We bought our house at the end of the bubble, now it’s upside down nearly ,000. This is not what we plotted on, so I want to give the keys to the lender, let it foreclose, and then after three years, save money for a down payment. And re-buy a new home, that is worth the paper it’s printed on, and utilize another FHA loan. Would this be able to be accomplished?
Please dont tell me I cant get a loan either, I know that I can get a FHA loan after three years from a foreclosure, I know what the requirements are. You are incorrect when you say I wont be able to get one after 10 years, I'm not getting a conventional loan, I would be getting another FHA loan. I know people that dont even have a solid work history that are still getting new home loans recently.
They are not "tactics", I am simply sticking it to the banks. The same "banks" that gave terrible loans to people that could not read the fine print. So, the responsible person, "me", gets the sh** end of the stick? And now owns a home worth have as much as what I paid for it. I was 120% responsible, got a excellent loan, saved for a down payment, and now look at where I'm at! A house worth nothing. So my answer to your ridicule is, where is my bailout? Oh, thats right, the responsible person doesn't get a bailout, so I will be walking away from this house, and playing the system to buy a house that is "worth what I paid". You can get mad all you want, but I am getting screwed here. So this is my solution.
If I default on a FHA loan, and it goes into foreclosure, can I get another FHA loan in 3 years after renting?
One Response to “If I default on a FHA loan, and it goes into foreclosure, can I get another FHA loan in 3 years after renting?”
Leave a Reply
Recent Posts:
Related results on If I default on a FHA loan, and it goes into foreclosure, can I get another FHA loan in 3 years after renting?
If you and your husband agree to purchase a property together and both applied for the mortgage loan, then both your income and credit would have to be considered. So the default or foreclosure you are currently in would be a factor as it would be on ... #3 Lease with an option to own (This is good as you have an option to purchase the property after an agreed on time normally 3-5 years.) #4 Rent to own (The same as a lease to own with a few wrinkles). #5 Land contract ...
Borrowers in default on their mortgage at the time of the short sale (or pre-foreclosure sale) are not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale. Lenders may make exceptions to this rule under ... What was your final set of FICOs after the next credit bureau reporting cycle? etc. Do not hesitate to call me for more information at 310-508-4354 or check with a recommended FHA lender professional to see if you qualify. ...
Swiller, maybe you can get behind the movement to have a California Constitutional Convention - after all, what happens after CA goes bankrupt? Unless we completely overhaul our state gov't we are still stuck with our peculiar tax and .... When I had my FHA loan about 18 years ago, I paid 0.35% annual rate loan insurance ((paid monthly; they don't call it PMI but it serves the same purpose). If FHA still requires loan insurance, then there's another $90 to $100 a month ...
You MAY be able to obtain another FHA secured loan after three or four years post foreclosure. The issue, but, is not whether you will be able to obtain such a loan, but the interest rate you will be charged. You won't get anywhere near the going rate on interest charges. Expect to pay a few percentage points MORE than whatever is the going rate at the time you obtain such a FHA loan.
Qualification for a FHA loan is not credit score driven, but the rate of interest charged IS credit score driven.