QUESTION
Can apply for another mortgage after a Deed in Lieu of foreclosure?
Asked on Nov 03rd, 2012 on Foreclosures - California
More details to this question:
I had a mortgage loan through a private lender. All payments I made were not reported to my credit bureau so asked for a deed in lieu of foreclosure. Now I'm applying for a mortgage loan and the underwriter states I can't that I have to wait 2 yrs. where do I verify if the deed in lieu has been filed?
4 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Depending on the state where you live - probably with the Recorder's Office.
Answered on Nov 06th, 2012 at 4:37 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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You need to get to an attorney. If you signed a deed in lieu of foreclosure you have no more interest in the property, It should have been filed in your county.
Answered on Nov 06th, 2012 at 8:07 AM
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It would show up at the county recorder's office. But unless you're going to lie on the loan app., it doesn't matter whether it's in the public record or not. Most lenders will not consider giving you a home loan for at least 2-3 years after a deed-in-lieu of foreclosure.
Answered on Nov 05th, 2012 at 10:37 PM
Estate Planning/ Probate/ Wills Attorney serving Kent, WA
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John A. Ferguell, P.S
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Underwriters have different rules depending upon the lender. If they say you need to wait two years for them to give you a loan that may be the case with that lender. You should shop for a different lender.
Answered on Nov 05th, 2012 at 10:37 PM