what will happen after foreclosure?

agnew5221 · Joined: 31 May 2007 Posts: 1 1.26 Dollars($)

What can I do after forclosure. My home is going into forclosure and will I ever be able to buy a home again. Should I file a chapter 7? I am going into a adjustable rate in a month and I am not able to refinace.

colin · Posted: Thu May 31, 2007 11:24 am Post subject:

Hi Agnew,

Welcome to Mortgagefit forum.

Do not think about foreclosure at this stage.

First try to refinance if you will not be able to pay the higher interest as per the new adjusted rate. Why are you not able to refinance? What the lenders are saying? Have you defaulted on payments or it is still current?

The second option if the market is good is to look to sell the house and pay the loan off. Foreclosure or bankruptcy should be the last thing on your mind after you have explored all the other options.

Colin

Guest 0.10 Dollars($)

Both foreclosure & bankruptcy have bad affect on your credit score and decreases possibility of getting good rates for a number of years. Try to avoid both if possible.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

ezmortgageloanz · Posted: Thu May 31, 2007 10:31 pm Post subject:

As others have already pointed out, you should avoid filing foreclosure at all costs.

If refinancing is not possible (and that might not be the case), you could consider:

- Selling the property and relocating to more affordable surroundings.
- Taking on a roommate and find a loan program that allows "boarder" income to be counted towards qualifying income (so that you can refinance).
- Finding a non-owner occupied co-borrower and a loan program that allows this condition (FHA) and refinance.

I applaud you on your proactivity, it sounds like you have about 30 days to bring about some change---whatever you do, don't do nothing...and talk to someone Very Happy

that can provide FHA loans before you throw in the towel on that idea.

Regards,

Scott Miller

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