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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.
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?
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.
@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.