Freddy Mac Fanny Mae Foreclosure Rules
Hoping I can post this here and see if anyone has any advice for me.
2007 bought a duplex with a "Friend". Building had 1 Sewer/Water all other are 2 whole units but because of the water/sewer the mortgage/deed were under both of our names.
2010 This "Friend" stopped payment - I exhausted all avenues on trying to get them out and allow me to take over with no luck. My hands were tied and forced a foreclosure on me. They filed bankruptcy which delayed the process and the actual discharge wast' until June of 2016. Yeah 6 years..
2012 My wife and I bought a house under her name. My life in flip, we owe $134K, value at $269K looking to pull $50K equity out via 2nd mortgage.
My wife: High credit score, but low income and is disqualified via the debt to income ratio.
Me: six figure income, decent credit 680ish but due to this foreclosure I'm disqualified.
I thought maybe going through a portfolio lender hoping if decision is in house I can maybe explain the situation. I have a few calls out there but I'm doubting this will happen.
Do you have any other suggestions on how I can go about this?
*Leicester, Massachusetts (Central Worcester Massachusetts) area if it really mattered.