Mortgage lenders

Anonymous · ‎03-15-2015

We live in Wisconsin and would like to know which lenders are recommended? We are currently in contact with a local Inlanta banker.

We have both have past Chapter 7's, discharged in 2011 and homes that we're included. FHA foreclosure in 2012 and a fannie mae foreclosure 2013.

Would we have more of a chance given our past, if we applied at a large bank, Wells Fargo or BOA?

Any brokers that people have had a good experience with??

Lemmus · ‎03-15-2015

@Anonymous wrote:
We live in Wisconsin and would like to know which lenders are recommended? We are currently in contact with a local Inlanta banker.
We have both have past Chapter 7's, discharged in 2011 and homes that we're included. FHA foreclosure in 2012 and a fannie mae foreclosure 2013.
Would we have more of a chance given our past, if we applied at a large bank, Wells Fargo or BOA?
Any brokers that people have had a good experience with??

...the bad news is that you are less than 36 mts out of your last foreclosure ...possibly not even the 2012 foreclosure ...not to mention the 2011 bk ...you've had a bad run and its going to take a real heartbreaker story to convince an underwriter to allow an exception to the FHA 3 yr minimums ...not to mention lender overlays.

...stay away from any of the major banks, they tend to be the most conservative of lenders since the housing crash ...find a realtor first ...tell them everything ...then listen to their advice on possible lenders in your market that might be willing to finance you AND be able to close

...hopefully one of the lender gurus like Shane or Dallas will have something to add that might help ...or just lay out the cold hard facts so you know where you stand.

Anonymous · ‎03-15-2015

I was going to be the non purchasing spouse, since my foreclosure took 2.5 years. Finally finished in 2013.

It will be 4 years for both bk discharges in 6/15 and 8/15.
Suntrust transferred the title to HUD on 2/21/2012. Sheriff's sale was 4/16/12.
We have a lender that says their underwriter uses the Sheriff's sale date, not the date the claim was paid.
I called FHA and asked the date the claim was paid, they stated it was 7/20/12.

This is where I'm confused.
1- How did Suntrust get the title and transfer it to HUD in February, 2012? Technically, this is the day my husband was no longer on the title.
2- Suntrust bought the house at the sheriffs sale for $177,000, why did they pay so much?
The balance owed on the house was $165,000.

sorry, but this whole situation confuses me.