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Cash/Seasoned Funds

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JM-AM
Valued Contributor

Re: Cash/Seasoned Funds

Im sorry you feel I judged, it wasnt my intent.

 

I was just trying to let you see it from Lenders side.

 

If you are questioning the possibility, the lender will also question it.

 

You have had a hard time and you are fighting your way to the top, and you should be proud no doubt, so without taking anything else I say to heart I am just trying to let you look at both sides of the equation.

 

I guess you can try and hope for the best, worse case they dont approve it and you sit out a little longer and try again. I have seen some crazy situations approved before, so technically all is not lost by trying.

Good Luck
May all your dreams and wishes become a reality!
Message 31 of 35
jojomomma
Regular Contributor

Re: Cash/Seasoned Funds

Having ths foreclusre on my record, 3 small medical collections has proven to be be very embarrasing and stressful.  I waited to chk my scores/credit report for 4 yrs because I didnt want to know how bad they were, I have not asked for a dime more in credit from anyone since the foreclosure, have not ever missed a payment on anything except for the foreclosure obviously.  I actually thought all the medical got paid, didnt realize these 3 did not until I pulled my report in Jan, so now I know they are there they will be paid.  After the down payment and the payments I made for 5 yrs, I lost more on that house from the foreclosure than the bank did.   Friend told me about this site,  wanted to beable to provide myself and sons a home again, a place they can bring their kids to visit their gramma when they have them......I can deal with apartment living for a little while longer, and once the foreclosure is out of SOL and finally off my record after what 7, 7.5 yrs I will have paid my pennance and then some....so are all the mortgages people are getting with prior foreclosures after only  3, 4, 5 yrs have passed are in states where the SOL times are that short?

 

11/2011 FICO .................TU 672 ...........EQ 654........... EX 649
03/2015 FICO; .. TU 710.... EQ 721 ....,,,,.EX 722

Cap1 6850, Discover 17,600, WM Discover 6000, Chase 2500, Citi Simplicity 2600, Citi Dbl Cash 2,600, Home Dpt 500, VS 1200
Message 32 of 35
JM-AM
Valued Contributor

Re: Cash/Seasoned Funds

Personally I think you will be okay to apply if your foreclosure is that old. You just need to know if the house was actually foreclosed on and deed was transferred out of your name. You need to look at the public records, as that is where the information would be. I would try and do this yourself, so you know someone isnt passing on what your looking for, for financial gain.

 

Generally they go by the date the deed was transferred out of your name. But since some Lenders have been dragging their feet to transfer the deed, other lenders arent letting you suffer because of it.

 

If you meet all the requirements and overlay requirements, you will have a fair (good) chance for approval. As mentioned worse case they turn you down because of it, but at least you know where you stand and what you need to do to get approved.

 

If your scores are okay, and income is suffice on the amount of home you want to buy, then I would just take the leap.

Good Luck
May all your dreams and wishes become a reality!
Message 33 of 35
MovingForward_2012
Valued Contributor

Re: Cash/Seasoned Funds

Hey OP, we purchased a home in Nov 2004, moved out in Jan 2007 right before the Sheriff came that following Monday to do it for us. It was a subprime predatory mortgage that you were never offered unless your score was a 580 or lower. It was a 2 yr ARM, interest only at 8.1% for two years and then principal was added. My shady Broker promised up and down and left and right that he would get us refinanced before the 2 year ARM expired. That never happened. I tried filling Chapter 13 to hang on to the house a little longer while I searched for refinancing. I filed Chapter 7 two years prior to that so if you think you were embarrassed by the foreclosure, I was beyond embarrassed by 2 bankruptcies and a foreclosure. I almost had a tax lien added too because I wrote exempt on my taxes for almost two years trying to get extra money to pay that house. The IRS said they were going to file a lien and I told them if they added that along with the 2 BKs and foreclosure, I was DONE FOR. Someone there had mercy on me and never filed the lien. I have been paying those taxes back for 6 years and finally in a couple of months, I will be done! I also didn't think about credit nor care about credit for a good 7 years. I didn't apply for anything and paid cash for everything. I was beyond ashamed. I still miss that house. I miss the double doors to the master suite and the additional fireplace and second security keypad in the master bedroom, the double oven, the wet bar, the living room that had one wall that had just plated mirrors. Our son was born when we lived there and all of his firsts were in that house. But I had a 1.5 hour long commute to work everyday and the local schools out there are very bad and we worried about the type of education our son would receive if we still lived there.

This year in 2013 I was given a second chance and closed on our second home. My credit report does not show a past due mortgage because WAMU went under and with that, all their derogatory accounts were wiped away. With the Chapter 13 filed, it protected me against a judgement so even though SOL are still in force, I know they aren't coming for me. I have a foreclosure public record though. I looked it up a long time ago and was so embarrassed especially knowing that some of my coworkers probably found it too. But now I am back on top and it shows I worked hard to get it all back. It took years but I got it all back.

You will get there. Just keep working on your credit and one day you will finally wake up to the first morning in your new home. Don't you give up!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 34 of 35
Walt_K
Senior Contributor

Re: Cash/Seasoned Funds


@JM-AM wrote:
Lets forget about state this and state that for a moment. While the laws of the state are what they are, and the feds laws, they are not the ones loaning you the money.

It will be determined on the Lender and their requirements.

I can tell you that any Lender I work with would not approve until it is settled.

I would think it matters what state it is as that is going to affect the lender's requirements.  For example, if Florida were a non-recourse state, this wouldn't be an issue.  It's only because Florida is a recourse state that the OP is in fear of a potential lawsuit for the shortfall.  

 

Others have mentioned that Florida may not allow liens against a primary residence.  I don't know the ins and outs of Florida's laws in that regard, but I think it would be relevant for the OP to know.  If it's true that the original lender can't enforce a judgment against OPs new property, then I think that would have an effect on what a lender is willing to do. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 35 of 35
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