"Request for Advice on Dealing with Foreclosure“

"Request for Advice on Dealing with Foreclosure“

New to Real Estate · San Diego, CA · Member since 2023 · 2 posts · 0 votes

Hello all,

First, I would like to say thank you for taking the time to read this message. My name is Rodney, and I am currently in the military at the age of 46. I am set to retire next year, and one of my dreams and goals is to become a real estate investor. After researching and learning about real estate investing, I became convinced that it is the path to the way of life I want. I started listening to BP (BiggerPockets) and became obsessed with beginning the process of getting my first rental property to start my journey towards financial independence. So, I decided to become a member and later a Pro member. Eventually, I enrolled in this winter's rookie Bootcamp, where I gained a tremendous amount of knowledge and tools to help me on my journey. However, like almost every story, there's a "but," and mine is that I have a foreclosure on my record. Until recently, I imagined that I would search, analyze, and negotiate for a property to purchase. However, with my disappointment due to the foreclosure, I'm at a loss on how to navigate. As far as I know, the bank reclaimed the property located in upstate New York, and I haven't lived there for over ten years. The deed to the house is with my ex-wife, and we do not communicate at all. I can’t imagine where the deed is located in case I needed it. I just want the house situation resolved and gone. I greatly appreciate any and all advice. Thank you again, and have a blessed day.

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  • Hamp Lee IIIPro Member
    Real Estate Agent · San Antonio, TX · Member since 2019 · 1k+ posts · 832 votes
    3y

    Hello Rodney and welcome to BP!

    Divorces can be hard and I’ve been there. I’m sorry to hear that your divorce left a door open you thought was closed…

    I’m not a lawyer, but I’m also active duty Air Force.

    I looked up some info on the Consumer Financial Protection Bureau website and they provide info and help for foreclosure. 

    I’ll share a few of my thoughts and the links below:

    1. Get as much info as you can from the lender on the foreclosure. If you can’t find any info on the property, I have a PropStream account and can look it up for you. It will tell you the dates of the foreclosure and possibly some documentation.

    2. Speak with your local JAG office.

    3. Contact the CFPB (if necessary and recommended by the JAG office)

    4. Work to get the foreclosure off your report. Based on the circumstances, you may be able to.

    The CFPB also states that it’s possible to get a home loan after foreclosure. There is a path to financial freedom through real estate, keep pressing forward.

    Links: 

    https://www.consumerfinance.go...

    https://www.consumerfinance.go...

    I hope this helps.

    Let me know if I can help further.

  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    3y

    @Rodney Allrich You need to find out When the foreclosure occurred. A foreclosure disqualifies you for a conventional loan for 4 years, last I checked. You can look it up on the local county website where it occurred. It will take some looking around….start with whatever dept handles the Land Records, Property Appraiser site, whatever they call it there.  Also the Clerk Of Court site, or whatever they call the dept that records deeds, mtgs, etc…there you likely search by name.

    Also, the easiest way to get an answer is simply apply to a lender for a Prequalification….this will tell you where you stand, as far as getting a loan.

  • New to Real Estate · San Diego, CA · Member since 2023 · 2 posts · 0 votes
    3y

    Thanks to Mr Lee & Mr Brooks. Your advise and guidance will be put into action. 

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