Posted on: 19th Mar, 2009 10:37 am
Lost home to foreclosure last year due to job loss, my husband lost his job, found a new one then I got let go from my job and I found one, we tried working with the lender, I was behind by 2 months on my house payments and I had sent them 1 month payment and they wanted both, so they sent the payment back to me. We tried refinancing the home, but unfortunately the neighborhood we lived in had seen the market values drop significantly (80 to 100,000.00) and our house would not appraise for what was owed, our Lender would not negotiate down on the loan and they wouldn't modify it either (we weren't far enough behind) :oops: , so we lost the house. We are now looking at rebuilding our credit and live in a home that we have a contract for deed on - contract can be paid off anytime (no prepayment penalty) but it will balloon in 10 years.
Hi chovind,
In order to get a mortgage after foreclosure, you'll have to wait for at least 3 years. Prior to that, lenders would not be ready to give you a loan. And, in case, if some lenders agree to give you a loan, they will charge you higher interest rates. So, I would suggest you wait for 3 years and then look for a loan. Within these 3 years, you will be able to improve your score as well. To know more about improving your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
In order to get a mortgage after foreclosure, you'll have to wait for at least 3 years. Prior to that, lenders would not be ready to give you a loan. And, in case, if some lenders agree to give you a loan, they will charge you higher interest rates. So, I would suggest you wait for 3 years and then look for a loan. Within these 3 years, you will be able to improve your score as well. To know more about improving your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks