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Home loan after deed in lieu

My husband and I built houses successfully for years. When the crash happen we held on making interest payments for over a year before bank ask to do deed in lieu. Because of good credit history and effort they gave us in writing documentation that we would not be harmed and owned nothing. 2 years went by and they got taken over by a Big Bank then they put the deed in lieu on our credit. We contacted our Attorney and we are in the right with "no harmed" verbiage in letterhead of bank. So we contacted Big Bank and was threaten with being sent 1099 for short fall. We again called our attorney and again we would legally be right to sue for breach. But reality check is that would be thousands of dollars in fees. Question if we went FHA would they take Letterhead doc as extenuating circumstances? We would like to buy a home. We have leased 4 yrs no lates. Deed in lieu 2010 Big Bank threaten us 2012. Is there any hope of FHA loan before the 3 year Oct 2013 date? Also our deed in lieu were business in LLC. by janell_235_140 from Knoxville, Tennessee. Dec 1st 2012 Reply


Financial Services (FinancialServicesOnline)
#66 ranked lender in Pennsylvania - 5 contributions

Thank you Janell,We are an FHA-approved lender and we can provide the opportunity you require. 3years is a long time and we can guarantee your safety and success to help avoid the misfortune if "big bank" takes on your investments.Contact us: financialservicesonline@outlook.com

Dec 1st 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Hope vs. Reality.. sorry, but reality will win here... FHA has an automated underwriting system and so long as the foreclosure/deed in lieu is on your credit report, then FHA connection will not approve you.. FHA allows for "Manual Underwrite" if your denied, but very, very few lenders are willing to do manual underwrites, because they open themselves up to much more liability if the loan goes bad.. You're going to have to wait till 3 years has passed from the home coming out of your name.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Dec 1st 2012
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Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 225 contributions

Hey Janell,Honestly I'm not sure what can be done. It usually depends on the Investor, & what overlays they have on their products & if they're willing to accept your documentaion. I can check on Mon for you. I'm thinking even though you have the letter & this happened in 2010, then to do an FHA loan, the wait would be 4 yrs. But I will check for sure on Mon for you.ThanksNancy RelefordHome Equity Mortgage, LLC615-867-3060

Dec 1st 2012
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