2007-01-05 10:58:17 · 4 answers · asked by jeremy w 2 in Business & Finance ➔ Credit
If you foreclose now, you'll have to re-establish your credit and wait about 4 years to use an A-paper lender.
You may be able to attain financing with a hard money lender or a B or C lender, but if you want a decent interest rate in the future, chances are you'll have trouble.
Also keep in mind that you'll need to be sure not to make any mistakes credit wise once you get back on your toes. Any little marks on your credit after a foreclosure or a BK count a lot more than they normally would, as you're in a state of limbo, and anything bad will send you to...
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2007-01-05 11:16:08 · answer #1 · answered by Todd S 3 · 0⤊ 0⤋
Well, that depends on your situation. If you file bankruptcy for re-organization, you may be able to work something out with the bankruptcy courts to get payments under control. Of course, if this were my situation, and the institution you're mortgaged with has not filed forclosure papers as yet, I certainly try to sell my property. As long as you get enough to cover your loan with some survival $$ for backing, I'd dump and begin again.
Also, you could look into 'refinancing' with another company, such as Rock Financial at a much lower interest rate to drop your payments due to distress circumstances. This may be an option.
2007-01-05 11:04:07 · answer #2 · answered by chole_24 5 · 0⤊ 0⤋
Yes, after the foreclosure is deleted from your records or if you buy a house free and clear with cash. This is because foreclosure is treated like filing for bankruptcy; it's essentially involuntary bankruptcy filed by your mortgage lender.
2007-01-05 11:02:48 · answer #3 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
4 years or so--it falls off after 7
2007-01-05 15:51:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