taking home out of foreclosure
a no doc loan was taken out 2 years ago by my dad on a home I've been in since then. I've had major surgery and was out of work for a minute and fell behind on payments. I'm trying to work something out with the mortgage company and as of now have a 1/3 of the arrears payed off. I want to stay in the home, but am concerned about being able to financially qualify for a new mortgage. HELP!!! 
where is this Home at?
State?
Maryland ( charles county)
You should talk to your bank or mortgage company and write a hardship letter and see if you can work out terms with them. Explain your situation and they should be able to work with you.
I am a senior sub-prime loan officer and here are the ‘basic’ guidelines for homeowners that are in foreclosure or a forbearance repayment agreement with the bank.
1. Less than 65% loan to value (75% in rare cases)
2. Letter of explanation as to why you filed BK – loss of job, death, illness (some kind of life event typically not caused by the borrower)
3. Debt to income ratio less then 55% (60% in rare cases)
Question: has the bank filed a Notice Of Default ageist your house yet?
Contact me if you think I can be of any help.