Im 24 years old and had the misfortune of losing my home when i was working for myself and times were hard and couldnt afford to pay the mortgage. This was nearly 2 years ago and i now have a family and am working full time. I would very much appreciate any info anyone can give me on this subject
Thankyou
2007-03-24 11:23:25 · 6 answers · asked by memememe32 1 in Business & Finance ➔ Personal Finance
Yes, it is possible by working with your bank or mortgage broker. You might have to discuss this with several lending sources. Be frank and honest with your disclosures. It is likely that you will only be able to obtain a sub-prime mortgage (higher than regular interest rates). However, be wary of predatory lenders with accelerated rates after a few years, high penalty clauses, and inability to refinance within the first years of the mortgage.
It will depend on your current credit record (late payments, etc.) since the foreclosure together with your current earnings record, current assets (savings, etc.) and debts.
2007-03-24 11:47:18 · answer #1 · answered by Latigo 3 · 1⤊ 1⤋
It will make a difference on how you 'lost' your home. If it was through bankruptcy then it will take time. If not, then it shouldn't be as hard to get a mortgage.
I'm guessing that your salary is paid directly into a bank account - so maybe approaching whoever is your current bank would be an idea. They will know from their records that you have a steady, regular income. And if you are still with the same bank as before, they will be aware of difficulties in the past and who your finances seem to be now.
Find an Independent Financial Adviser who can advise you. They don't charge you a fee, and have to be up front about how much they will receive from any business they give to companies by introducing you.
They will be able to look at the best deals around for you as well.......... it's much easier than doing it yourself as they do it every day and are much more knowledgeable.
Hope this helps.
2007-03-25 08:22:53 · answer #2 · answered by Jules 5 · 0⤊ 1⤋
All these MORONS who posted Anything "less" than 10 years are Wrong!
Big time credit hits Now stay on the system for 10 years! You May be able to get another mortgage sooner But it will depend on your credit rating which will have to be repaired and what "interest rate" you will be willing to Live with.
Keep in mind that "bad credit" doesn't Stop you from getting more credit. It Does affect what interst rate you will pay for being a "bad risk'.
Good Luck
2007-03-25 00:21:58 · answer #3 · answered by thart090 3 · 0⤊ 2⤋
Sorry to hear about that misfortune! Never a good thing! There are some lenders that will do this for you, as long as you have been good ever since, but it has to be 2 years at least. Don't be confused, as there are some lenders that will never look at it. I am very happy to help with anything. We have over 200 banks we work with, and I am happy to see if anything can be done to help you!
Randy Schell
Branch Manager
America One Finance
randyschell@yahoo.com
2007-03-24 22:16:49 · answer #4 · answered by Randy Schell 1 · 0⤊ 2⤋
Probably, but it may take time. You can get your credit rating from a company called experian, or go and talk to the Citizens Advice Bureau. Next time make sure you take out some kind of insurance policy to cover you if your work situation changes.
2007-03-24 18:31:39 · answer #5 · answered by Jude 7 · 0⤊ 1⤋
yes, you will.
it takes 3 years for a bankrupcy to go from your record, but you'll have to declare it...
as for a repossetion..well, that is not as serious...there are specialist lenders that will lend you mortgage funds at a higher rate of interest.
you'll need to get back on the credit ladder. try getting a small loan (maybe £500) pay it back well and you'll get a better credit score
2007-03-24 18:29:23 · answer #6 · answered by Anonymous · 0⤊ 1⤋