Comments on: Getting a mortgage after foreclosure not so simple

By: CJae

CJae — Fri, 25 Sep 2009 01:49:36 +0000

Neither is true…..first of all, only 5% of short sales actually go through….you got lucky! It’s actually in the bank’s best interest to just foreclose. But think about it…..a short sale means you didn’t live up to your original promise…to pay back X amount of dollars and X interest rate over X term. Unless you had a Chapter 13, you can’t get a mortgage for a minimum of 2 years after bankruptcy (FHA and VA….4 years for Conventional)….4 years for a foreclosure and a short sale. I’m a 36 year mortgage banker…..

By: CJae

CJae — Fri, 25 Sep 2009 01:45:40 +0000

Not the right answer anymore, Jack….”mortgage brokers” as we used to know them are GONE! The “mortgage brokers” of today are running their loans through the big guys, such as Bank of America, Wells Fargo, National City, etc.. You will pay a premium by not going directly to the big banks. Loans are made, then sold in HUGE bulk directly to FNMA, FHLMC and GNMA…..unless you’re the bigs guys, you can’t sell direct. Even your local banks can’t sell direct. They are wholesale correspondent lenders that go through the big boys for their money. These days it’s even harder to get a loan through a “mortgage broker” because the big guys are being so much more cautious on those loans. The majority of Countrywide’s “bad loans” weren’t even done by Countrywide loan officers….they were done by the old “mortgage brokers”. Things aren’t the same anymore….unfortunately, it takes the public much longer to figure this out.

By: Kenny D

Kenny D — Sun, 19 Apr 2009 03:57:06 +0000

Hi DebtKid,
With all the “mistakes” you say you’ve made, it does sound like you’re doing well and will continue in that direction. You are a fast learner so it seems. I want to ask you what you might do if in a situation like mine: with a student loan of more figures than I care to say and other dept incurred as well, what would you consider as side or other work to pay down this debt? Any advice or suggestions will be welcome.

By: DebtKid

DebtKid — Fri, 17 Apr 2009 03:55:04 +0000

I think they are viewed as better than walking away from the home, but they are stillviewedvery negatively.

By: Laurie

Laurie — Fri, 17 Apr 2009 02:04:04 +0000

I thought Short Sales were a smart thing…is it because you foreclosed also? Usually Short Sales only lower your credit score about 50 points….

By: Chris G

Chris G — Sun, 12 Apr 2009 16:53:23 +0000

I think that girlfriend of yours is a keeper! My wife keeps whining that we should have a bigger place!

By: David

David — Sat, 11 Apr 2009 14:45:28 +0000

you can give up to $13k in 2009 w/o gift tax applying… not even sure if that would/should apply to a loan you are paying back.

but anyways, get your head out of your rear end and pay back your mother

By: Chris

Chris — Fri, 10 Apr 2009 12:42:07 +0000

Hi DK, I don't think that you made a mistake at all. You're renting when you could be buying with lower mortgage payments. Makes sense, even with the recession. There are always jobs out there.
It's amazing what you're doing! Keep going!

By: Jack C Johnstone

Jack C Johnstone — Fri, 10 Apr 2009 05:14:07 +0000

While I agree that it's probably good you weren't approved, I would have gone with a mortgage broker rather than a loan officer at a specific bank. Assuming you would actually want to be approved and get a good deal, that is.

By: Jocelyn

Jocelyn — Thu, 09 Apr 2009 22:16:27 +0000

It's always good to know where you stand and, hopefully, with that information you can get everything in order to be 100% ready when your time is right. You're on your way. Be encouraged!