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If foreclosure was started over 2 years ago then we paid back payments and penalties so we still have our mortgage can we refinanc

by bcbauer93849 from Evanston, Illinois. Jan 6th 2016 Reply


Christina Hayes (CreditRepairExpert)
#8 ranked lender in Tennessee - 68 contributions

Hello, when you state your foreclosure started 2 years ago, what is the status of your loan now? Did the back file a Lis pendens? (Foreclosure proceedings), if so did they vacate the filing or stop the filing? I know these are lots of questions. First thing you need to do is contact your current lender servicer. Find out the status of your loan. Secondly, look at your credit report(s), to see what damage was done, and what verbiage is placed under the tradeline (the loan on your credit report). Thirdly, you need to know what your scores are in order to refinance. Also have you made timely payments in the last 12 months based on the agreement you had from the lender (assuming your lender modified your mortgage)? My company can verify this information for you for $1. We provide tri-merged reports for $1. Not trying to sell you a service however you need to know what your credit scores are. Have a wonderful day.

Jan 7th 2016
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Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

You very possible could qualify. I recommend you consult with an Illinois licensed mortgage broker/banker who can analyze your particular qualifications and give you a clear perspective on where you stand in obtaining a refinance. If it is similar to a "modification" rather than a foreclosure (proceedings only begun but never completed) you could very well be eligible. As Christina answered your question, there are variables in your situation that need to be reviewed by an experienced mortgage planner (mortgage broker/banker.)

Jan 7th 2016
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

It could be possible, there would be more that would need to be considered. Talk with a local lender to put a full application together and see what they can do for you.

Jan 7th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

Much more info needed.. but in general, If you have been current for 2 years, then it's possible, but some lenders apply the same mandatory waiting period if you were more than 90 to 120 days late.. or if your loan has goes into foreclosure.. in which case you would need to wait 3 to 7 years.. but this is an overlay.. meaning some lenders choose to apply this guideline, but others don't.. it's best to use a mortgage broker since they will have access to numerous lenders with each one having a different set of lending rules.. the more lenders, the more lending options and the greater likelihood your loan scenario will be accepted.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jan 7th 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

With a foreclosure having started and been brought current, in addition to making sure the foreclosure was officially "cancelled" it will also depend on the type of mortgage you refinance to. Your most recent 12 months history will be most important to show not any late payments

Jan 8th 2016
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