But I dont think that we can????? We had our first house go into forclosure and lost it after my husband lost his job, he has a good job now and one that we know he will be able to make more in the future, but is it possible to buy again........ We still owe money on the other one?????
If you can help that will be wonderful
2007-03-05 14:32:16 · 7 answers · asked by joey75 2 in Business & Finance ➔ Renting & Real Estate
If it went into forclosure it should have been sold to pay off what you owed. Now how long has this been since this happened ?
Go to the bank and get prequalified and then contact an independent realtor. One that will work for you.
2007-03-05 14:43:25 · answer #1 · answered by Carlene W 5 · 0⤊ 0⤋
Technically speaking, you probably CAN buy another house.
However, there has been a lot of pressure on the sub-prime loan industry recently. And that means they've tightened their lending rules. This means you'll have a more difficult time finding a loan than you would have in recent years.
On the other hand, that may not be such a bad thing, because the interest rates they'd charge you with a foreclosure on your recent credit history would've been highway robbery.
If you want to buy a home, you might consider looking for a rent or lease to own option. There are some sellers who are willing to consider that and, while there are some potential pitfalls, you'll probably still be better off than trying to go the standard route at this point.
Also, if you still owe money on the previous property, I have to assume that the foreclosing lender sold the property for less than what you owed? If so, you probably need to pay that off as quickly as possible because it became unsecured debt when the property was sold. I'm guessing the interest rate you're paying (and/or the penalties they're assessing) are probably astronomical.
2007-03-05 22:47:08 · answer #2 · answered by ISOintelligentlife 4 · 0⤊ 0⤋
How much do you owe on the other house? If it's not that much, make efforts to pay double on your payments until you are finished paying it off (or atleast close to paying it off).
You need to build your credit, because it's been compromised by the forclosure your incurred. This means that ALL of your credit card bills MUST be paid on time. Make sure you DON'T miss payments on ANY bills you owe, because you HAVE TO re-build your credit, so that your credit score is good again.
See a realtor and ask what your options are. Tell the realtor of your situation, and ask, "what happens to people in our financial position? What can we do to make it better."
The way things are today, it's pretty easy to loans...even if you have bad credit. There's always a way. Just don't accept "zero down" offers, because you really end up owing alot in interest, and you end up paying way more than the house is worth.
Oh, and save your money too. Save up a good $30,000 at the very least. I know it seems like so much to save, but you can do it as long as you are both dilligent about putting your money away. It's so important that you have that down payment, because you want to show the bank that you have liquid assets to put toward your home.
And remember...the bigger the downpayment, the better. This will get you to avoid PMI (private morgage insurance), which they tack on to your home mortgage bill if you don't have a big downpayment.
Best of luck, and don't be sad about this! You'll get a home! Just do the best you can to save money and pay off that other home mortgage first!
P.S. If your home was forclosed on, how come you still owe money?
2007-03-05 22:47:14 · answer #3 · answered by nitropit68 2 · 0⤊ 0⤋
You certainly can buy a house. It just depends on a few things. What is your credit? If your credit is poor, it doesn't mean you can't, it will just affect your rate, and how much you will have to put down. You may still not have to put anything down, you will have to have your credit run to see.
How long ago was the forclosure? 2 years is a standard for getting into the best bracket in specialty banks that can still offer good loans.
You know, the best way to see what you qualify for is to call a loan officer for a nationwide mortgage bank. If you want a free analysis go to
http://www.newprimehomeloans.com
Give them a call and ask to speak with Jon Griffin. He is a great guy who help me out and will give you a free analysis and let you know what is on your credit.
Don't be afraid or embarressed about your credit. No matter what situation you are in, you can fix it. It will just take some time. Jon will also help you figure out the best route to take in repairing your credit.
2007-03-05 23:30:58 · answer #4 · answered by 1235 4 · 0⤊ 0⤋
You would be amazed what some lenders will do for business these days. I have been working as a loan officer for a mortgage lender/broker for a while now and I have seen some loans close that would seemed impossible. Send me an email and I will see if I am licensed in your state and if I can help you out.
2007-03-05 23:24:53 · answer #5 · answered by Amber J 2 · 0⤊ 0⤋
Seek advice from loan experts and mortgage professionals. Here is a lnk that may be very useful. They provide free advisory and help people with bad credit, bankruptcy and foreclosure situations secure loans with the best options available.
2007-03-06 00:13:28 · answer #6 · answered by Cathy V 2 · 0⤊ 0⤋
How long has it been since your foreclosure? If it has been recent, it is probably a longshot...It also depends on your credit scores, alot of banks will finance a home at higher rates if you are willing to pay them at this point..My advice would be to consult a mortgage lender and they can probably give you the best advice..Good luck
2007-03-05 22:39:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