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Profile picture for transtech707

how can i get a mortgage after a deed in leu

I had never been late on any mortgage payment, however i ran into problems keeping my house due to a divorce. my mortgage company offered me a deed in leu and told me they would report it as if i had paid the house off. Now they have gone back on their word and are reporting it as a foreclosure. I had great credit before this and i never agreed to have my credit destroyed. I want to buy a house but dont know if I can.
  • October 25 2011 - Little Rock
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Answers (2)

Profile picture for Julann Carney
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.
  • October 25 2011
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I suggest that you retain an attorney who handles residential mortgage matters.
  • October 25 2011
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