Help we went ch 13 due to 500k in medical bills when ins was cancelled. we did a volunteer deed in lue of forclosure since our lender would not work

Asked by Florida Ted, Hutchinson Island, FL Sun Oct 18, 2009

with us at all and finally went bankrupt themselves. We have paid off our ch 13 payments 2 1/2 years early and are looking to buy again . With a low down payment and bad credit scores we can't find any one who will finance. We have the ability to pay. Our scores were 740's before this..Love estero area and would move ther in a heartbeat if we can get financing.. WWe actually have a letter from our bankrupcy judge authorizing us to buy a home while under bankrupcy his waive letter did not help at all.

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kent corey, Agent, Fort Myers, FL
Mon Sep 12, 2011
Please shoot me an email at I have some information for you but the pdf file is too large for this format.
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Phil Moody, Agent, Ponte Vedra Beach, FL
Sun Oct 18, 2009
Florida Ted,

Below is info given by my Wells Fargo rep.

Extenuating circumstances

If a foreclosure or deed in lieu of
foreclosure occurred due to extenuating
circumstances, the buyer must meet the
following requirements to be eligible to
purchase a home:
• A minimum of two years for a deed in
lieu of foreclosure and three years for
foreclosure must have elapsed from a
discharge or completion date of the
If there was a deed in lieu of
foreclosure, the buyer may purchase a
primary residence, second home or
investment property with a required
minimum down payment for the
• Ten percent minimum down payment
will be required for primary residence
• Minimum credit score of 620 is required
along with acceptable evidence buyer
has re-established an acceptable credit
• The borrowers must provide a detailed
letter of explanation outlining the
reasons that caused the financial
difficulties beyond their control, and
what has changed since to insure that the
borrower will not be a repeat offender.

Sit down with a local WF rep. They will have the answers to all your questions.

With your financing in hand, get a REALTOR and find a great deal!

Phil Moody
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Erik Elsea, Agent, Fort Myers, FL
Sun Oct 18, 2009
I personally as well as my office have many seller financing options throughout SW Florida. Typically credit isn't as much of an issue as the ability to repay the debt. So proof of income would be very important. Contact me and we can discuss some options for you and I will need to get a few more details regarding your situation. I look forward to working with you on getting you into a home.

Erik Elsea
AmState Advantage Realty
239-405-4063 cell
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Danielle Sha…, Agent, Cape Coral, FL
Sun Oct 18, 2009

How long ago was your deed in lieu? Deed in lieu's are typically reported the same way as a foreclosure. You mentioned a low down payment, so it sounds like FHA would be the best option for new financing. Currently, FHA requires 4 years after a foreclosure is discharged before allowing a new mortgage. Was your old mortgage an FHA loan? If so, you'll want to find out when the Caivers was filed, since that will also affect your ability to go FHA. Caivers has to be a minimum of 3 yrs old in order to proceed with FHA financing.

I'd be happy to answer any questions you may have or help however I can. Call or email so we can go over your situation.

Best of luck,

Danielle Sharp
Sharp Homes

Selling Paradise Realty
Broker Assoc

Cell 248.207.4445
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Jim Golden, Agent, Fort Myers, FL
Sun Oct 18, 2009
Hi Ted,

I would very much like to help you (and as many people as I can). It is my focus to assist in this area.

I work regularly with a coach and we often brainstorm on this dilemma - suggestig solutions.

Please call me at 239-464-0897.

Jim Golden
Keller Williams Elite Realty

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