
It all depends upon which mortgage company or bank you work with, and how prepared you are with your financial information. If you are in the process of being foreclosed and don't have good credit - you most likely will not be able to get pre-approved to purchase another home.
0 votes
Lisa Orme, Agent, Windsor, CT
Thu Jan 17, 2013
Unfortunately with a foreclosure on your credit record, you probably won't be able to get approved for another mortgage for several years. Almost any alternative to foreclosure including short sales or deed-in-lieu of foreclosure is better for your credit rating than foreclosure itself, which can affect your ability to get a mortgage for at least 5-7 years in most instances. Take this time to get back on your feet financially and re-build your credit profile. Paying off debts, saving up a very healthy downpayment, and paying your current bills consistently on time will be essential. In the meantime, I expect you will have to rent, unless you have family or friends who can help...Good luck Rima...I hope things get better for you quickly!
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