Posted on: 08th Aug, 2011 02:19 pm
Or in other words, how long after I have reinstated my mortgage will I have to wait before qualifying for a new mortgage on a different property. (The home with the reinstated mortgage will be sold or rented.)
Hi Guest!
Welcome to forums!
As far as I know, you will have to wait till the mortgage reinstatement is complete and then apply and qualify for a new mortgage on a different property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, you will have to wait till the mortgage reinstatement is complete and then apply and qualify for a new mortgage on a different property.
Feel free to ask if you've further queries.
Sussane
i understand that. how old does a reinstatement on my credit have to be, before I can qualify? what is the waiting period? Is it considered a foreclosure on my credit and a 3 year wait?
Hi Guest,
In case of a foreclosure, you need to wait for 3-4 years in order to qualify for a new mortgage. However, I haven't heard any such time period in case of reinstatement of a loan. You may contact your lender and take his opinion in this matter.
Thanks
In case of a foreclosure, you need to wait for 3-4 years in order to qualify for a new mortgage. However, I haven't heard any such time period in case of reinstatement of a loan. You may contact your lender and take his opinion in this matter.
Thanks