- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (2)
- Julann Carney, "Julann Carney"
- Contributions:208
Dear Transtech707,
First of all, I'm sorry that your mortgage company let you down & did not do what they promised. Unfortunately - several hundred thousand Americans are exactly where you are. It is possible to repair your credit but there are new guidelines.
FannieMae has said after a deed-in-lieu of foreclosure, preforeclosure sale, or short sale, there is a mandatory waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV. If the borrower can document extenuating circumstances, the waiting period for a loan with a 90% LTV drops to two years.
An excellent article to help give you more information about this specific situation was posted not too long ago on forbes.com. Here is a link to the article:
http://www.forbes.com/sites/moneywisewomen/2011/06/08/httpwww-talkcreditradio-com/
It will take some time but your hope of owning a home again is obtainable.
All the best,
Julann Carney
PS: I do agree with Pat in that getting legal advise couldn't hurt.
First of all, I'm sorry that your mortgage company let you down & did not do what they promised. Unfortunately - several hundred thousand Americans are exactly where you are. It is possible to repair your credit but there are new guidelines.
FannieMae has said after a deed-in-lieu of foreclosure, preforeclosure sale, or short sale, there is a mandatory waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV. If the borrower can document extenuating circumstances, the waiting period for a loan with a 90% LTV drops to two years.
An excellent article to help give you more information about this specific situation was posted not too long ago on forbes.com. Here is a link to the article:
http://www.forbes.com/sites/moneywisewomen/2011/06/08/httpwww-talkcreditradio-com/
It will take some time but your hope of owning a home again is obtainable.
All the best,
Julann Carney
PS: I do agree with Pat in that getting legal advise couldn't hurt.
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
I suggest that you retain an attorney who handles residential mortgage matters.
how can i get a mortgage after a deed in leu
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.