My husband and I have had AAA credit our entire adult lives. 6 years ago, my husbands upper management job (20 years) was eliminated due to a merger and downsizing. We were residing in our $567,000. home that we put $250,000. down on. We spent the next 20 months living off of our savings and our 401K while looking for work. We kept all our bills current. After 2 years, my husband landed a job that paid 1/2 of his old salary, and it was 250 miles away. We still kept current on our bills even though we were not living in our home, we were living in our RV, again, 250 miles away. We made dozens and dozens of attempts to modify our mortgage, Bank of America blew us off every time. After a year of trying to maintain 2 homes, and after receiving advice from our tax attorney, we let our home go.
Our home was foreclosed on 11 months later. It dropped our credit rating by 100 points. We would like to purchase a townhome or condo, and rebuild our credit and build our savings back up. Problem is that we can’t find a mortgage lender who will loan less than 75,000. Is there anyone out there who can refer us to a lender who will loan us around $50,000.
All our other bills have always been current and my husband’s job is secure with the county government.
Good morning … check with Corbin Olsen at Academy Mortgage, 480-580-1400. The issue may be the particulars of where your finances and credit are now more than the amount but if there’s a program out there, he’ll have it.
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