went through foreclosure

jmswani62 · Joined: 26 Sep 2007 Posts: 1 1.32 Dollars($)

I have just gone through foreclosure, how long before I could ever get another loan tp purchase a home

evolovik26 · Posted: Wed Sep 26, 2007 10:04 am Post subject:

Most likely 2 to 7 years (more likely 7)

jameswells · Posted: Wed Sep 26, 2007 1:00 pm Post subject:

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.

livinginnky · Posted: Wed Sep 26, 2007 8:21 pm Post subject:

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.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

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.

helping_user

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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