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FHA loans following a previous foreclosure

I am interested in finding out if I currently qualify for an FHA mortgage loan.  I went through a foreclosure in 2010 (Sheriff sale date was August 3, 2010) with Chase. However, there was a second mortgage with Bank of America which was not settled until November, 2012.  We have rented since February, 2011 and have worked hard to re-establish good credit.  My wife and I are both employed full time (I am a dentist, my wife a physician).  Thank you.
  • September 04 2014 - Troy
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Answers (7)

Hi,

I do not work for John Adams, and I don't promise what I can't deliver. If unsure, I send all of the documentation to my underwriters. They will make the call. Click on my name for my contact info.

Thanks,

Mark
  • September 05 2014
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Caroline,  I already have a copy of the Sheriffs Deed On Mortgage Sale, received at the Register of Deeds on August 10, 2010, signed and dated by the Deputy Sheriff on August 3, 2010.  However, I also have a copy of the Discharge of Mortgage concerning the second mortgage, dated August 14, 2013 (even though I have a 1099-c showing the amount discharged on 11/29/12).  I've worked with B of A to get this date correct at the Register of Deeds, however the best they would do is sent me the letter I referenced earlier.

Mark,  I'm sorry but if you work for John Adams Mortgage Co. my wife and I are not interested in working with you.  They got our hopes up last year and we were already looking at houses with a realtor when their underwriter suddenly reversed our then approval.  We have more documentation now and have had a longer time to prove our worthiness to any underwriter.  However, none of that may matter if the dates prevent us.  Also, I am not looking to ding my credit report any further unless I know it is worth it.

Thanks again for both responses.

 
  • September 05 2014
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Hi,

I would need to pull a mortgage credit report and send the details to my underwriter. I am located in downtown Rochester. Let me know if I can be of assistance.
  • September 04 2014
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You can get a copy of the transfer deed online- many countys have them available for a few dollars or go to the county recorder's office and get a copy of when Chase actually recorded it. Bank of America it sounds like tried to continue to collect claiming it wasn't a purchase money second?
What shows on a mortgage credit report is what counts. Running a personal credit report won't be the same. The date on the credit report is directly input into software that counts for 36 months from when the credit report states. If mortgage credit is incorrect you have to get Chase and BoA to give you a correction letter. Most lenders (not me) won't do a manual Underwrite using the copy of the deed. Prooving "extenuating circumstances" to get around the 36 month wait requires a number of factual papers depending on your situation. Getting the HUD1 from and escrow is very difficult. Many escrows or if you are table funding state attornies will stonewall you. The deed is the document that counts
  • September 04 2014
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Mark,  I have a letter from Bank of America that says the following - "The above referenced Bank of America account was extinguished November 2012 from the National Mortgage Settlement program.  The account is reflecting closed and an update was sent to the credit bureau to reflect "paid charge off"."  This letter was sent to me on July 25, 2014.

Catherine,  I guess my real question is this: Is it 3 years from the actual foreclosure (Aug 2010) or 3 years from when the 2nd mortgage was settled (Nov, 2012)?.

Thanks to both of you for responding.
  • September 04 2014
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My partner who does the loans for my Real Estate clients states it has to be three years after a foreclosure that you can purchase again.  I have heard that you need to get the original HUD from the escrow company that did the foreclosure.

Good luck and hope that you once again can be a home owner.

Catherine Barden
San Diego 
  • September 04 2014
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We would need to see the credit report to see exactly how that 2nd mortgage is showing up. My instincts say to use the sheriff sale date, but again it will depend on how B of A recorded the 2nd mortgage. Feel free to contact me with any questions.

thanks,

Mark
  • September 04 2014
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