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Bankruptcy and near folrclousure

Due to economic condition, our house went to forclosure, now in mediation, FHA loan, also went thru bankruptcy almost 9 months passed. The bank want us to pay all the back interest with all other late fee etc. and the price of the house went skyrocketed a 125000 market value house becomes 298000. a payment of 1930. a month. Is this house worth saving. Also we vacate the house either thru forclosure or a short sale, is there a possibllity to buy another house in this cheap market.
Also the Bank doesn't want to reduce the principal under modification.
  • February 18 2013 - Oak Brook
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Answers (2)

If your home went to foreclosure and you had a bankruptcy the only way you are buying a home in the next 2 years would be if you find a lease purchase deal, an owner financing deal, or you pay cash.  You will not qualify for a loan anytime soon.  The easiest way is to contact a lender in your area and explain your situation and they can guide you as far as what you need to do to get back into a position where you can eventually qualify for a loan again. 

  • February 18 2013
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Profile picture for wetdawgs
Is it worth saving?  Only you can answer that question. 

With a bankruptcy and then a short sale or foreclosure, you can plan on waiting for several years before you qualify for a mortgage again.   One can't be specific on the "several years" without knowing a lot  more about your personal finances (something you should review with a super lender, not a public forum).
  • February 18 2013
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