How is it possible for someone with a $427,500.00 Forclosure?

Question

plus a tax lien able to buy another house? In the same town?

Answer 1

They either put down a large down payment; they bought it on financed seller terms; the tax lien and foreclosure may not be on the credit report yet; somebody co-signed for them like a parent or other family member or perhaps you have not all the information you think you do.

Otherwise it in highly not likely they made a purchase using the usual financial terms. I've dealth with all kinds of people and all kinds of credit in my business. It takes a showing of lots of responsibility to get a mortgage by somebody or a sizeable pledge of assets to get that kind of mortgage. Otherwise everybody would be doing it.

Answer 2

Terms. Sometimes owners will lease-to-own, or they had enough money for a huge downpayment and took the higher interest rate.
Buying a home isn't impossible for bad credit, but it is costlier.

Answer 3

Put the house in someone else's name like a relative.

Either that, or you have to be Donald Trump or someone with the reputation that he has. Ex. he went broke, but still was able to get HUGE loans and investors backing him. Why? Because he proved himself once, and after getting re-established, he's back at it again!

Answer 4

it is possible, many lenders will lend the money for people after foreclosure . maybe this person buy this house using somebody else name with a good credit?

Answer 5

Purchased in a corporate or another person's name?

Peace!

Answer 6

I would say no, but I'm sure stranger things have happened. You have to know the right people. (I sure don't!)

Answer 7

because they didn't pay their mortgage

or maybe they had a mortgage with ballon payment and they didn't have enought to pay it