Question removed

Asked by Laura Magana, Phoenix, AZ Thu Mar 6, 2014

This question was removed by its author.

Answers

14
James Wehner, Agent, Scottsdale, AZ
Tue Apr 1, 2014
The loan offices below provided great answers to your question. However, I believe they need to know more information before they can answer your question completely. Best Regards, James
0 votes
, ,
Tue Apr 1, 2014
Good morning Laura,

Here's the catch 22 that I don't see within the answers below; Yes, as long as your name was not associated with the foreclosing property you will have a better chance to obtain a loan...BUT the REAL question here is when was the foreclosing house purchased? Prior to or during your marriage? AZ is a community property state and if the the home was acquired during your marriage, technically you have an interest in the property and you will not be able to purchase a new home. If it was prior to your marriage, and your name is NOT attached to the property, you are could be eligible for a mortgage loan.

Please contact me for further information.


Sincerely,

Lisa Markham
Envoy Mortgage, Ltd.
NMLS# 947738 / AZ# 0921717
520.240.9602
lmarkham@envoymortgage.com
https://lmarkham-envoy.mortgagewebcenter.com
0 votes
Hi Lisa, I actually did cover this in my answer. If the original poster was not on title or mortgage, the foreclosure is not associated with her. The house payment would count against her, but only until the foreclosure is completed.
Flag Tue Apr 1, 2014
, ,
Fri Mar 21, 2014
Laura,

If you are not on the mortgage or title to the home being foreclosed upon and you qualify for the new loan on your own, you can purchase a home anytime after the foreclosure. If you have a high enough income, you could even purchase now. The reason I say that you need high income is because Arizona is a community property state, so your husband's credit will be pulled only for debt purposes (not for the scores or any other reasons). His debts would be added to your application, so if the home is not yet foreclosed upon, the payment would be included along with any other monthly payments he has. His foreclosure does not affect your credit profile if you are not on the mortgage or title.

I'm local here in Scottsdale if you want to reach out and discuss things further. Best of luck getting things sorted out!

John Moran
480-368-7715
john@azmortgagepro.com
Web Reference:  http://www.azmortgagepro.com
0 votes
rprusiewicz, , Scottsdale, AZ
Fri Mar 21, 2014
You are fine to qualify for an FHA Loan on your own assuming your name is not associated with the home that is being foreclosed upon. The title and mortgage note should not be in your name. I am assuming your husband bought this house prior to your marriage.

Please let me know if I can be of any assistance.

Best -

Randy Prusiewicz
https://lo.primelending.com/rprusiewicz
480-269-6338
NMLS 600735
0 votes
anthony.bell…, , Phoenix, AZ
Fri Mar 7, 2014
Hi Laura,

Call anytime and I can help guide you through what options may be available 480-705-0199

https://www.guaranteedrate.com/tonybellassai

Best,

-Tony
0 votes
Ann Griffin, Agent, Mesa, AZ
Fri Mar 7, 2014
Hi Laura. Please, please, get legal advice. This will save you a lot of potential grief in the near future. And note that real estate agents, unless they also are licensed lawyers, are not qualified to give legal advice.

Best of luck,
Ann Griffin
Coldwell Banker Trails & Paths
0 votes
Andre-Paul M…, Agent, Phoenix, AZ
Fri Mar 7, 2014
Good Afternoon:

Let's start with the foreclosure. If the foreclosure hasn't started you should consult legal counsel with regard to a Bankruptcy and the legal ramifications of a foreclosure and BK. If you wish to purchase in the future, you will have to resolve the debt issues and adverse credit that will follow you and your husband. While the current house may have only been in your husbands name, your actions will depend on the previous home having been purchase prior to a marriage or during. An underwriter will "STIP" (stipulate or condition) for the marital party to sign the legal aspects of the loan documents. With a foreclosure "pending" a underwriter may and in most cases count that debt and the fact that it is delinquent "pending" foreclosure, other issues will come into play. You do not want to paint a picture that you are circumventing anything.

Most married couples share bank accounts is some form or fashion, this is why legal counsel should be considered. Monies have been commingled and converted (meaning conversion ... another term used in the industry) and as such, you and your husband may have creating a chain of responsibilities to each other.

