Good friends of mine went into foreclosure do to the housing market in Central Valley California. They were not able to get their home refinanced because the home had loss value, due to this they were forced to go into foreclosure. Can they ever get back on track after going through this?
2007-10-16 04:07:23 · 4 answers · asked by jazzyt 1 in Business & Finance ➔ Renting & Real Estate
Sure they can. It will take time and credit smarts. No running up huge credit card bills. Move out of California. Before you know it, it's going to fall into the ocean. I see houses being demolished everyday on the news. I don't think it is smart to sink any money into anything in California.
2007-10-16 04:12:18 · answer #1 · answered by Anonymous · 0⤊ 1⤋
sure they can. The biggest problem is going to be the deficit balance on the home. They need to seek out a bankruptcy attorney and file on it or the lender will almost always come after them. Then the must rent for 2- 4 years before attempting to purchase again. They are not alone in all of this. They must stay current after all is discharged in the courts and put away lots of cash for a down payment in the future.
Good luck to them!
I am a mortgage banker
2007-10-16 04:14:55 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
yes , it's about 2 years. do not be credit shy. you talk and explain your situation . many people are in foreclsoure / bk right now ... banks want to give you money again.
you will pay high interest at first ... keep checking / shopping rates and do not be shy to apply .
there are banks that target people that have been through this .. offers begin to come in they seem to buy names from court records.
after about 2 years , you will be stronger LOL it is crazy indeed
keep trying and do not take this personal . it was a business relationship . losses happen. you will pay a little more because you are riskier now . expect to be "disrespected" BUT DO NOT LET YOURSELF be "raped" by new credit card companies.
2007-10-16 04:17:33 · answer #3 · answered by Mildred S 6 · 0⤊ 0⤋
Of course they can but they need to be smart about their finances. They can be smart by trying to get their credit scores up and try not to overextend themselves. It is very possible to come out of this.
2007-10-16 09:58:07 · answer #4 · answered by bpl 5 · 0⤊ 0⤋