need foreclosure information

i will try to help...my answers follow your questions and are followed by a --

I need some info on foreclosure, my home was just foreclosed on, it was an FHA loan, I was told by HUD they pay the loan off when a foreclosure happens, any one experience this?

--i have never experienced this personally, but when u get a an FHA or VA mortgage, the government is basically gauranteeing that loan be paid to the bank in event of the owner's default. so, if you don't pay and FHA insured mortgage, foreclosure proceedings begin, the government (HUD) pays the bank a certain %, i think it's 80% to the bank so the bank will not have a total loss. it is still on your credit as a foreclosure though, and now HUD owns the house and will sell it to try to recoup it's money it just paid the bank.

I also want to know if I will ever again be able to own my own home,

-- yes, after a few years as u rebuild your credit and clean it up it is possible. BUT it won't be right away, and u may need to get a co-signer but only time will tell for sure.

there are a couple of judgements against me for a large amount that I cant ever see being able to repay, will those have to be paid before I can ever get another loan?

--it depends on ur state's statute of limitations for judgements, and some other factors. in some states, mortgage brokers and lenders see old judgements as little or no threat. of course, if they are paid, it's usually not an issue regardless of how old or new it is. u may be rquired by the new lender at that time to write a sob story letter telling them ur woes and why's it happened.

Will they ever go away?

--yes, again depending on your states statute of limitations for judgements OR the 7 year rule for reporting them on ur credit report, whichever is greater. though a legal name change can get it removed in some cases if they are open judgements, they can be vacated by a judged depending on how u handle each one and how the subpeanas were delivered, how the judgemnet was obtained by the creditor etc. each state is different. this board has info on all that. do a search here.

Last question, how long, if I keep all my loans I have now current, will I be able to leave renters hell?

--i am not sure what u are asking here, forgive me please! are u renting and u want to lv and u want to know how long b4 u can buy a house? if so, re-read what u just read and that will give u ideas, and read this board till u fall asleep. it'll tell u about all u need to know about credit

I plan on being here often, I have read so much great info already

--good!

best of luck, keep us posted and ask lots of questions. there are a lot of very knowledgeable people here willing to help u

 

I have never filed bankruptcy, so I may be totally off base here. But, if I were you, I would talk to a bankruptcy attorney and find out if the judgments can be discharged by bankruptcy. At this point, it can't be worse than large outstanding judgments, and may in fact be better.

If they can be discharged, then file bankruptcy to get rid of the debt and then move on. Many people have bought houses 2 years or so out of bankruptcy. I don't know about the foreclosure, though, that may well keep you from getting a federally-guaranteed loan.