Refinancing after Foreclosure
We managed to save our home from being foreclosed with our own cash---no loan involved. The rates are now very low and we would desperately like to re-finance. When we tell anyone that we were in foreclosure, they don't want to talk to us anymore. What can we do to get the lower rates offered today? What is the 'redemption' period required before anyone will talk to us about refinancing? 
Congratulations on saving your home from foreclosure. Presumably, you had to overcome at least one financial hardship.
You won't be able to erase the blemish of a foreclosure action, but you can prepare a 'consumer statement' that briefly describes and explains the RFD, and how you overcame the problem. Submit that to the credit reporting agencies for attachment to your credit report.
You'll have to reestablish your creditworthiness by making at least 18 on-time, consecutive monthly mortgage payments before any lender will seriously consider a refinance. Lower rate? Probably not for quite some time.
Consider the additional interest you are paying a 'savings account' for the future. Take advantage of the tax benefits in the form of qualified deductions and enjoy a refund on your income taxes paid.
SKEE:
Welcome to the TCI Family!
To answer your question more specifically...
12 Months of payment having ZERO(late Pays) will earn you an -A (minus) mortgage credit rating.
24 Months of timely pymts gets you premier borrower status (although you had a previous delinquency/court action.)
After this period of time the HEALING of the FINANCIAL BRUISES SHOULD allow you to get PRIME (Mkt.) Interest rate refinancing via FHA.
Check by calling around to local mortgage brokers whom are willing to assist you in your QUEST to RECOVERY.
Get you plan of action from those Brokers whom seem GENUINELY in GETTING YOUR BUSINESS in March 2004 or 2005.
There is NOTHING QUICK-N-EZ about this you'll have to show DISCIPLINE! If the Broker is SERIOUS about HELPING YOU then I am certain you'll SUCCEED!
Again I CONGRATULATE YOU on your Heroic Efforts at maintaining homeownership!
Let us know if we can help you with anything!
Best of the Best to You!
DERRICK ALI