OfflineMy situation is that I had to let go of my house on May 2010 (foreclosure) but I was able to get another property using a hard money lender but he asked me for 30% down, 6 points and he is charging me 12% APR.
Since then I've been working on improving my credit following some suggestions from here and a book I bought so now my credit is 720. So my question is how soon can I go to a bank to try and get a normal loan?
Is there such thing as you have to wait XXX years or months after foreclosure before getting another bank loan?
Thanks for your help.
By the way I'm in Southern California so I don't know if it makes a difference where you live.
Daniel
"Don't compare your life with others. You have no idea what you are getting into."
"No compares tu vida con otros. No tienes ni idea de lo que se trata tu travesía."
but depending on the foreclosure and if there was a deficit after the foreclosure; it is possible for you to apply now. The worse they can say is NO.
However, I am surprised you have a 720 after a foreclosure only 8 months ago. But if your 720 is correct, you should be able to get a great rate through FHA or even a bank.
Just explain your situation and learn from their response.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
I have bad credit and that is only getting worse the longer I take to get my business started. Foreclosures are a black spot on your credit for many years from what I understand (sorry). I have pulled my credit report online and got good numbers and was very happy and then when I went to a mortgage person to refinance they said your numbers are not what you thought they were. The numbers you get off line are not always accurate. Nowadays the banks are gun shy over everything especially mortgages. I have heard of refinancing working as long as there is alot of equity in the property. I have made an offer on a house and it was accepted but since my pockets are full of lint the Hard Money Lenders are of no help to me (they want some skin in the game 10 or 20%)so now I am looking for a Landlord Cash Buyer in Virginia to buy my house so that I won't need a HML and my first deal will be done and I will be headed towards my millions and my next homeownership. That is the only way I will have another house and I don't have a foreclosure on my record. It was a short sale, a baby step from foreclosure. I know I will only have a house again if I am successful as an investor.
Since then I've been working on improving my credit following some suggestions from here and a book I bought so now my credit is 720. So my question is how soon can I go to a bank to try and get a normal loan?
Is there such thing as you have to wait XXX years or months after foreclosure before getting another bank loan?
Thanks for your help.
By the way I'm in Southern California so I don't know if it makes a difference where you live.
Daniel
dictates that any person who has a foreclosure on their report cannot get a new mortgage loan for a minimum of two years. My suggestion is find private money and pay them 6 to 7% interest only with a balloon due in 5 years. This way you can cash out your HML and not have to worry about traditional financing for five years.
I agree the worse is that they will say no so I will try.
I was surprise too but there was two loans on the property and when I challenge the 2nd loan to the credit bureaus they came back changing it from not paid for more than 90 days to paid as agreed so that bump my credit plus I have other mortgage loans on investment properties in good standing.
Daniel
"Don't compare your life with others. You have no idea what you are getting into."
"No compares tu vida con otros. No tienes ni idea de lo que se trata tu travesía."
I have also read articles regarding the restrictions on Fannie mae and Freddie Mac originated loans where the owner has walked away from his mortgage. However, I have not been able to find the actual law and/or rule that plainly states that restriction. Do you know where it is?
Furthermore, I am not sure it applies to banks that hold their own paper and/or foreclosures that happened before a certain date and/or on properties that Fannie and Freddie didn't lose money. Any help in this direction would be welcomed.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Maybe you want to try the book I used is called "good credit is sexy" is $20 but you can buy a used one in amazon for $10. I like it because it comes with a CD with letters to send challenging the bad items on your credit.
I have other mortgages with good record but this one it was the house I was living in and to be honest it was done on purpose because it was not worth it keep paying two loans totaling $250,000 when the property was worth only $120,000 especially when I was able to get a better and bigger house for $107,000.
Anyways good look with your situation.
Daniel
"Don't compare your life with others. You have no idea what you are getting into."
"No compares tu vida con otros. No tienes ni idea de lo que se trata tu travesía."
This is what I have heared before and I wanted to make sure.
Thanks for the info but I probably still will give it a shot.
"Don't compare your life with others. You have no idea what you are getting into."
"No compares tu vida con otros. No tienes ni idea de lo que se trata tu travesía."
That is interesting the loan was with CitiMortgage so I don't know if the rule is a law or just to some loans and banks.
"Don't compare your life with others. You have no idea what you are getting into."
"No compares tu vida con otros. No tienes ni idea de lo que se trata tu travesía."
3 years on a forclosure before FHA will do one.
I guess I will not try FHA....
"Don't compare your life with others. You have no idea what you are getting into."
"No compares tu vida con otros. No tienes ni idea de lo que se trata tu travesía."