we bought a house two years ago and because we can no longer make payments it will go into foreclosure my husband has a foreclosure before we married so i put the house in my name now if the forclosure is on both of our crtedits will we ever be able to buy a house again some say no some say yes? what happens?
2007-12-16 15:02:16 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
yes we bought with an adjustable rate mortgage and payments went way to far up so dont answer if youre going to be rude because we already know how stupid that was!!!
2007-12-16 15:04:16 · update #1
also we cant refi or take out loans!!!
2007-12-16 15:04:55 · update #2
You can buy another home after foreclosure. There will be a number of extra requirements to meet, though.
In the first few years, you might have to bring 35% down at least in order to get a loan. Many banks will lender 65% of the value of a house regardless of your credit.
Your interest rate will be quite a bit higher than what it would be if you had good credit. So, your income should be stable enough so that you can make the payment and save for a rainy day. If your budget will be stretched, then it's better to buy a smaller home or just wait.
The foreclosure will stay on your credit for 7-10 years, but you can do a lot to fix your other credit. Pay off old credit cards, student loans, car loans, etc. And start using new credit wisely, with small credit card purchases every month that you keep on top of.
2007-12-17 02:05:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Lenders will want to see at least 2 years of seasoning on a bankruptcy or foreclosure before you can qualify for a decent mortgage again.
I know this isn't what you want to hear, but you are going to have to learn to live within your means. Hubby has a foreclosure, now you have one, you need to get a budget, stick to it and get the spending under control.
2007-12-16 17:36:46 · answer #2 · answered by godged 7 · 0⤊ 0⤋
I used to be in real estate for many years. Yes, you'll be able to buy another house in the future. If you absolutely HAVE to go into forclosure, then just stick with working on your credit to repair it. Have you tried talking to your mortgage company? My husband and I almost went into forclosure, but he called and made payment arrangements with them. They were more than happy to do that because they don't want to go into forclosure no more than you do because they'll be out a lot more money than you. Think about calling to rectify things w/them before allowing the forclosure to happen.
2007-12-16 15:11:30 · answer #3 · answered by tahari01 4 · 0⤊ 0⤋
You will eventually be able to purchase a house again, but it won't be very soon. The foreclosures on BOTH of your credit reports isn't going to look good at all. This situation may well follow you around for the next decade.
2007-12-16 21:48:07 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Pay the non-public loan organisation. call them and artwork something out with them for buying caught up. they might't "make it flow away". approximately all they actually do is refinance your living house and usually at an more desirable pastime value then you definately are at the instant paying. The make it flow away via paying your lender yet then you definately land up owing the foreclosures expert and a million/2 the time, you owe them extra then you definately did your unique lender. call your very own loan organisation up. locate out what you're able to do to get lower back on the right song. loan companies might usually somewhat artwork with then you definitely foreclose in the event that they might. Foreclosing is a soreness interior the butt for them as they then could sell the living house, etc. you will no longer be attentive to what you could artwork out with them until you call. Be up front. clarify your project. artwork something out to get the money lower back on the right song.
2016-11-03 12:58:39 · answer #5 · answered by pipe 4 · 0⤊ 0⤋
Melissa,
The answers to your questions depend on which state you live in and who your lender is. It may be that your lender would be willing to work something out with you.
Is your preference to stay in the home if you could?
If you let me know your state, I'll provide you with some info about that state's foreclosure laws, etc.
2007-12-16 15:22:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I am very sorry to hear that you are in foreclose. Please call me on Monday. I have someone who helps with forecloses. You are not the only one with adjustable rates they can not afford. I will keep you in my prays.
2007-12-16 15:29:45 · answer #7 · answered by ruscito_mom 2 · 1⤊ 0⤋