Will any lender help me? 2 Year old Foreclosure, 808 Credit Score, 15% Down Payment

Asked by ramarkstrom, Portland, OR Sat Apr 27, 2013

Really need help. I am 2 years past a foreclosure. Great credit since (808). No debt at all. Everything is paid off. I have a good cash down payment (10-15%). 7 years at the same job. W-2's for the last 2 years show 40k annual income. 2 years of clean rental history. So far I can't find any lender that will help me. Extenuating circumstaces for March 2011 foreclosure are: bad loan. tripled HOA fees. Property taxes more than doubled. Stolen car. Medical/Dental Bills. Bank denied loan modification and short sale and have letter to prove it. Could not sell condo. I did everything to stop it but still went into foreclosure. Now two years later I have everything back on track but can not find a lender that will even talk to me. Can you help me??

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11
Priscilla Be…, Agent, Salem, OR
Sun Apr 28, 2013
I think Fannie/Freddie rules are 3 years post-foreclosure, so 12 months more should get you there, but I know there are "foreclosure deletion" programs, too.
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ramarkstrom, Home Buyer, Portland, OR
Sun Apr 28, 2013
Credit clean up. Well I've been playing that game since december. So far it has raised my scores from about 730 to over 800 by removing the late payments and the word foreclosure but the reason this has not worked for me is because the negative line is still there with the date closed of 3/2011 and there is enough wording left on the credit report from the previous lender to raise eyebrows of any underwritter trying to do a new loan such as "cedit grantor reclaimed collateral to settle defaulted mortgage". Also even if the line is completely erased, the bank for the new loan can still find out about the foreclosure event through Lexus Nexus. I know this because I got a pre-approval and thought everything was good to go for a new loan then when they went to write the new loan the mortgage broker found the foreclosure and the deal was dead. I've been told the only way to completely remove everything from everywhere is that the bank has to remove the foreclosure. I'm not an expert, this is just what I have experienced and have been told. If somebody knows different or has any advice on this angle I'm all ears. Thank you.
0 votes
Christina Ha…, Mortgage Broker Or Lender, Morristown, TN
Sun Apr 28, 2013
How is the foreclosure reporting to your credit report? Based on how it is reporting it may be deleted from all three reports. Many lender do not update the trade line and many times continues to report foreclosure proceeding started and or the balances haven't been updated. If so the lender is in clear violation of the FCRA.... We have been able to get foreclosure deleted, and consumers have been able to purchase prior to the 3 year waiting period. As long as you are still within the 3 year waiting period not too many lenders will even consider qualifying you. If interested give me a call.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of more than 10 years.
http://www.everlastingcredit.com
0 votes
Thesa Chambe…, Agent, Bend, OR
Sun Apr 28, 2013
I have a copy of an article from the Oregon Legal Journal announcing the program if you would like a copy drop me an email - thesa@centraloregonbuzz.com
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ramarkstrom, Home Buyer, Portland, OR
Sat Apr 27, 2013
Two mortgage brokers have said no. They say everything is perfect but you have to wait 3 years. Credit Union said no. They say everything is perfect but you have to wait 4 years. Thank you for the advice about Bank of the Cascades and the FHA backed "New Beginings" loan. I will call them first thing monday morning. I see they have a branch located in downtown Portland. That's just what I was looking for, a ray of hope. Thank you.
0 votes
Pacita Dimac…, Agent, Oakland, CA
Sat Apr 27, 2013
When you said you've talked to lenders --- which lenders? Banks?

Perhaps you should try private mortgage brokers....they may have some resources and flexibility that bank loan officers don't.
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Thesa Chambe…, Agent, Bend, OR
Sat Apr 27, 2013
remember we are agents not LENDERS - you truly need to talk to a lender - call Bank of the Cascades and ask about the 'New Beginnings" program - it is 2 years - and I just closed an FHA with a 2 year foreclosure -
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Thesa Chambe…, Agent, Bend, OR
Sat Apr 27, 2013
talk to lenders and banks - it is amazing what can be done!
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Tom Inglesby, Agent, Portland, OR
Sat Apr 27, 2013
Two years ago i think they changed the rules to 4 years on foreclosures. Good luck to you. Tom inglesby, broker
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Lana Lavenba…, Agent, Grants Pass, OR
Sat Apr 27, 2013
No lenders have a requiremnt of so many years that you have to be beyond the foreclosure before they will loan again. You might talk to someone that will do a hard money loan until you can get back to the point of getting a regular loan though.
0 votes
Lana that is not absolutely true - there are banks that are giving second chance loans - Bank of the Cascades just announced a new product this week - it is not EASY to qualify but even with a foreclosure within the last two years with the right documentation and circumstances it can be done without hard money
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Thesa Chambe…, Agent, Bend, OR
Sat Apr 27, 2013
several banks are developing programs for folks that have gone though this - in my area Bank of the Cascades just launched a program - you might check them out - google them - see if they or if they know anyone in your area
0 votes
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