Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Mortgage after foreclosure - 5 Tips to qualify for a new loan

If you've been in foreclosure, your credit must have trashed down and this is what will stop you from buying a home or qualifying for a new mortgage after foreclosure. You'll have to organize your finances and get financially stronger prior to getting a home loan again.

You can try getting a loan 1 year after foreclosure but chances are you'll be charged with very high rates. The best thing is to wait for at least 2-4 years to get the better and lower rates on your new loan. Even if you'd like to get a mortgage after 2 years, you can try out with FHA loans but you need to have minimum score of 580-600 especially in times of mortgage and housing crisis.

5 Tips to qualify for Mortgage after Foreclosure

Here are 5 Do's to help you get a home loan after foreclosure.
  1. Rebuild your credit:
    Getting mortgage months after foreclosure may not be impossible but you should be prepared to accept higher rates of interest. For eg: you may be paying 8.20% rate with 2 points for 30 year fixed rate loan while anyone having good credit and not being in a recent foreclosure may get a 6.20% rate with 0 points. So, what you need doing is to rebuild your credit before you apply again.

    The best thing is to make on-time payments on bills, credit cards etc. If possible, negotiate to lower the interest rate on your credit cards as that will help you save more. Also check your credit report for any inaccurate information being reported to the bureaus.

    You may open new credit accounts but maintain regular payments - this is what lenders will be concerned about when you look out for a new mortgage. Know more...

  2. Save for down payment:
    To get the best loan program, you'll have to put down 15-20% of the home purchase price as the down payment. The more you put down, the less you need to borrow and the less you need to pay.

  3. Prepare a budget:
    Make sure that you plan a budget and spend according to it. A budget will help you maximize your savings. Use the Simple budgeting tool to plan your budget on a monthly basis. When you start budgeting, try saving some cash in an emergency fund as cash reserves help in qualifying for a mortgage loan.

  4. Check your affordability:
    Go for a house that is affordable. Also, calculate the monthly payments (including property taxes and insurance premiums) on your new loan and see if it's well within your reach. Use the Home Affordability Calculator to find out how much you can afford.

  5. Check the housing market:
    Even though you may save enough and rebuild you credit, it's important to check the housing market in your area. If you're in a declining market, be careful when you buy. Chances are, if you default, you may be unable to retrieve the loan balance by selling off your home as a result of declining home prices.

    At times, certain lenders inflate appraisals and offer more money than the buyer is supposed to get. Make sure that you don't get an inflated appraisal or else you'll be paying more than you should. And later on you may not be able to repay thereby ending up in foreclosure.

Once you've been in foreclosure, what the new lender will check is how your credit has been used since the financial hardship that led to foreclosure, and how much you'll be able to put down on the new house. In fact, banks may not lend more than 75-80% of the home purchase price to anyone having gone through foreclosure in the past 2 years or so. So, it's important that you have a savings plan and adequate cash reserves.

How difficult is it to get another home mortgage after a foreclosure? Also van anybody tell me how to qualify for mortgage after foreclosure?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i had a forclosure about 2 years ago.im looking to buy a house.selling price is 45.000and i have 10.000 to put down where can i get a loan.

Like | Dislike | Share | Posted: Wed, 11/09/2011 - 06:52 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if structural problems are fixed, home will not be worth anywhere near what we have in the house. Contemplating forclosure because of it. would it be possible to be let out of the current loan we have now, or would we be able to get another loan on a different house should we foreclose?

Like | Dislike | Share | Posted: Mon, 04/12/2010 - 06:57 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for sharing your experience with us! :)

Like | Dislike | Share | Posted: Mon, 03/25/2013 - 21:50

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I filed bankruptcy and received my release letter in July 08. I would like to purchase a home, I have the downpayment, my credit score is up to 650 and I have been on my job 7 years. I want an FHA loan but I have heard that they don't (lenders) even look at your record until exactly 2 years after bankruptcy which will mean July 10 for me. Is this true?[list:5dcd00ee20][/list:u:5dcd00ee20]

Like | Dislike | Share | Posted: Tue, 12/29/2009 - 22:11 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

im in a forclosur working on modification plan to sell should bring more than owed on home. moving to a nother state .how do i get a mtg. with this on my credit thank you

Like | Dislike | Share | Posted: Wed, 11/17/2010 - 12:17 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome CJ,

As 2 years have passed since your husband's bankruptcy filing, you can apply for a FHA loan. With a credit score of 670, I don't think you would face problems in getting a FHA loan provided you haven't incurred any other negative item on your credit report.

