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I owned a small home in 1987 and foreclosed a year later,is there a statues of limitation on a foreclosure
(FL)

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trish Posted: 16 Jul 2012 08:04 PM

I owned a small home in 1987 and foreclosed 2 years later.I am now looking for a new home,Will I still be considered a homeowner after all this time or will I be considered a new home owner via status of limitation if such a thing exists?please advise

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cddchuck replied on 17 Jul 2012 12:07 AM

I don't know how a bank will view you. I am an investor and would love to talk with you to see if I can assist. My requirements are quite different than those of a bank. I want to know if you can pay the monthly payments and that you are committed to do so. Usually that requires some down payment. But the main thing is that I will not put you into a loan that will choke you. Email me at cddchuck@yahoo.com

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darenb replied on 17 Jul 2012 08:30 AM
For all intents and purposes you would be considered a new homeowner now after all this time. More important than that is ultimately if you qualify for buying a home based on your income and credit score. A foreclosure will typically drag down your credit score for up to seven years, but you are well past that time frame.
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pleasantonbroker replied on 29 Jul 2012 12:11 AM
You should be fine as long as you have paid your bills on time. Talk with 3 or 4 lenders, I would check out 2 banks and 2 mortgage brokers. You won’t need any special attention, but do things right and get pre-approved before you start looking. If you want to know what you are paying in mortgage fees take the offered interest rate and subtracted it from the APR interest rate. Get a good faith estimate from each and remember you will have closing costs on the real estate side. Great time to buy!
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