If so, were you able to buy another house later? Or did it totally wreck your credit?
2007-04-13 16:06:14 · 3 answers · asked by Isla14 2 in Business & Finance ➔ Renting & Real Estate
It will completely stop your ability to get a conventional loan until sufficient time has past.
If you are a cash buyer you can buy a house at any time. If you have a very large down payment some lenders will work with you but expect a higher interest rate and more closing costs.
After 7 years the foreclosure is completely off your credit file so your score will not be dragged down by it.
Time and cash can fix the issue. Best is to avoid having a foreclosure by finding a way to sell. Or ask the lender to change the loan terms to something you can afford. Some will if the change is not a large difference from today.
2007-04-15 01:41:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yeah, it is best to do everything to avoid it. Even if that means filing for bankruptcy (save that as a last ditch effort) But, yes, after about 2 years of steady income, steady housing payments, and getting your debt under control, cleaning up your credit, and basically trying to start new, you will be able to purchase again. Of course, the lenders see you as a high risk, still, so you probably won't get a great rate. Check this out, too:
http://www.dfi.wa.gov/consumers/education/home_loan/home_loan_prevent_foreclosure.htm
2007-04-13 18:46:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Although the foreclosure won't be pretty ,
If you have 20% down , the income to cover the payments and no other debt , you should be able to make another purchase .
2007-04-13 16:15:50 · answer #3 · answered by kate 7 · 0⤊ 0⤋