Had a fourcloser 2 1/2 years ago

most lenders are going to require 3 years has elapsed since the foreclosure. You may be able to get financing from a lender who uses a portfolio, or their own internal funds to make loans. You can try local banks, and community banks in your area that dont conform to Fannie and Freddie guidelines.

Short sale with FHA Loan Can purchase right away with no mortgage default 3 year wait if in default at the closing Reduced wait if the borrower has re-established good credit and can show extenuating circumstancesShort Sale With Fannie Mae Loan 2 year wait if the borrower puts 20 % down 4 year wait if the borrower puts between 10% to 20% down 7 year wait if the borrower puts less than 10% down 2 year wait if the borrower can show extenuating circumstances and puts more than 10% downShort Sale with Freddie Mac Loan 4 year wait before being able to get a loan 2 year wait if the borrower can show extenuating circumstancesForeclosure with an FHA Loan 3 year wait before being able to get a loan Reduced wait if the borrower can show extenuating circumstances and re-establishes good creditForeclosure with a Fannie Mae Loan 7 year wait from the completed foreclosure sale date 3 year wait if the borrower can show extenuating circumstances. Additional underwriting requirements apply for 4 years after a 3 year waiting period. 7 year wait for a 2nd home, cash out re-financing, or an investment propertyForeclosure with a Freddie Mac Loan 5 year wait from the completed foreclosure sale date 3 year wait if the borrower can show extenuating circumstances** As a side note a deed in lieu of foreclosure follows the same guidelines as FHA's foreclosure policy, the same as Fannie Mae and Freddie Macs short sale policy.

Yes you do have options available to you. Give me a call so that I can explain how we may help you with this situation.Austin Soutas949-229-1652

When your foreclosure was recorded on your 1st position lien, the 2nd would have had to assume 1st lien position. I doubt that occurred. Contact one of the three credit repositories to have this cleared up. You will need to wait a year or so, due to foreclosure, depending on the type of lender, to apply for a new mortgage loan, with the exception of private money which carries higher rates and fees. ... Good luck. ... Happy funding, Rudi

The biggest challeng you are going to have is the Collection agency that is trying to collect on the HELOC. If this debt was not related to the purchase, if may be a legitimate debt the lender can collect. However, many states, including California have changed the rules about lenders going after deficiency balances after a foreclosure. If this debt is collectable, many lenders will not allow you to obtain a new mortgage loan until this is satisfied. You need to find out if the current rules prevent the debt from being collected. Many collection agencies will continue to try to get $ from you even if the rules indicated it is no longer collectable. They will try until forced to stop. You need to resolve this because this will surely hold up approval af any new loan. Good luck.