Thinking about buying. Do we have a realistic chance?


LoanSafe Member
In June of 2017 had a negative situation on mortgage as follows:

1st Mortgage Principal Balance - 119,000, Did not make eight payments in a row. Monthly Payment $949. $3,000 late interest due.
2nd HELOC: Principal Balance 155,000, Did not make 36 payments in a row. Monthly Payment $1343, $28,000 late interest due.

In June of 2017, the HELOC was in process of foreclosure. We put the house up for sale, sold the house and the sale covered 100% of the amounts due the First and HELOC. Foreclosure halted and we were out of the obligation to the banks.

Since the sale of the house we have been renting for 2 1/2 years. We have no debt with the exception of credit cards which 100% of principal are paid off monthly and $7,000 from an education loan for college for daughter. All obligations including rent have also been paid on time. Monthly income has been stable since then. Wife and I both work

At time of home sale in June of 2017, our credit score was 625. 18 months later in December of 2018, credit score made it back to 722.
Then for some unknown reason, in May of 2019, credit score went back down to 632. As of today it is now 650. At all times the score report has noted there has been no negative credit news.

Am considering purchasing a home again after the first of the year. If we can prove the necessary income, have we gone through enough time since the mortgage fiasco of non payments to have a chance for a lender approving us for a mortgage?



LoanSafe Member
I would give Erik Sandstrom a call, and have him go over FHA & Conventional Guidelines with you. He's a very trustworthy loan officer, and won't attempt to pressure you into anything. If you ask me personally, I think you may be close to the waiting period, but I do not fully understand all the specifics.


Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Thanks a bunch OneHugeMess for mentioning me <3.

Fred, it sounds to me like the foreclosure process started but was never complete. In those cases we typically run a system called FraudGuard which will tell us what has happened with the property, whether a NOD, NOS was filed and then time frames would elapse for Conventional, FHA, USDA, VA...etc.

Typically we can find all this out by running the automated underwriting system to be quite honest. It sounds like you may meet the criteria needed now to purchase a home. I'd be happy to go over some details with you and get you pre-approved.

If for some odd reason you don't qualify for one of the traditional products, we do also have unique financing that will allow for a transaction prior to meeting the seasoning required. Then, once you reach the seasoning we would just refinance you into a normal product. So needless to say we have a bit to chat about, please give me a call at 619-379-8999 or e-mail @ [email protected] - we are an FDIC chartered lender and can lend in all 50 states.