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rskrine · Joined: 05 Oct 2009 Posts: 1 1.32 Dollars($)

Help! We moved to TX in 10/2006. We owned a home in PA, and continued to pay ontime until 6/2008. We tried to sell it, it did not sell. We tried to work something out with the mortgage company, they finally allowed us to do a short-sale in the spring of 2009. We got no offers until June. In July of 2009 they rejected t his offer and foreclosed. We still live in TX and are trying to get a new mortgage. Is there any hope?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

I woudl say you have to waiti for 3 - 4 years before you can look for a mortgage

In this market it is really diffucult to get loan with decent credit and as the time goes by the laws are gettign more strict and probably will be for some time

savior70 · Posted: Tue Oct 06, 2009 3:33 am Post subject:

To rskrine,

You have to wait for a period of minimum 2 years after a foreclosure to get approved for an FHA insured loan. The waiting period is 3-4 years for conventional loans. Apart from that, you need to work hard on your credit and build your credit scores. Were both of you on the previous loan which ended in foreclosure? If both of you were on the loan, the credit of both of you have got affected and chances of getting a new loan are slim.

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Can we get a mortgage in the next year with a recent forclosure?