Like | Dislike | Share | Posted: Wed, 09/16/2009 - 23:15

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, there, After trying for 2 years to sell our house, we ended up walking away from it. When we received our first past due notice, we wrote back to Provident Funding advising we had vacated the house, would not be making any more payments, and they were free to proceed as needed. That was May 2011. The house was auctioned off in November of 2011. When I pull creditkarma to look at my credit, we are at 703 credit score but that mortgage still shows. Is this normal?

Like | Dislike | Share | Posted: Mon, 11/04/2013 - 11:18 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

The lender can place a lien on your property if he forecloses it and if you cannot pay off the deficient amount. I don't think it would benefit you in any way by informing the lender about your plans. You can apply for a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url] with your lender and sell off the property. You won't be responsible for the deficient amount. But it would reduce your credit score by 250 points and you may not get a mortgage for the next 3-4 years.

Like | Dislike | Share | Posted: Tue, 10/13/2009 - 01:20

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome mindya,

You can contact the HOA and the lender and apply to buy the house. It will be their discretion whether or not they will allow it.

Like | Dislike | Share | Posted: Thu, 01/17/2013 - 20:33 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a credit score of 700, 20% down and no debt...the lenders I have been speaking with have told me I have to wait 4 years after foreclosure. It will be 3 years in Dec. Can I get decent mortgage?

Like | Dislike | Share | Posted: Tue, 06/22/2010 - 11:53

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As you've not been discharged of bankruptcy, it would be difficult for you to get a mortgage. Normally, you would get a FHA mortgage after 1 year of Chapter 13 bankruptcy discharge and a conventional loan after 2 years of discharge.

Thanks

Like | Dislike | Share | Posted: Fri, 10/02/2009 - 23:19

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Question - I'm wanting to buy the house I'm currently renting. I did a deed in lieu of 2.5 years ago and have a credit score of 630. I have 3.5% to put down on my current home, but my lender is telling me I can't get a loan until the deed in lieu of is 3 years out. Is this true? I already have the contract with the owner and everything was set up to close until the broker realized this date..

Like | Dislike | Share | Posted: Sun, 11/08/2009 - 17:17

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi helen!

Welcome to forums!

Getting a mortgage will depend upon your credit score and income. You didn't mention your credit score. In order to get a conventional loan, you would require a credit score of 720-740. If you want to get a FHA loan, you would require a credit score of 620. You've mentioned that you had some judgments several years ago. I don't think they would affect your credit report now.

You should get hold of your credit report and check out what your score is like. Then you can start applying for loans with your local lenders. You will find a number of lenders in this community. You can seek a no obligation free mortgage quote from them to know the type of rates and terms you would receive.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 09/10/2009 - 00:19

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Sweetswing,

After so many years of property foreclosure, it won't have much impact on your borrowing ability. After a foreclosure, you need to wait for 3-4 years in order to qualify for a loan. As you have the required credit score, income, down payment, you will be ale to qualify for a loan. You can contact the local lenders and apply for a loan.

Like | Dislike | Share | Posted: Wed, 03/14/2012 - 01:30

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi badabing,

Unless the previous property is sold off, it will be difficult for you to qualify for a new loan. You should contact your lender and ask him to sell off the property asap so that you can qualify for a new loan.

Thanks

Like | Dislike | Share | Posted: Mon, 01/31/2011 - 00:01

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

What type of information would you like, cesar? Please give more details about your situation which will help the members here to give you information in this matter.

Like | Dislike | Share | Posted: Mon, 09/19/2011 - 00:46

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Wow that is great news. Even if the house we gave up hasn't sold? I appreciate your help.

Thanks!!

Like | Dislike | Share | Posted: Thu, 09/17/2009 - 02:14

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi shebob,

It is good to note that you have a good credit score, required down payment and no other debts. However, you need to wait for 3-4 years in order to get a mortgage to buy a property. After you complete 3 years, you can start speaking to the local lenders to get a mortgage. In case, the lenders approve you for a loan, they may charge a high interest rate for the same.

Thanks

Like | Dislike | Share | Posted: Tue, 06/22/2010 - 22:56

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ErinA,

You need to wait for 3-4 years after a foreclosure in order to qualify for a mortgage.

Like | Dislike | Share | Posted: Sun, 08/22/2010 - 23:45

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome lily,

Your query has been answered in the given page:
http://www.mortgagefit.com/foreclosure/new-house.html

Take a look at it. Hope it helps you.

