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Back on the Horse!

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    #1

    Back on the Horse!

    Well after 3 years post foreclosure my wife and I were approved for an FHA mortgage yesterday!

    We are going to do a 15 year FHA @ 3.25% our credit scores are well into the 700's!

    We went through a contract for deed with the in-laws, and because of this we have nothing to put down other than the closing costs. The contract-for-deed is handled like a refinance! So keep that in mind if you ever have the opportunity to obtain a land contract/ contract-for-deed. (not for everyone mind you).

    Keep the faith and keep your eyes on correcting the past!
    Filed: 11/25/08 - chp 7 no asset
    Discharged: 2/24/09 CLOSED 3/7/09!
    Tags: None
    #2
    Nice job! Congrats.
    Filed 7 - 7/8/10, 341 - 8/17/10 - Continued, Presumption of Abuse Filed - 8/27/10
    Report of No Distribution 9/27/10. Discharged 2/7/11 Closed 02/25/1
    10/12 EXP. 681

    Comment

      #3
      I have used and do recommend contract for deed. I actually fulfilled the contract and got a warranty deed. You did good and thank you for posting this. It is a good way for those with no money or a little money to get something they could walk away from if they could not fulfill. Like a "ride through" does. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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        #4
        Well after 3 years, we have the mortgage again!

        We finally settled on a FHA 4.25% 30 year. I'm happy with it and I felt that I could have a better interest rate return on other investments as apposed to going for the 15 year mortgage.

        Anyways, we had both a Foreclosure and BK and we make it though this and are in much better shape on the other side!
        Filed: 11/25/08 - chp 7 no asset
        Discharged: 2/24/09 CLOSED 3/7/09!

        Comment

          #5
          Congratulations, and I hope all continues to work out for you.
          "To go bravely forward is to invite a miracle."

          "Worry is the darkroom where negatives are formed."

          Comment

            #6
            Originally posted by SubPrimeME View Post
            Well after 3 years, we have the mortgage again!

            We finally settled on a FHA 4.25% 30 year. I'm happy with it and I felt that I could have a better interest rate return on other investments as apposed to going for the 15 year mortgage.

            Anyways, we had both a Foreclosure and BK and we make it though this and are in much better shape on the other side!
            If you were discharged in '09, how did you get the FHA before the 3 year requirement for a Foreclosure? Did you foreclose before and then filed for BK?
            CHAPTER 7 FILED: 1/18/2008: 341: 2/19/2008
            DECLARED NO ASSESTS: 2/20/2008
            OBJECTION TO DISCHARGE DUE: 4/21/2008
            DISCHARDGED & TERMINATED:4/22/2008

            Comment

              #7
              Yes... The foreclosure was July of 08'
              Filed: 11/25/08 - chp 7 no asset
              Discharged: 2/24/09 CLOSED 3/7/09!

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                #8
                Congratulations to you!!! Thank you for posting about your success with getting a mortgage, it gives us all hope for the future.

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