If someone had a foreclosure, could they get another home loan ?

Answer 1

Yes, it is possible to get a loan after foreclosure.

If it is within months after the foreclosure, most lenders won't give you more than 65% of the value of the house. Your interest rate will be high (11-14%), but with a 65% loan, you'll have a lot of equity in the property. But of course, this requires a 35% down payment, which a lot of people don't have right after foreclosure.

Working on your credit for a year or two after the foreclosure will help a lot. You can add good credit history and try to have some negative information removed from the report, depending on the circumstances. This will improve your chances of getting a loan at a decent rate in a year or so.

You'll still have to put some money down, and you should save up the money to do this. Don't rely on 100% loans, especially since the market is slowing down. You definitely wouldn't want to recover from foreclosure only to purchase a home that isn't worth what you paid for it.

But if getting another loan is what you want, then focus on saving money and repairing your credit for a year, check your credit, and apply for a new home loan if you feel confident in meeting the requirements.

Good luck.

ForeclosureFish
http://www.foreclosurefish.com/

Answer 2

For a loan that is not subprime...

For two years, you will not qualify for another loan.

After two years, the lender will look at how you've handled credit since the foreclosure and the reason for the foreclosure. If the foreclosure was due to financial mismanagement, you will not be able to get a mortgage. If it was due to circumstances beyond your control, you might be able to qualify. But realize circumstances beyond your control is a very narrow term, and usually only includes natural disasters and severe illness.

Otherwise, it will take between four and seven years for the impact of the foreclosure to lessen enough for you to get a mortgage.

Answer 3

Yes you can get another loan. If your financial situation changes and you have good credit scores, are employed with a good income and have a good down payment then getting a loan should not be a problem. This happened to a friend of mine.

Answer 4

It is possible, however the interest rates you would be charged would probably be massive and perhaps prohibiting. The loaning institution will probably also request collateral or a co-signer. Also, watch out for predatory lenders!

Answer 5

It depends on an awful lot of individual factors. Take 30 seconds and fill out the free evaluation form at

www.totaldebtsolutionsllc.com

and we will get you a better answer.