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went through foreclosure

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Icon Mini Profile jmswani62





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Post Posted: Wed Sep 26, 2007 9:17 am    Post subject: went through foreclosure
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I have just gone through foreclosure, how long before I could ever get another loan tp purchase a home
Icon Mini Profile evolovik26
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Post Posted: Wed Sep 26, 2007 10:04 am    Post subject:
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Most likely 2 to 7 years (more likely 7)
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Eugene Volovik
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Icon Mini Profile jameswells
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Post Posted: Wed Sep 26, 2007 1:00 pm    Post subject:
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With the mortgage woes the country is facing and the increases in bankruptcy and foreclosure Eugene is likely right- most lenders won't even consider lending money unless the foreclosure is 2 years old and then your going to need really good credit after the foreclosure.
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Icon Mini Profile livinginnky
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Post Posted: Wed Sep 26, 2007 8:21 pm    Post subject:
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And as a general rule of thumb... Any lender that would do a loan 1 day out of bankruptcy or foreclosure.... You should stay away from anyway far far away.
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Post Posted: Wed Sep 26, 2007 8:36 pm    Post subject:
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Hi Jmswani,

To qualify for a new loan after foreclosure, lenders generally focus on the last three years of your credit history. So it is better to wait for at least 2-3 years after the foreclosure. And then you can purchase a new property.
Icon Mini Profile helping_user
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Post Posted: Thu Sep 27, 2007 3:04 am    Post subject: RE: getting a mortgage after foreclosure
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Welcome Jmswani,

I shall agree with all here. It's difficult to get a loan just after you've been through a foreclosure. Even after 1-2 years you may get loan but at very high rate of interest. So, it's better to wait before you can actually start looking for another loan.

Thanks.
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