Profile picture for perris

Foreclosure in 2012 because under water, when can i buy home again?

I was foreclosure in 2012 because of underwater. Price down so badly and bank didn't want to cut the principal. That why that things happened.
  • March 12 2013 - University
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Answers (5)

Profile picture for sunnyview
I read that you will have to wait a minimum of 2 years to buy again only if the bank feels that you had circumstances that warranted you walking away.

If they don't, it may take up to 4 years to get approval similar to a bankruptcy filing. You made the right choice for you, but the banks will hold on to a bit of bitterness since you welched on paying them for the last house.

Use the time you have to wait to work on your credit, keep your payments on time, save for a down payment and pay down debt. That is a fastest way to make banks more likely to loan you money at the front end of the waiting period instead of the back end.

Talk to a smart lender about what steps you can take to make your application stronger.
  • March 13 2013
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Profile picture for BradNiemann
The only other thing you might try is a local bank.  If you have a relationship with a local lender that would look at an in house bank loan you might get back into ownership a little sooner.  
  • March 13 2013
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Hi Perris, this may not be the answer you want hear but foreclosure just because you were underwater isn't enough to get you back in the housing market.
If it was due to "circumstances beyond your control", i.e. job loss, medical emergencies, you may be eligible as soon as three years after the final sale date.Two years if you have 20% down payment.

The other part of this is the rest of your credit, post foreclosure should be impeccable. So if you aren't already, make sure all your payments are made on time and you're not taking on an unmanageable amount of credit.
Good luck!
  • March 13 2013
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Profile picture for perris
I still dont get it your answer. I used wells fargo at that time, but they said wells fargo is affiliated with Fannie Mac.
  • March 12 2013
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Profile picture for Brian GFL Capital
for a conventional Fannie Mae loan you are looking at the following


Two years for transactions with a maximum LTV/CLTV/HCLTV of 80%

Four year for transactions with a maximum LTV/CLTV/HCLTV of 90%

Seven years for transactions for transactions with an LTV
CLTV/HCLTV greater than 90%
  • March 12 2013
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