Life after foreclosure

[Anonymous]

Our lease will be up in 6 months. We are in NW Houston. We recently tried to go through a broker & had our credit pulled. There is an FHA foreclosure on my credit from Aug 2005. My husband is disabled but the foreclosure is not listed on his credit but his score is higher than mine. My mid-score is 640 & Hubby is 660. Does anyone have advice for us to be able to seek home ownership? A friend of mine suggested lease options then refinancing in a few years. Has anyone has any experience with this?

[DallasLoanGuy]

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kcgilbert wrote:
Our lease will be up in 6 months. We are in NW Houston. We recently tried to go through a broker & had our credit pulled. There is an FHA foreclosure on my credit from Aug 2005. My husband is disabled but the foreclosure is not listed on his credit but his score is higher than mine. My mid-score is 640 & Hubby is 660. Does anyone have advice for us to be able to seek home ownership? A friend of mine suggested lease options then refinancing in a few years. Has anyone has any experience with this?

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when the fha loan foreclosed.... was there a deficiency balance? meaning, did the home sell for enough to pay off note or not?

lease option is scary if you go alone. it may be worth it to you for a realtor to help you get into one. many unscrupulous investors take large down payments from their lease options and then evict when they are one day late on payment.... a bit of a scam.

protect yourself!!! have someone help you

[Anonymous]

On my recent credit statement is lists the balance as -0- so to my knowledge we don't owe any additional monies to the bank which is Chase. I didn't even know it was a FHA loan until it showed on my credit. There were many, many things not disclosed by the person who did the loan. We've learned our lesson but can't get anyone to look past the foreclosure. The only recent thing on the report are my deferred student loans (I graduate with a Bachelors in Business Management next year) and the 2 cc (1 is secured) which we pay off every month. We pretty much just charge gas on them & then pay them so that they will report to the bureau (which they are). I've heard a lot of scary things about lease options also.

[Anonymous]

I forgot to mention that the foreclosure was due to loss of my job of 7+ years.

[DallasLoanGuy]

get a realtor to look over the lease option.