Again, I live in Michigan, and have been very financially responsible. If I can blame myself for anything, it was believing this state had a future.
2007-02-12 15:58:43 · 6 answers · asked by Tr0nik 2 in Business & Finance ➔ Renting & Real Estate
I've never been in foreclosure, but I am a mortgage loan officer. You certainly can recover. There are some lenders that will give you a mortgage loan only two years out of foreclosure, but the industry standard (Fannie Mae) is three years. It doesn't have anything to do with the state you live in.
Rick
http://www.fairwaymortgagelending.com
2007-02-12 18:32:37 · answer #1 · answered by Fearless Leader 4 · 0⤊ 0⤋
Getting a loan and getting a good loan are two different things. Anyone can get a loan with a foreclosure. Some will go as low as 1 day seasoned, but at a limited Loan to value; 65-70% at best, which would mean 35-30% down. The typical time fram for subprime @ max financing (100%) is 2-3 yrs, and for Fannie Mae, Freddie Mac it is 3 yrs.
In short, yes..your scores can recover after a foreclosure. Manage your credit cards wisely by keeping the totals around 35%. Pay all accounts on time and soon you'll see a marked improvement in your scores.
2007-02-12 18:52:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It's possible; bad things sometimes happen to good people. Right now, I am working with a loan officer to finance a girl ,who had a foreclosure within the last year, into my investment property. If you are thinking of a mortgage soon, there are other factors to consider as well. Check out the source site.
2007-02-13 10:49:13 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
After seven years, the foreclosure will fall off your credit report entirely and it will not longer factor into your credit score. The only companies that will hold it against you at that point are your present mortgage company and any insurance company involved in the loan.
2007-02-12 21:27:05 · answer #4 · answered by CJKatl 4 · 0⤊ 0⤋
Yes In fact a bankruptcy and a foreclosure and we bought a house last year.
2007-02-12 16:14:09 · answer #5 · answered by gr_elvis 3 · 0⤊ 0⤋
attempt to save up your credit after wards and some one will artwork with you after about 5 years or so. i have had to be foreclosed on 2 circumstances and become waiting to purchase after a lengthy time period. you would have a higher ratye notwithstanding it truly is a danger.
2016-11-27 19:31:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