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Tagged with: foreclosure
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A Curious User
2 months ago
Foreclosure in 2013, was told during application process for 2017 refinance everything was fine. AFTER appraisal and all other hoops we jumped through, told loan was going to final approval and BOOM, denied due to FHA stating the payout or whatever wasn't until November of 2014. What is this all about???? I have no control over the mortgage sale being moved 3 times or PMI claims being processed slowly. Is this accurate or were they giving me a line of crap?
Foreclosure in 2013, was told during application process for 2017 refinance everything was fine. AFTER appraisal and all other hoops we jumped through, told loan was going to final approval and BOOM, denied due to FHA stating the payout or whatever... (more)
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M D
a year ago
Looking into maybe purchasing a small foreclosure for 15,000. We will have 3,000 to put down. Would need a loan for like 13,500. Do they do loans that small? In the process of building up our credit. It's in the 550-580 range. Hoping to be approved somewhere. Have excellent reliable income. We are first time home buyer's.
Looking into maybe purchasing a small foreclosure for 15,000. We will have 3,000 to put down. Would need a loan for like 13,500. Do they do loans that small? In the process of building up our credit. It's in the 550-580 range. Hoping to be... (more)
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James Ross
a year ago
We filed a chapter 7, lost a home in foreclosure but maintained a home we could afford. It's been 4.5 years and we were approved for an FHA loan based on our re established credit, stable jobs, good income and no debts at all. Lender says FHA is all we can do and that PMI is required. Ok we find it to be worth it, but no one can tell me how long we will have to pay the PMI? When can we get it removed, and will we have to refi to remove it? If that is true how long?
We filed a chapter 7, lost a home in foreclosure but maintained a home we could afford. It's been 4.5 years and we were approved for an FHA loan based on our re established credit, stable jobs, good income and no debts at all. Lender says FHA... (more)
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Kurtis Y.
a year ago
I'm currently employed (3+ years at same job).

My wife is also employed, but only for 1 year thus far.

If I personally qualify for/receive an FHA Loan based on my current job and income, purchase a 2-4 unit building, then end up quitting my job (while my wife maintains her job), will I be penalized somehow on the loan, even if we can still make loan payments?
I'm currently employed (3+ years at same job).

My wife is also employed, but only for 1 year thus far.

If I personally qualify for/receive an FHA Loan based on my current job and income, purchase a 2-4 unit building, then end up quitting my... (more)
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John Mcallister
a year ago
I would like to refinance my current home to a lower interest rate and was told I would have to wait 3 years after my foreclosure on another home I owned.
I would like to refinance my current home to a lower interest rate and was told I would have to wait 3 years after my foreclosure on another home I owned.
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I've heard there is a 90 day waiting period before a potential buyer could obtain an FHA loan for this house if it is more than what was paid for the house at foreclosure. Is this true? If so are there other limits to obtaining an FHA loan against foreclosure/recently purchased homes? thanks
I've heard there is a 90 day waiting period before a potential buyer could obtain an FHA loan for this house if it is more than what was paid for the house at foreclosure. Is this true? If so are there other limits to obtaining an FHA loan... (more)
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Trudy Beerman
a year ago
According to this site, mortgage insurance is required on loans with less than a 20% downpayment and mortgage insurance protects the lenders from unpaid loans, so why is a foreclosure necessary? If the lender gets the insurance, and takes the property, and puts a legal claim on the former owner, isn't that like triple dipping?
According to this site, mortgage insurance is required on loans with less than a 20% downpayment and mortgage insurance protects the lenders from unpaid loans, so why is a foreclosure necessary? If the lender gets the insurance, and takes the... (more)
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Bob Hampton
a year ago
My wife and I trying to purchase our first home and we were looking into foreclosures.
My wife and I trying to purchase our first home and we were looking into foreclosures.
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I had a chapter 7 discharged Sept 2012. In that bankruptcy my house was included but not foreclosed until February 2014. HUD shows the CAIVRS claim date (when Bank of America made their claim) 14 months later, April 2015. Did the seasoning period begin with the foreclosure sale, 2/2014, or the HUD CAIVRS claim date 04/2015? Lenders I have talked to say it's the HUD claim date. I appealed the claim date directly with HUD in Denver, but they declined to "suppress" the claim.
I had a chapter 7 discharged Sept 2012. In that bankruptcy my house was included but not foreclosed until February 2014. HUD shows the CAIVRS claim date (when Bank of America made their claim) 14 months later, April 2015. Did the seasoning period... (more)
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