Posted on: 02nd Dec, 2010 08:28 am
We are affraid that after we buy a new house after foreclosure the old bank can take us away from the new house
Welcome gongoralidice,
You won't be able to buy a new house immediately after a foreclosure. You'll have to wait for 3-4 years in order to get a mortgage after foreclosure. Moreover, after your foreclosure, if you pay off the deficient balance resulting from the property sale, then the lender won't come after you.
You won't be able to buy a new house immediately after a foreclosure. You'll have to wait for 3-4 years in order to get a mortgage after foreclosure. Moreover, after your foreclosure, if you pay off the deficient balance resulting from the property sale, then the lender won't come after you.