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I have a 800 credit score and now I am being told that I do not qualify for home loan to purchase another property and must wait a total of four years for a new owner to be in her old home before I could be approved to purchase my own. I was NOT on the mortgage only the deed. The house went into foreclosure, auction and has a new owner for two years. I am totally confused! HELP

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Shannon, I'm not entirely clear on the situation or issues.

Did your mother deed her property to you, or were you named in some joint capacity, then sole title passed to you on her death? Were you named on the deed when the house was foreclosed?

Who exactly told you that you need to wait 4 years, and for what reason? Was it a bank?

I do know that in one case a bank which acquired a property by foreclosure created a very onerous deed restriction preventing sale of the house for a given period of time as well as for a price in excess of a stated limit.

This may be similar to the 2 year ownership of the foreclosure purchase. I don't understand the 4 year restriction though.

You write you're not qualified to purchase "another property." I assume then that you already own property of your own, independently of your mother's home?

The fact that you weren't a co-mortgagor but apparently held some fee interest through the deed would I think have complicated the transfer of title to the eventual purchaser after foreclosure. I would think you still have an interest that needs to be extinguished, or there will be what's known as a "cloud" on the title.

It would help if the issues I raised could be explained.
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