Let's talk your approval. You are approved, but that is based on the discovery that the bank/lender will do. Three weeks is not enough time to satisfy potential issues that will come up during the discovery (qualifying) process. If you proceed, you will undoubtedly blame your real estate agent and lender for not performing above and beyond to do the miracle you want them to do in the three week time period.

The emotional path will push you to move forward because you are going to say, "Where are we going to go?", "What are we going to do?", etc. and you will be driven to "FIX" this issue.

The logical and financial path you can do, is take the money you have "individually" and set it aside - SAVE. If it not too late, SHORT SALE the current home (it will do better for you and your husband). Between the BK (if your husband goes that way) .... (depending on what counsel would say ... and pending no debt is jointly owed) .... and a possible postponement of the Foreclosure, you can come out of this successful. A postponement of the foreclosure can potentially put you in the HAMP or HAFA Program. The HAFA Program will provide up to $3,000.00 for relocation funds.

After you get through this process, attend a Home Buyer's Education Program and Home Buyers Counseling Program. The benefit could earn you up to $15,000.00 + down assistance money's to buyer you a new home.

Put yourself in a position of strength, utilizing your resources .... there are a lot out there. TRY, I mean TRY to not let this situation overwhelm you as much.

To deal with the wait issue, if you weren't delinquent and short soled your home, you do buy the next day (with the right lender). However, FANNIEMAE, FHA, AND FREDDIEMAC guidelines, say after a BK, Foreclosure, or Delinquent Short Sale - 3-4 Years. Conventional Loans are 4 or more depending on the lender. Again, the "how soon" is depending on your actions that you take now.

However, cliche .... PATIENTS IS A VIRTUE ... but "Silence IS NOT Golden".

Remember, you have a plethora of LICENSED Professionals on Zillow, in your community, banks, support centers, and the Maricopa Bar Association. MBA has affordable legal counsel. (And I do mean affordable .. the amount of a 2 person dinner at Outback.)

Good luck with any direction you should take.
0 votes
Mark Honeck, Agent, Scottsdasle, AZ
Fri Mar 7, 2014
Laura:

In all reality the answer could be a thousand different answers. As you have seen many of the posts here indicate that the best be would be to contact a great lender, who knows their stuff. Keep in mind that foreclosure is not an end all, but a re-beginning. Like you were saying in your post, if you qualify for a FHA loan without his income (being part of the loan), then definitely go that route, it would be the easiest, especially if you qualify for what you want. Sounds like everything in your situation will work out great. If you need a great lender I have a few that I work with, just give me a call.

Sincerely,

Mark Honeck, Associate Broker
"Someone To Trust"
Solutions Real Estate
602-573-1673
0 votes
Vivien L Big…, Agent, Scottsdale, AZ
Fri Mar 7, 2014
Good Morning Laura,

Contact Karen Jones 480-339-1577 with AmeriFirst and she will be able to answer your questions.
Let her know that I referred you.

Have a GREAT day!

Vivien L Biggs PLC
602-615-9137
Prudential Arizona Properties
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Fri Mar 7, 2014
There are many different loan programs that would potentially work for you.
0 votes
Lucinda Tkach, Agent, Scottsdale, AZ
Fri Mar 7, 2014
Laura,
Good news! There are many options that are available? I am aware that there are some lenders that can get people homes in less than a year and sometimes the day after a short sale depending on the circumstances.

Feel free to contact me direct.

Lucinda Tkach
602-799-6846
phoenixrealtorservice@gmail.com
0 votes
Raoul Lousta…, Agent, glendale, AZ
Thu Mar 6, 2014
Hello

this question can be answer by the lender that has pre approved you

thanks have a great day
0 votes
Mark Gowlove…, Agent, Glendale, AZ
Thu Mar 6, 2014
What do you mean by pending foreclosure? Is the auction date in 3 weeks? Are you talking about purchasing a home in your name only?
0 votes
yes, action is in 3 weeks and the new house will be only under my name
Flag Fri Mar 7, 2014
Aaron Carlson, Home Buyer, Mesa, AZ
Thu Mar 6, 2014
If you're married you'll have to get his credit pulled too. Arizona is a community property state and you share your debts and assets. If you want a good recommendation for a quality mortgage professional you can call me at 602-284-6086.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more