2007-03-14 10:16:37 · 4 answers · asked by mark w 1 in Business & Finance ➔ Renting & Real Estate
Sounds like you're asking about your own ability to buy a home after you personally were foreclosed upon?
If so, read the news about subprime lenders falling apart all over the place right now.
Wait 2 years, get your credit re-established, and get an FHA loan. If you can even get a loan sooner, your rates would be 50-75% higher than a comparable FHA after the 2 years are up. It just makes no sense to jump into something so expensive so soon after losing everything. You surely don't want to have it happen again.
Just rent for as little as you can, and save up 3% for your FHA downpayment.
2007-03-14 10:25:27 · answer #1 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
come across an area Realtor which you will properly be soft with and enable them to help you. they have all the kit obtainable to seek all homes, no longer purely foreclosure. one element to bear in concepts approximately foreclosure, however. If somebody can not pay their loan they in lots of cases can not arise with the money for to make maintenance to the valuables the two. especially circumstances you will discover only almost as good of a deal from a private broking. If the fee is purely slightly extra and you do no longer ought to do any maintenance to make the placement livable you'll be extra useful off.
2016-11-25 20:20:18 · answer #2 · answered by ozkardes 4 · 0⤊ 0⤋
To buy a forclosure, or to buy a home after forclosed upon?
Buying a forclosure isn't any different then buying any other home.
The latter has to do with weather or not you can find a lender to give you a mortgage. It's very hard to get a mortgage from the bank. At least it is in Ontario.
2007-03-14 10:43:24 · answer #3 · answered by Gig 5 · 0⤊ 0⤋
It is no different than buying any other house. A mortgage company forecloses, gets the deed registered then puts the property up for sale.
If you need a mortgage to buy, you apply then have a closing in 6 weeks if you qualify.
2007-03-14 10:21:34 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