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Profile picture for kdeemoh

need a mortgage

i am looking for a mortgage company that can help us get a loan, we have been told by our attorney it depends on company willing to over look a small issue. issue is in 2004 we signed  our title on a land contract deal, then in 2010 we filed bankruptcy on the house, the did not sell through wells fargo until may 2013. even though our bankruptcy was discharged in 2010. our attorney said we need to fink a bank that is willing to look past that house sold in may 2013,said their is mortgage companies that can, i need to find one, thank you
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October 14 2013 - US
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Answers (11)

Non prime mortgage financing for sure. Angel Oak Funding can help you one day out of short sale, foreclosure or bankruptcy. You will be looking to put 20% down and your rate will be around 10%, but not points charged with like hard money.
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January 24
Yes, you would be able to get a loan again. You need to work with a portfolio lender. We have the ability to make exceptions to standard guidelines that would allow this. Let me know if you want more details.

Good Luck!
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January 23
I don't think Wells Fargo writes, or has ever written, Land Contracts.

Kdeemoh
Did you default on a mortgage loan with Wells Fargo, or on a land contract with an individual who may, or may not, have had a mortgage with Wells Fargo?

A Land Contract is different from a mortgage loan in several ways. A Land Contract may be dischargable in Bankruptcy court, where as a Mortgage may not. Have you seen your credit report since 2013 event happened? If so, what does it say?
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October 16 2013
There are mortgage companies that do this type of lending and will go off of the bk discharge date.  This is common way to do it so you are not penalized for both the BK and the delayed foreclosure as long as you did not reaffirm the mortgage at the time of the bk. Click on my profile if you would like more information regarding this.
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October 16 2013
Profile picture for wetdawgs
This is the third time (that I've seen that) you've asked about this situation.   If you hit "post reply" you could keep all the discussion in the same thread and let the answers build on the previous discussion.

From your description, your name was on a federally insured mortgage on a property that was sold as a foreclosure in May 2013.  How is this a small issue? We, the tax payers, are paying for this "small issue".    Many people are surprised that bankruptcy doesn't magically remove their name from a mortgage.  You may wish to discuss this with your bankruptcy lavvyer to see if there is something he or she can do.
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October 14 2013
There is a new FHA program out called the "Back to Work" program that allows for only 1 year to pass... 

See if you fit the parameters and go that direction...

Good Luck!
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October 14 2013
Profile picture for kdeemoh
The deed was transferred in 2004 on a land contract an our credit score is 652
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October 14 2013
Unfortunately real estate included in a bankruptcy will follow a 3 year rule of when the warranty deed changed hands.
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October 14 2013
If the home was included in the bankruptcy, lenders have the option of overlooking the delayed foreclosure date; hoewever, with a foreclosure recently posting on your credit report, it is very unlikely that your score will be high enough to finance a new home.  
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October 14 2013
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ohio
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October 14 2013
What state are you buying a house in?
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October 14 2013
 
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