Posted on: 25th Nov, 2009 07:49 am
since purchasing our home almost 9 years ago, i have become disabled and am on social security disability income. my husband still has a good job, but we just can't handle the 1st and 2nd mortgages that we took out when we were healthy. we also had to charge medications to our credit cards and got in over our heads. we have to file a chapter 7 bankruptcy and need to foreclose on this house. my mom is willing to give us a down payment and guarantee the first 30% of the loan. (we need a home that is suited to my disabilities and the one we are in is not, nor would we be able to sell it for anywhere near what we owe.) if we can find a lender that will agree to the terms, can we legally purchase a new home when we are in the middle of a foreclosure? (we live in wisconsin.)
yes, You can buy home after foreclosure but you will pay a much higher interest rate and your homeowners insurance will also be much higher
The time limit for buying home depends upon seller. The seller would have to agree. They could carry the loan. Possible to find a nonqulifing loan where you just take over someone else's loan. Most time's it's very difficult to get any loan or to get someone to agree to a deal after only a year unless there has been some major change in your income or circumstance.
The time limit for buying home depends upon seller. The seller would have to agree. They could carry the loan. Possible to find a nonqulifing loan where you just take over someone else's loan. Most time's it's very difficult to get any loan or to get someone to agree to a deal after only a year unless there has been some major change in your income or circumstance.
Hi Guest,
As you are in a middle of the foreclosure, it would be difficult for you to get a new mortgage. If your foreclosure proceedings are complete, then you'll have to wait for 3-4 years in order to get a mortgage at a good rate. Meanwhile, you'll have to improve your credit score.
You've mentioned that you are filing Chapter 7. In that case, you can reaffirm the mortgage by signing the debt reaffirmation agreement with the lender. This will help you save your property provided you pay your dues on time.
As you are in a middle of the foreclosure, it would be difficult for you to get a new mortgage. If your foreclosure proceedings are complete, then you'll have to wait for 3-4 years in order to get a mortgage at a good rate. Meanwhile, you'll have to improve your credit score.
You've mentioned that you are filing Chapter 7. In that case, you can reaffirm the mortgage by signing the debt reaffirmation agreement with the lender. This will help you save your property provided you pay your dues on time.