Looking at applying for mortgage 4 years after foreclosure

[Anonymous]

Hi.... looking to get preapproved later this month for a mortgage.  It's been a little over 4 years since my foreclosure happened - finally got my career back in place after downsizing at my previous company back in 2010.  Have a few small credit cards now, nothing major just small CL to make sure my credit scores increased over time plus purchased a vehicle in 2016 and is clean.  

Current mortgage scores:

Eq: 679

Tu: 665

Ex: 657

These scores were before my latest Fico Score 8 moved up to

Eq: 682 from 673 (7/25/17)

Tu: 702 from 689 (7/25/17)

Ex: 666 from 660 (7/25/17)

Wish me luck!!!!

[BurgeoningHope]

Good luck!! Please chime in with how things are going - you are certainly not the only one clawing their way out of a foreclosure... 

[Anonymous]

Thanks....

Well...  sent in all required paperwork...  appraiser just came out last Thursday and now I wait....  When I have more info, I'll be sure to post.

[Anonymous]

Ok.... just waiting on our lease review from property that we have been renting and in process of buying.  Loan officer says that we're almost set waiting for the final review on this.  House appraisal came in 25% higher than purchase price.  Fingers crossed... hoping to hear something tomorrow and hopefully close within the next week or two.  (FHA)

[Anonymous]

Inching closer.....  Just waiting on title company.  LO said should be in next day or so.  Just waiting for the smile to happen on my face.  It's almost there......

[Anonymous]

Ok.... LO called me this morning and said that we are cleared to close.  Waiting to see if seller will be here or POA.  Tentative closing date of 10/13 if everything falls as we think it will and if seller allows POA.  Seller lives out of state and I don't think they will want to drive back 6 hours for 1 hour out of their day.  But who knows......

Mortgage scores: (9/26/17)

683 - Equifax

665 - Transunion

663 - Experian

Fico 8: (10/3/17)

689-Equifax

703 -Transunion

679 -Experian

[StartingOver10]

There is no requirement for the seller to be there physically or to have a POA. Usually the title co or closing attorney just sends the seller package overnight to the seller to sign in front of a notary and they seller returns it. This is SOP.  We refer to these as "mail away" closings, but everything is handled via UPS or FedEX or similar overnight service. Ask the title co. about it. 

[Anonymous]

Thanks for the info StartingOver.  They said they weren't sure if they could make it or not so that was why I said that.  Just found out that the sellers will be there.  Forgot one last thing.... smoke detector inspection information needs to be sent to the lawyer but we are good to go on 10/13.  Woo hoo... extremely excited.  Thanks for all the helpful tips I have read on here.  It is much appreciated.  Once the house is finished, it'll be time to work on a cc or two, but that can wait.

[StartingOver10]

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@Anonymous wrote:

Thanks for the info StartingOver.  They said they weren't sure if they could make it or not so that was why I said that.  Just found out that the sellers will be there.  Forgot one last thing.... smoke detector inspection information needs to be sent to the lawyer but we are good to go on 10/13.  Woo hoo... extremely excited.  Thanks for all the helpful tips I have read on here.  It is much appreciated.  Once the house is finished, it'll be time to work on a cc or two, but that can wait.

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Glad you got the info you needed. I am amazed that the seller will be there. I haven't had many closings in the last ten years or even longer where all the parties were there - usually one or the other was/is a mailaway. 

Plus you will get better offers for cc's once you close. Believe me, your inbox and your mailbox will overflow with cc offers after you close!

[Anonymous]

Thank you very much.  Yes, it was a last minute decision.  The house has been on the market for a while and I think that they want to bid a fond farewell to the old place ).  But who knows....  Either way was fine with me, just as long as everything was good.

It will be nice to be able to get a card or two in the old wallet and just let them grow on their own.  I know it'll take a bit for the mortgage to report and help out my scores but I figure increasing them all by over 150 points over the past 4 years since my foreclosure...  I can wait a little longer to move into the cc arena and  see my scores go even higher.

Thanks again!!!!