Foreclosed home buy back?

Guest 0.10 Dollars($)

My house was forclosed on and i wish to buy it back.
Obviously my credit is bad.

Is there any chance?

chrisburns · Posted: Tue Sep 16, 2008 5:44 pm Post subject:

almost every lender has at least a 2-3 year period after you have a foreclosure before they will finance you again.

The only other option would be a hard money lender but being that you just had a foreclosure I'm not sure if that would be a good option for you. Their rates are very high and your payment might be even higher than the one you just got foreclosed on.

I'm sorry Sad

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

The only option that I see at this time is to have a family member or someone you trust 110% purchase the home for you in their name and their credit. You can then do a land contract or lease purchase with them to refinance or purchase the home back from them at a later date. If you are going to ask someone to risk their credit, etc. I would give them a premuim for doing so. Such as a higher price when you buy from them, or a higher monthly payment, etc. Hope this helps sort out the options for you at this time.

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