I’m currently living in Eau Claire Wisconsin, in a rented home. I was a home owner in Puerto Rico four years ago.
Before to starting living at Wisconsin (year 2013), I had my home in Puerto Rico on sale with the buyers with a loan approved.
As part of my relocation benefits my company was providing sales assistance to my home. But at the moment of the closing, it was discovered my home and also the entire neighborhood in where the house is located were not free of liens.
The entire story for having this liens is the following: This was a new construction project consisted of 47 homes. The contractor made an agreement to the owner of the land in where the 47 homes are located. The agreement consisted to paid the money for the land to the land owner after all the houses were constructed.
That agreement from the contractor to the land owner never was completed and the land owner decided to take legal actions to the contractor. Unfortunately for us (all the 47 home owners) the contractor declared himself in bankruptcy.
The land owner with not more choices present to the court the situation and all the homes were to public auction around the year 2010. The legal situation continuing in course, and when I was moving from Puerto Rico on 2013 the bank told us the lien was cleared out and also I had the go-ahead to sell my home. I tried to sell my home twice with two different buyers but the lien issue was never resolved.
I’m continuing working with my lawyers and continuing paying my mortgage while I was not living any more in Puerto Rico. I paid the mortgage until November 2015, by recommendation of my lawyer and also because I don’t had any other option I give-up and stop paying my mortgage since then.
Back to the present, my home was sold in a public auction on March, now on my credit reports appears the foreclosure with $0 balance.
Sorry for the long email, but what I’m looking for is to have the opportunity to buy a home here in Wisconsin. I really had a good credit before this foreclosure. Actually this is my 4th year paying rent without any late payment. Also all my accounts, like credit card, car loans Cellphone bills ect, does not have any late payment.
I have all the evidence in the world to demonstrate the lien issue I had with my home in Puerto Rico and also the two times in where I had the buyers with the loan approved but the sale was cancelled by the lien legal issue.
Again, sorry for the long email I just need some orientation to who I can call or contact in order to have the opportunity to buy a home with a FHA loan. Why FHA? Because I don’t have the enough money now for down payment. I have an expectation to buy a home next year as soon my current renting contract ends.
Thanks for attending to this
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Best Expert Answer
FHA loans are available from participating lenders. You can fill out an online form at http://www.fha.com to be put in touch with a participating lender who can discuss your needs. (FHA.com is a private company, NOT a government agency and is not affiliated with the FHA). You mentioned not being able to make a down payment-you should know that FHA mortgages do require a minimum down payment of 3.5%. There may be down payment assistance programs in your area, but the FHA itself does not offer down payment assistance. Hope this helps!
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What lien are you speaking about: from subcontractors or from a bank? Did your lawyer suggest you go back to the title company? Is title insurance done in PR? It would seem your fight is not with the contractor, but with the title company that did not clear that lien with each sale of a lot (partial release).
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