http://www.fhaloanpros.com/2010/07/fha-loans-are-credit-scores-important/ The Unofficial Guide to FHA Loans & Mortgages Tue, 17 May 2011 20:16:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://www.fhaloanpros.com/2010/07/fha-loans-are-credit-scores-important/#comment-141075 Barbara Rowen Sat, 31 Jul 2010 16:43:01 +0000 http://www.fhaloanpros.com/?p=3547#comment-141075 Let's consider this scenario: You have purchased a home with private lending sub-prime hard money, all the documents are properly recorded. Due to present economic conditions, you fall behind, home falls into foreclosure, and you file BK. The mortgage is included in the BK, the automatic stay is lifted and the foreclosure concludes with the private mortgage holder now owning the property. You commence repairing your life after the BK while saving for a home of your own again. Those in the know all tell you that you have to wait at least two years after the BK before you are eligible for any type of mortgage financing. When you evaluate your credit report with a mortgage broker in anticipation of purchasing your own home again in the near future, you are told that according to FHA financing "rules" you are unable to qualify for FHA financing until FIVE (5) YEARS AFTER the property sells because the mortgage from the private lender was never reported to the credit bureaus (it's apparently too costly for private lenders to report). So, the private mortgage company that did not report the mortgage continues to mess with your credit for five years after the foreclosured upon home is sold. That's just not right! Is there anything that can be done in such a situation? Please advise. Let’s consider this scenario: You have purchased a home with private lending sub-prime hard money, all the documents are properly recorded. Due to present economic conditions, you fall behind, home falls into foreclosure, and you file BK. The mortgage is included in the BK, the automatic stay is lifted and the foreclosure concludes with the private mortgage holder now owning the property. You commence repairing your life after the BK while saving for a home of your own again. Those in the know all tell you that you have to wait at least two years after the BK before you are eligible for any type of mortgage financing. When you evaluate your credit report with a mortgage broker in anticipation of purchasing your own home again in the near future, you are told that according to FHA financing “rules” you are unable to qualify for FHA financing until FIVE (5) YEARS AFTER the property sells because the mortgage from the private lender was never reported to the credit bureaus (it’s apparently too costly for private lenders to report). So, the private mortgage company that did not report the mortgage continues to mess with your credit for five years after the foreclosured upon home is sold. That’s just not right! Is there anything that can be done in such a situation? Please advise.

]]> http://www.fhaloanpros.com/2010/07/fha-loans-are-credit-scores-important/#comment-140483 Cameron Fri, 30 Jul 2010 16:17:39 +0000 http://www.fhaloanpros.com/?p=3547#comment-140483 Job and history of paying mortgage on time is more important than a score. Besides, I run into so many people who's credit scores are beat up because of measly $15 medical collection that the borrowers didn't know about. Job and history of paying mortgage on time is more important than a score. Besides, I run into so many people who’s credit scores are beat up because of measly $15 medical collection that the borrowers didn’t know about.

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