Posted on: 26th Feb, 2010 11:55 am
We are about 10 mo. behind on our mortgage payment. My husband lost his job and I was pregnant with our second child. My husband has a job again now and we tried to get the bank to help us with a loan modification but it did not work out. The payments are more than we can afford right now, so we are planning to do a deed in leiu of foreclosure. Will we be able to get another loan for something that we can afford right away?
Hi homeworking!
Welcome to forums!
You won't be able to qualify for a home loan immediately after a deed in lieu of foreclosure. It will lower your credit score by 250 points. You will have to improve it and wait for 3-4 years in order to get a mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You won't be able to qualify for a home loan immediately after a deed in lieu of foreclosure. It will lower your credit score by 250 points. You will have to improve it and wait for 3-4 years in order to get a mortgage.
Feel free to ask if you've further queries.
Sussane
Thank you Sussane. It looks like we will find something to rent for a while then.