Posted: Fri Mar 14, 2008 11:09 am Post subject: I just foreclosed on my home, can I get approved for another
I divorce my husband, and he allow the house to go into foreclosure my name is on the house. I'm currently doing a lease to own on a house for 2 years with the owner giving me a credit of $5000 towards my downpayment. I'm just worried that if I don't get approve what will happen to the credit he is going to give me. I'm currently clear my credit up month to month and so far the only damage I have is the foreclosure everything else is old and dropping off.
Are you also on the mortgage of that property? If so then just after the foreclosure it will be very difficult to get approval for a new mortgage. I think you should first concentrate t to improve our credit.
Patterson, you pay the down payment at closing only. So, if you are not approved, you'll have to refund it to the seller. By the way, did you talk to him about this? you should have some kind of written agreement on this. Also, since you talk about denial, what options are lenders suggesting now? have anyone denied you the loan? _________________ Procrastination is the enemy of your financial sucess
Here are some steps to take to rebuild your credit.
First: Get a copy of your credit report to see what a potential creditor will see and immediately start making repairs to clean up any negative infractions, stay away from credit repair companies. Make payments on time for consecutive 12 months.
Visit: "http://www.creditinfocenter.com"
Second: While you are rebuilding your credit, start putting together an emergency fund. Start off by saving three months of your mortgage/rent payments and three months of car payments for obvious reasons.
Three: Go to your book store, library or online and start educating yourself on lease purchase. I mention lease purchase because of your temporary credit and money requirements. You can normally get into a house with a small down payment and no credit check. Just be prepared to purchase that property down the road. That's why you need to clean up your credit and who knows, you might start making money with this new found information.
Here are two extraordinary sites for you to visit for more information:
"http://www.lease2puchase.com" and "http://www.creonline.com" .
Hope this helps.
Jean, SLO
Representative
Union Mortgage Bankshare Group
[Links deactivated as per forum rules. Thanks.] _________________ Life is like a bull grabit by the horn
What do you mean when you say that he is giving you a $5000 credit? Did you actually give him money before you applied for the mortgage. A mortgage company will probably not agree to another mortgage this soon after having a foreclosure unless you had some extenuating circumstances. You may want to try some other type of finance company, you will pay a higher rate no matter what with the foreclosure in your history. I am sorry that this happen to you, hope things start looking up soon. goodluck.
patterson1994
