I am paying for a home I do not own...

The real question is when were the properties transfered out of your name. If you walk away from a property and the lender dosent foreclose for 18 months later, the clock starts ticking the day the bank actually foreclosed, not when you walked away. Check with your county recorders office and search for copies of the deeds for the properties in question. It will be 3 years from that date. As far as purchase or refinance, I don't think it will matter... contact a local mortgage broker, not a bank, and start an application with them.. they will be able to look at your complete profile and guide you in the right direction.. WilliamAcres.com

bigthing- There may be tax consequences for your parents. - Prior to doing anything I suggest your mother and you consult with a CPA or an Attorney that has a good understanding of tax laws in California. - Best wishes- Rudi

When a homeowner loses a home to foreclosure, the penalty period they must wait before they would be considered eligible for another starts the date the bank records the foreclosure deed taking legal possession of the property. You are looking at three years from this date. You are also subject to a minimum of two years from the date your bankruptcy was discharged. The earliest date you would be eligible would be the latest date of these two. Make sure you are keeping good records of the payments you are making on the existing mortgage, including a copy of the cancelled checks or bank statements. You will likely need these for approval of your new loan. Once you are about 6 months from the date you become eligible again, my advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter ~ The LoansA2z team of Nova Home Loans. www.LoansA2z.com ~ NMLS # 40586

FHA loans allow for someone to purchase a home 3 years out of forclosure but you will have pmi. Conventional financing requires you to be a minimum of 4 years out of forclosure and some are 5 +. It sounds like you are in a good situation with your parents and where you are now. Focuss on continuing to increase your credit scores and saving money. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260