"Request for Advice on Dealing with Foreclosure“

[Rodney Allrich]

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.

[Wayne Brooks]

@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.