Compare Mortgage Quotes

Guest

I got a foreclosure on 2/2007 due to a financial hardship, having said that I have collections for my unpaid credit cards (3) in total all charged off and now I am ready to rebuild my credit, where do I start to qualify again for a house?

smithsussane · Posted: Mon Mar 29, 2010 8:47 pm Post subject:

Hi lisvet!

Welcome to forums!

With a charged off account on your credit report, lender will not be ready to give you a loan. You should first start paying off the collection account.You can negotiate with the collection agency and get a payment plan for it. Paying off the collections will also help you in improving your score to some extent. Thus, it would become easier for you to qualify for a loan.

Feel free to ask if you've further queries.

Sussane

Guest

I decided to give my home back after suffering an illness after the birth of my son. My husband could not afford the house payments. We gave the house and car back. I have recently paid the difference in the car. I am back to work making 34/hr . I have been a nurse for 12yrs and always worked except for my illness. Can I get a home loan for approx 40,000

jameshogg · Posted: Sun Oct 10, 2010 10:09 pm Post subject:

Hi Guest,

Did you apply for a short sale in order to get rid of your previous property? If yes, then you'll have to wait for at least 2-3 years in order to get a new loan.

Thanks

Guest

If you have a substantial down payment you can go to what is called a hard money lender. You will pay more interest, but these types of lenders look at the equity you have in the property rather than your credit. In the mid 1980's regular lenders were charging 18% to people with good credit. Hard money lenders at 11% don't look too bad from that perspective.

Guest

I would like to see if I qualify for a low morygage

Niicss · Posted: Mon Jan 16, 2012 1:46 am Post subject:

Hi Tim,

You may qualify for a lesser amount of mortgage. If you have the required credit score, income and employment history, you should contact the local lenders and apply for a mortgage.

Thanks

Guest

When my husband and I lost our job due to outsourcing, We lost our house for foreclosure, I went back to school for nursing and almost done my husband got a job and made last year at 80,000 annual. we applied for credit after years of foreclosure, Company said we are not qualified because he doesnt have any credit, only the foreclosure, Is there any other places that we cold applied?

jameshogg · Posted: Mon Feb 06, 2012 12:30 am Post subject:

Hi Alexis,

If you don't have a proper credit report and score, it will be difficult for you to qualify for a mortgage. After a foreclosure, you need to wait for 3-4 years in order to qualify for a mortgage. In the meanwhile, you could have taken steps to improve your credit. You should have applied for a secured credit card and tried to build up your credit. I will suggest you to get hold of your credit report and take the needed steps to improve it and then apply for a mortgage.

Thanks

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

qualify for a home loan after foreclosure

Bookmark this page

Helpful References

Calculators

Financial Tools

Our Community

Community Rewards

Followers (252)

455 People like Mortgage

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1