Like | Dislike | Share | Posted: Thu, 12/02/2010 - 21:34

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I purchased a home in 1999 with a boyfriend. we separated and he wanted to keep the house. He could not refinance it without me. and wasn't staying current on the mortgage. So in 2005 I filed bankruptcy to remove myself from liability. This month I was turned down for purchasing a home because fha said I went threw a forclosure in 2011. Though we were no longer together and I was off the mortgage. What can I do to fix this? The mortgage company doesn't even show on my credit report it has been that long. And my credit score is 723. Please help.

Like | Dislike | Share | Posted: Fri, 10/04/2013 - 16:32 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ruth,

As 2 years have passed since your bankruptcy has been discharged, you will be able to apply for a FHA loan now. You should start contacting the local mortgage lenders and apply for a FHA loan.

Hi Marcy,

As you own the home, you will be able to apply for a FHA home loan. If you have the required credit score, income and debt to income ratio, you will be able to get the mortgage.

Like | Dislike | Share | Posted: Sun, 05/16/2010 - 22:47

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we are refinancing our home. foreclosure was started in may 2008 and dismissed in september 2008 because we caught up all of the payments. Underwriter will not approve the refininace because of this. It never was foreclosed on so why reject the loan? Credit scores great and even paid off a credit card to give us more points on score

Like | Dislike | Share | Posted: Thu, 04/07/2011 - 13:50 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi MJ,

Once your deed in lieu of foreclosure is 3-4 years old, you would be able to get a loan for a new property. Before that, lenders won't be ready to give you a loan.

Like | Dislike | Share | Posted: Sun, 11/08/2009 - 21:58

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My credit score is 670 I was foreclose on year ago what can I do.

Like | Dislike | Share | Posted: Thu, 01/13/2011 - 10:34 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Beverly,

You can get a FHA loan after 3 years have passed since your foreclosure have taken place. However, you should have a good credit in order to qualify for a FHA loan. A minimum credit score of 620 is required to get a FHA loan.

Thanks

Like | Dislike | Share | Posted: Tue, 10/20/2009 - 23:36

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ddeibert,

As you did not file bankruptcy, it will not affect you. If you have the required credit score and income, then you'll be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] on your own.

Thanks

Like | Dislike | Share | Posted: Wed, 04/13/2011 - 23:53

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Like | Dislike | Share | Posted: Wed, 09/17/2014 - 09:52

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

Immediately after a foreclosure, you won't be able to get a mortgage. You'll have to wait for 3-4 years in order to get qualified for a loan.

Sussane

Like | Dislike | Share | Posted: Tue, 04/13/2010 - 01:54

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I have asked several loan brokers about getting a mortgage after a foreclosure and have been told that I could only get an FHA loan and only after 3 years. It will be 2 years for me this August (2011) since my house reverted to the bank. I have the 20% down, barely, but need to save a bit more for the closing costs and a cushion, which I expect to have in a few months. My income is good, stable, and actually increasing. My FICO score is 709 with the foreclosure. I have absolutely no debt. I use my credit card but pay it off in full every month. Do you know where I could get a loan now or in the next 6 months or so?

Like | Dislike | Share | Posted: Sat, 07/23/2011 - 13:11 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Rebecca,

You won't be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] immediately after a foreclosure. This negative item will remain in your credit report for the next 7 years and you'll have to wait for 3-4 years in order to qualify for a mortgage.

Thanks

Like | Dislike | Share | Posted: Sat, 07/17/2010 - 01:55

gehez7741's picture
gehez7741 | Joined: December 1, 2011 04:32 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Like | Dislike | Share | Posted: Fri, 09/19/2014 - 04:12

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in the midst of a heated divorse. The mortgage is in soley my EXs name (not mine) however the deed is in both his name and mine. He claimed bankruptsy but did not reaffirm the mortgage. Since I am not on the mortgage but I am 50% owner of the home, where do I stand?

Like | Dislike | Share | Posted: Mon, 09/06/2010 - 19:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Like | Dislike | Share | Posted: Thu, 09/18/2014 - 02:12

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We filed chapter 13 and are still in the middle of making payments on this. We are not discharged yet. We surrendered home in bankruptcy and property is now custody of trustee. The property still after 3 years of vacany has not auctioned off yet. We are self employed and doing well in buisness. Can we get a mortgage? And if so what kind?
Thanks

Like | Dislike | Share | Posted: Thu, 10/01/2009 - 22:22 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tamma!

Welcome to forums!

You should speak to the underwriter so that he understands your situation and let's you [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan. If you have documents related to the dismissal of the foreclosure, then you can even show them to him. This can make things easy for you.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 04/07/2011 - 23:00

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jim Hines,

After a foreclosure, you may have to wait for 3-4 years in order to qualify for any new mortgage. Prior to that, I don't think lenders will consider giving you a loan.

