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isacmar55
Joined: 04 Oct 2007
Posts: 25
12.98 Dollars($)
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Post subject: Mortgage after foreclosure - 5 Tips to qualify for a new loa |
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| How difficult is it to get another mortgage loan after a foreclosure? |
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adonis
Joined: 22 Oct 2005
Posts: 4417
Location: ALASKA
208.06 Dollars($)
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Welcome Isacmar,
You can get another mortgage after foreclosure even after 1-2 years of the auction taking place. But that would require you to pay higher rates of interest. So, it is better that you try to improve your credit which will be damaged by foreclosure and then start off with a mortgage.
One more thing is that, the credit effects of foreclosure will get reflected in your credit report and this will continue for long 7 years. So, try and rebuild your credit and only then proceed to take out a big loan such a mortgage.
_________________
Procrastination is the enemy of your financial success |
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jenkin7
Joined: 04 Jun 2007
Posts: 4038
Location: Hawaii
627.67 Dollars($)
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Hello Isacmar,
It is indeed difficult to get another mortgage after foreclosure but it is not impossible. It definitely affects your credit report but with careful planning you can get a mortgage. The foreclosure stays in your report for as long as 7 years and mortgage lenders generally focus on the last three years of your credit history when they consider your application.
It is best to wait for 2 years after the foreclosure and then get into another mortgage so that you can build a good credit in the meantime. But sometimes a large down payment and a good credit score might make the process easier. You may also request for quotes from the sub-prime lenders who usually offer loan to people with bad credit. |
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liaoyu03
Joined: 09 Sep 2007
Posts: 166
4.10 Dollars($)
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Post subject: |
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| It's approximately two years after gettng another mortgage loan after a foreclosure. And it depend on your credit too. |
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mo
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Post subject: foreclose to bankruptcy |
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what will happen to my foreclose if i file for BK.
and how long am i be able to buy a house again
with bk/foreclosure on my records. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.68 Dollars($)
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Post subject: RE: buy again after bk/foreclosure |
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Hi mo,
welcome to our forums.
If you file bankruptcy, be it chapter 7 or 13, it will legally prevent the lender from filing foreclosure. But which of the chapters have you filed?
| Quote: | how long am i be able to buy a house again
with bk/foreclosure on my records. |
You have to decide whether you'll file bankruptcy or go for a foreclosure. I would suggest trying chapter 13. But you'd have to check if you qualify for chapter 13 . Also, talk to a bankruptcy attorney to find out your chances of qualifying for Ch 13.
Regarding buying another home after bankruptcy, it depends upon the chapter you'll file.
good luck
_________________
Mortgage Shopping made easy with booklet |
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bittersweetwoman
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Post subject: bankruptcy/forecloser |
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| I have filed chapter 7 BK and have been discharged. My husband just lost his job so now we will probably have to foreclose on our home. Is there anyway for me/us to quailfy to buy a home/condo for like 130k if we put 40k down? My credit is still okay even after BK. |
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adonis
Joined: 22 Oct 2005
Posts: 4417
Location: ALASKA
208.06 Dollars($)
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Post subject: |
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Hi bittersweetwoman,
You haven't mentioned which chapter you had filed. As far as I know, if you had filed chapter 7, then you will have to wait for 2 years after discharge to get a FHA loan and for conventional loans you will have to wait for 4 years.
In case of Chapter 13, you can try for FHA loans after 1 year of discharge. For conventional loans, you will have to wait till 2 years after discharge. So if you fulfill these guidelines, you may apply for a loan.
_________________
Procrastination is the enemy of your financial success |
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mj
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Post subject: help |
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| I have filed foreclosure a year ago but I was surprised that my credit score did not go down that much. As a matter of fact, I just checked it recently it is more than 700. Could it be because it did not affect my credit score yet? Also, I have been saving money. Do you think the houses are even going to go down further since the economy is not getting better and when is the time for me to buy a house with a lower interest rate? Thank you. |
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lmkeef
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Post subject: mortgage foreclosure |
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| we have an investment property we are thinking about letting the bank take back how will that affect our credit and for how long? |
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Ryan12
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To Mj:
I suppose the lender hasn't yet reported the foreclosure to the credit bureaus. That is why it isn't refleted on your credit report yet. As for buying the house is concerned, you could do i now because fixed rates are quite low now, that is, within 5.5% (national average).
To lmkeef,
If you allow the bank to take back our investment property, obviously it will affect your credit by 200 points or so. The negtiave item will stay on your credit report for 7 years, though if you rebuild credit, you can buy another home or property with a mortgage after 2-4 years. |
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Kristi
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Post subject: project |
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Hi I am a 36 year old woman and I have to do a speech to my peers at work. I want to do foreclosures but I cant say anything that is wrong. Well i know some things but I need more. Can anyone just please help its due Feb the 17th 2009.
Thanks,
anonymous |
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adonis
Joined: 22 Oct 2005
Posts: 4417
Location: ALASKA
208.06 Dollars($)
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Post subject: |
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Hi Kristi,
You can check out the following link to get ample information about foreclosure:
http://www.mortgagefit.com/foreclosure.html
I hope it helps you.
_________________
Procrastination is the enemy of your financial success |
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AZscrewed
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Post subject: Foreclosure |
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| My husband and I bought a home in AZ in 2006 for $400K. At the time, it was a great deal. Now, the home is probably worth $280K if that due to foreclosures. Our mortgage has increased due to taxes (scam)and we will never recoup what we've lost. We are considering letting it go and starting over. None of our accounts are currently delinquent and we have a good dual income. If we did this, what kind of credit drop should we look forward to. Last time we checked, we were in the 700s. |
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adonis
Joined: 22 Oct 2005
Posts: 4417
Location: ALASKA
208.06 Dollars($)
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Post subject: |
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Hi guest,
If the lender forecloses the property or if you go for a deed in lieu, your credit score will drop by 250 points. If you go for a short sale, your credit score will drop by 75-100 points.
_________________
Procrastination is the enemy of your financial success |
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