life after foreclosure

Asked by Jeanine, Antioch, CA Sat Jan 24, 2009

This is the first time I have inquired about purchasing a home after we lost ours to foreclosure in 10/07 after 19 years of ownership. Countrywide was our mortgagor and they did state that they would almost certainly finance us again,however, we have chosen to rent for the first time ever untill now.

What does the market look like for a family like ours who has went through this. Ihope that our 19 year history of owning our home would help get usback into owner ship. Please check this out for us and let us know. We would be grateful.

Also, Countrywide did notify us of the wrongful sale of our personal informaiton by one of their employees to third parties unknown which included all sensitive information. The employee was terminated.... however,
All is clearly in writing from Country wide.

charles & Jeanine King


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Angela Leung, Agent, Byron, CA
Mon Jan 26, 2009
Hi Charles & Jeanine,

I cannot find any listing on that street. The last one sold in 2007 was sold for $404K.
Again RealtyTrac's information is inaccurate. They make money by attracting people join member and pay monthly fee.

Please visit my websit at to set up a search in Antioch.
You will receive current listings. contact me if you want to view those properties.

If you need credit repairs, apply credit repair first before you go and look for houses because it is not easy to get financing right now. If you need mortgage information, please feel free to contact at (925) 683-1332.

Good luck with your home searching.

Angela Leung
0 votes
Steven Ornel…, Agent, Fremont, CA
Sun Jan 25, 2009
Hi Jeanine, I can gurantee you that non of us on this post like to hear of your situation.

While its true that your credit report will take a hit, your score will be negatively affected for 2 years after the foreclosure and it will show in the "derogatory" section of the credit report 7 to 10 years. Subject to change, lenders will also not lend to anyone who has had a foreclosure/short sale within 3 years.

The most constructive thing to do now is to agressively protect your credit score to dillute the negative affects of the foreclouse on your score so that after the 2-year period is over you have a score that reflects a stellar record. After that, one year later, you can again look to purchasing.

To understand how the credit "game" is played see:

Best, Steve
0 votes
Bernard Gibb…, Agent, Danville, CA
Sun Jan 25, 2009
If you lost your home to foreclosure in October 2007, it is unlikely that you will find a lender willing to provide you with an FHA insured loan (which is probably your best option) before October 2009. There are two things you should be focusing on now - first, building your credit score as high as you can and getting to know a broker who will be able to help you when the time is right. I can provide you with an introduction to an excellent broker, just ask.

It would also make sense to talk to Countrywide to see if they will help you, although the fact that they are now part of BofA may have changed things there.

Good luck to you.

Bernard Gibbons

Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
0 votes
Chuck Baham, Agent, Byron, CA
Sun Jan 25, 2009
Hello Charles and Jeanine.

As you know a forclosure puts a big bite on your credit score. Your first step is to talk with a lender to see what your score is now. As you know, your credit score determines what type of loan, what type of rate and if you can even get a loan. I normally tell folks to talk to their bank or credit union to get a loan because you can usually get the best deal from them. If not, Country Wide said they would help you again, then they should be the first company you talk to, if they won't help you, you can seek out a good Mortgage broker. No matter what, you need to get approved from a financial institution before moving forward in looking for a house.

If I can be of any further assistance please contact me.
0 votes
Maria Barraza, , 94521
Sun Jan 25, 2009
The 1st thing you need to do is talk to a mortgage broker and see if there is a lender that is willing to finance. If the mortgage broker identifies a lender, then is a matter of locating a house. FHA is also an option the lender can look into for you.

I have names of a couple of mortgage brokers that can do this assessment for you. If you need their names you may e-mail me and I'll send the info to you.

Its nice to see that someone with your experience is ready to dive into home ownership again...way to go, keep it up!

Maria Barraza
707 246 1388
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