my husband and I were living in temecula outside of SanDiego but commuting to work in SD it got to be way too much and instead of thinking things through I just quit my job and moved back to Vegas I thought my house in Cali would sell right away but it didn't happen that way. now we are in Vegas with some bad a** credit . HELP
2006-07-06 10:44:40 · 8 answers · asked by Muy Buena 4 in Business & Finance ➔ Renting & Real Estate
First thing to do is check your credit score. The higher the score and the more you put down the lower the rate.
W.E. AND NICK R ARE BOTH WRONG THE HARD MONEY RATE IS 13.99 RIGHT NOW.(I do foreclo bail-outs) Was the mortgage and title in both your names? It takes about 6months min before you lose your house in forecl. What happen? There is more to this story then you are telling. You can get a mortgage right away but you will need to put at least 30-35 % down.The longer you pay your rent on time the better and less money you will need to put down. You also will need to go full doc (showing W2's). I do this type of loan all the time. If you have any questions please email me at JohnG@oldmerchants.com
2006-07-06 16:55:27 · answer #1 · answered by jon g 3 · 6⤊ 0⤋
How long since your Forclosure? Are you looking for a 100 percent financing? Or do you have any money to bring in on the home purchase. I deal with ppl that have been in Forclosure, and Bankruptcies. All is not hopeless, but need more information.
By the way, Nick's answer is in-correct. Rate would not be in the 16 percent. If you were doing a forclosure bail-out - than yes your rate would be in the 16 percent range (called hard money). Your rate would be in the 8 - 9 range - depending if you have any good tradelines, and if the forclosure is the only mark against you. There is more to look at, like job time, income, etc to get the whole picture..
p/s to answer your ? you can get another mortgage 1 day out.
2006-07-06 11:03:06 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
After a foreclosure you can purchase another home at a very high rate (16+%) with about 10% down.
You would be better working on raising your credit score over the next two years. You need to be at least 600, 650 would be better in order to get a livable interest rate (9%).
Pay off all your credit accounts and keep them open.
If you have to file bankruptcy, do it now and get it all behind you.
Starting fresh is a bear, but it's a start. Get some advise on how to rebuild your credit from a lender. Most would be willing to make suggestions.
Good Luck & God Bless
2006-07-06 10:56:59 · answer #3 · answered by Nick R 3 · 0⤊ 0⤋
Don't let your house forclose.Find a Real Estate Investor to work with you so you do not loose your home to the bank.Foreclosure on your credit is not good and will take a while to clear.Banks will not lend if forecloure is on your credit.You can alway rebuild your credit.But why wait to that point.
Good Luck.
www.forecloureavoidance.ws
2006-07-06 16:51:27 · answer #4 · answered by innovativeinvest@sbcglobal.net 2 · 0⤊ 0⤋
you'd be suprised anybody says 2 years yet save checking your credit each and every 3 months I knew a frind who filed for financial disaster and he offered a house interior of a 365 days reliable success
2016-11-01 08:10:46 · answer #5 · answered by ? 4 · 0⤊ 0⤋
If it's still in foreclosure, contact me and I'll buy it from you or take it off your hands. I am a licensed real estate broker and if I do anything unethical, I could lose my license.
Regards
2006-07-06 21:03:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋
usually 5 years if you have no more bad things put on your report. this from experience.
2006-07-06 10:49:07 · answer #7 · answered by Apple 1 · 0⤊ 0⤋
hmm i think its a few years and then im not even sure it can be done.
2006-07-06 10:50:51 · answer #8 · answered by jojo 6 · 0⤊ 0⤋