YES!!! It Is Possible....A home for us again!

[gophermn]

Congrats!! I went to the website - ran the numbers and it said we are eligible for a Guarantee loan. Now I am looking for rural areas in Minnesota which is what I should do first before applying for a loan :-)

[dm415]

broke couple question

I have a question.Did you still have a house titled in your name when you got the usda loan,even though it was IIbk?If so how did you get around it?Underwriters do title searches for property in your name,if something comes up they want to see a payment history and whats going on with it.My theory was what does it matter if its been IIB,personal liability is gone.Anyway I am going to go for a usda deal myself but a broker questioned the fact that I still live in my home and make payments.So how did your walk away deal work for you?Thanks for the info....

[dm415]

Anyone?

[TheBrokeCouple]

No, we did not have a home titled in our name. The process of forclosure on our other home was complete in May 2009 with the Sherrif's Sale of our home. Once the home was sold, it was no longer our property.That whole process took over a year to complete. We simply stopped paying our mortgage prior to filing our chapter 7. We moved out after three months of non payment into an apartment and left the house empty. The mortgage company got in touch with us after our stay was expired and our case was closed. They wanted a deed in leiu for the house. We did not want to deal with them at all and told them we were not interested. They came back at us and explained that it could be a "very long time" (ie. a threat to create grief for us) to complete the process. We really didn't care as we knew it would be a while before we would qualify for a loan anyway. Once we did apply for our loan, there was some incorrect information on our credit report that showed us as still owing an outstanding amount to the other mortgage company. Our broker took care of it and had it corrected for us. We were then clear to apply for our loan.

[dm415]

Thanks for that info,it seems to me then that even 2 years out of 7 discharge fhak my chances or usda isnt possible with a home still titled in my name since fha and usda only loan on primary residences.Underwriters do title searches before closig a loan to see if you own any other property,then they want to see a payment history on that property,but if it has been IIb then there is none.So I think my chances are not good.

[dm415]

ok I need to spell check before I click submit

[Crissy327]

Thanks so much for the advice!!! We are trying to buy now to get the 8k buyers credit but keep being told we have to wait the 2 years, even though our score is 665. I looked on line and it looks like that program might work!! It's at least worth asking Thanks so much for giving me an option to look at. It did say something about you have to been in real need of a house or something. We rent a nice house now but want to buy again. Did you run in to any issues with how desperately needed a new home?

[TheBrokeCouple]

Crissy,

No we did not. Rural housing does not consider "renting" to be reasonable housing. They believe that there should be a means for everyone to own a home of their own.

I'm glad I could be of some help to you. Good luck with your loan!

[Crissy327]

Can you e-mail me your broker's name and number?

Thanks for your input. I would love to talk to the guy who got it done for you. Is there anyway you could send me that info. I think you can do a private message. It sure would help since my local office is saying 2 years. Thanks for encouraging all of us!

[mom2three09]

Thanks for your input. I would love to talk to the guy who got it done for you. Is there anyway you could send me that info. I think you can do a private message. It sure would help since my local office is saying 2 years. Thanks for encouraging all of us!

I would love his info too (if you wouldn't mind).. I'm in Indiana so this would be of great help to us when we're ready to sell our current home and buy a new one