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REFINANCE AFTER A FORECLOSURE 3 YEARS AGO

MY FIANCE AND I OWN A HOME TOGETHER FOR FIVE YEARS WITH A VERY HIGH INTEREST RATE. HIS MARITAL HOME WITH HIS XWIFE WAS QUIT CLAIMED OVER TO HER IN THE DIVORCE., SEVERAL YEARS AFTER IT WAS FORECLOSED ON. THE FORECLOSURE WAS 3 YEARS AGO. WE ARE LOOKING TO REFINANCE OUR 7 YEAR BALLOON MORTGAGE AND ARE HAVING TROUBLE FINDING A LENDER. CAN ANYONE HELP? by cindy459 from Tampa, Florida. Mar 31st 2016 Reply


Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

FHA guidelines permit financing after a 3 year wait period from the date of the completed foreclosure. You should be able to find a local lender who can help you.If you cannot find a lender, I would recommend calling around and speaking with some realtors, and ask them who their favorite lender is and ask for a referral.

Mar 31st 2016
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Nicholas Mergo (nick_412_429)
#176 ranked lender in Florida - 3 contributions

FHA would allow VA if one of you is a veteran would also allow.I am in Florida and would be happy to help answer some of your questionsNick MergoNMLS 328844407-774-5800 xt 265

Mar 31st 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

FHA allows you to refinance 3 years after a foreclosure.. but FHA has a maximum loan amount guideline.. and regardless of what the loan to value is, all FHA mortgages have an upfront and monthly mortgage insurance premiums.. VA also allows this scenario, but you must have VA benefits available to you to qualify.. For conventional, the mandatory waiting period is 7 years. I have seen lenders in the past with a really good letter of explanation and supporting documentation, allow someone who deeded a property over to an ex spouse that went into default, and they allowed an exception.. but it's very rarely that this occurs.. 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

Mar 31st 2016
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