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brooksada · Joined: 11 Nov 2009 Posts: 1 1.33 Dollars($)

I am a single parent with a teenage son. I purchased my home in 2006 and last year I lost my job. I was able to get my loan on a modification however, my modification has since expired.

I am receiving child support and unemployment, I love my home and I do not want to lose it, I spoke with my mortgage company and they stated I can go into foreclosure or do a quit deed sale.

What does that mean for me now and if I would like to purchase a new home later and how long would I have to wait before that happen. Please help very worried.

savior70 · Posted: Thu Nov 12, 2009 6:17 am Post subject:

Hi,

If the house goes into foreclosure, you will have to wait for at least 2 years to again qualify for a new loan. Even if you do a deed in lieu on the house, you will have to wait for that long to get approved for a loan. In case you want to stay in the property, a loan modification is the best possible way to do so. Did you make the payments on time as per the modification plan? If you did, you should request your lender to allow you another modification plan for an extended period.

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Possible foreclosure