Thanks

Like | Dislike | Share | Posted: Sun, 06/23/2013 - 21:55

aramaambong1's picture
aramaambong1 | Joined: March 23, 2013 09:24 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You don't have to wait forever after foreclosure. You can buy a new home in less than 2 years. I did!

My Realtor turned me on the the Flexible Credit Loan. It seemed too good to be true, but I got approved and now have a pending offer, even after my foreclosure less than two years ago. Big banks said it could not be done.

Obviously it can.

Like | Dislike | Share | Posted: Sat, 03/23/2013 - 21:30 | Post subject:

gehez7741's picture
gehez7741 | Joined: December 1, 2011 04:32 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Like | Dislike | Share | Posted: Thu, 09/18/2014 - 20:59

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Client is 2 yr 5mo past a foreclosure. Trying to get financing, any help?

Like | Dislike | Share | Posted: Wed, 11/17/2010 - 19:01 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Selamawit,

Your query has been replied to in the given page: http://www.mortgagefit.com/Mortgage-problems/Eligibility-post-forclosure... . Take a look at it. I hope it will help you.

Thanks

Like | Dislike | Share | Posted: Sun, 02/05/2012 - 23:38

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Like | Dislike | Share | Posted: Sat, 09/20/2014 - 12:06

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I recently went through chapter 7 and included a rental condo in FL. I owned this with another person who is still deciding what action he wants to take (deed-in-lieu, short sale, foreclosure). How will each of those actions affect (and the ch. 7) affect my ability to get an FHA loan in the future?

Like | Dislike | Share | Posted: Wed, 02/10/2010 - 21:21 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

They do have access to the records, the order to dismiss was september of 2008, yet the local judge did not sign until Jan 09. Underwriter states that it has to be a full 3 years before they touch it. I was under the impression that the 3 years would apply if we actually were foreclosed on, not the case if it were dismissed. Very disappointed!!

Like | Dislike | Share | Posted: Fri, 04/08/2011 - 08:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i had a foreclosure over two years ago on a time share when i was unable to work due to illness now on disability in all this credit score dropped have reestablished credit scoes are 612 609 544 can i obtain a mortgage now

Like | Dislike | Share | Posted: Wed, 04/14/2010 - 05:34 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in the redemption period of foeclosure, will it be possible to find a lender give me a loan to pay my current mortgage back?

Like | Dislike | Share | Posted: Wed, 12/15/2010 - 09:47 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi A.L.,

As far as I know, the effect of foreclosure will be the same. Your score would go down by 250 points. Moreover, you will have to wait for 3-4 years in order to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. However, with the new rules effective from 1st July, 2010, you may be able to get a Fannie Mae sponsored loan in 2 years if you meet the required criteria.

Check out the given page to know more about the new rule:
http://www.mortgagefit.com/problems/getloan-aftershortsale.html

Thanks

Like | Dislike | Share | Posted: Fri, 06/04/2010 - 23:00

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had a foreclosure after losing my job in 2003. Equifax shows my credit score at 747, no credit problems since. The home actually sold at auction for what we owed, so the bank did not take a loss and my credit report from Experion indicates that my lender was paid in full. I make 160k+ and have about 80k saved to use as a downpayment. How much impact will all this have on my ability to get a loan? I'd like something in the 400k range.

Like | Dislike | Share | Posted: Tue, 03/13/2012 - 12:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have a old house that my husband paid very little for and he refinaced after a few years because he needed money to fix the house up, they gave him an adjustable rate now we're paying $1100 a month and we can bearly afford it.Now it has been 10years and we have about $15,000 in repairs to do to the house.We can't afford the repairs and in the last 10 years we seen 2 people get killed a couple houses down from us and we hear gun shots all the time the neighborhood has really went down hill and i'm scared for my family while we were having a roof repaired they found bullets stuck in the roof. we have tried for the loan modifacation but they pretty much want us to pay almost the same thing.Is there anything that i can do please help?We want to get out of this neighbor hood what are our options?

Like | Dislike | Share | Posted: Fri, 05/07/2010 - 12:03

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

your scores are too low for virtually all lenders at this time. 620 is the essential threshhold now. there is a pocket of lenders which is lending to those with scores such as yours, but they're not exactly easy to find. if you stay on this forum for a while, you may encounter offers from such lenders; otherwise, you may wish to do an internet search of your own to determine who might deal in that market. be prepared to pay more for your mortgage than what is considered "market" rates these days.

Like | Dislike | Share | Posted: Wed, 04/14/2010 - 10:03

Page loaded in 0.665 seconds.