mortgage after foreclosure

Sadly.. That is the rule.. no Conventional, conforming, FHA, VA, USDA lender will allow you to purchase a home after a foreclosure until you meet the required waiting period... If you have VA benefits, you can purchase after 2 years, but all the other lenders and financing guidelines will require 3 years... it's not that the lender won't do it.. it's that the loan program guidelines won't allow it.. There are some Non-conforming or portfolio lenders out there that might lend to someone sooner than the 3 years, however, as you stated, you will need more than 20% down, and even then it's not an easy product to find.. Had you short sold your home rather than letting it foreclose, you could have gone conventional financing with 20% down 2 years after the short sale.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

So let me see if I understand you correctly. You filed bankruptcy, gave back a house to the bank, and you are upset because they didn't jump through hoops to foreclose quickly and now you have to wait to be able to buy again. Really? Unless you have 40% or more to put down and can find a private money lender, you will just have to wait. FHA does require three years for a reason, and without FHA, the banks won't touch you. From their perspective, they got burned once by you and without the Federal guarantee, they are not going to take another chance. Keep saving and be patient. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

This is a very common situation when you have a bankruptcy and agree to give up the house. We see it all the time. While the bankruptcy removes any liability of the debt, then bank still needs to officially dispose of the house through the foreclosure process, which can take significantly longer than people think. This is why most lenders now require you to prove the actual foreclosure date - which usually means we need to get a copy of the paperwork from the county. The bottom line is you caused a mortgage lender to suffer a loss. They are not going to be lining up to give you another loan.

I work with private money investors, and 25 to 30% down, not the 40% that everyone is talking about also, what type of loan was in the bk?? thats important , and I have been successful in getting a regular loan thru, with a very strong compensating factor if you want to email me at yourloanpartnerforlife@live.com linda

I doubt you will find anything at this time. Save your money and rebuild your credit. You will not get a loan after your 3 years wait if you have any negative credit on your credit report after your BK.

It is nice for everyone to sit back and say you have to wait, but the reality is that for every 1% the rate increases the purchase power decreases by $25,000, coupled with the fact that in my area we are starting to see prices increasing. So you have consumers that are not only going to face higher mortgage payments, but the will qualify for less, and will not be able to buy becasue that house that is a bargain right now could be 25-40% higher in 3 years.