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People who were forced into foreclosed by banks in 2007.

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Can people that were forced into foreclosure in 2007 by the banks and not allowed a short sale ever get a second chance at homeownership?

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June 22 - Coliseum

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Pat Bourgo, "Pat Bourgo"
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Pat Bourgo, "Pat Bourgo"

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Yes 5-7 years per Fanie Mae, but you would need to work on your credit. Don't wait until year 5 then start. Start now and make it a life style, then you would be a home owner faster.

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June 22

Julie Messina, "CNN Mortgage"
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Julie Messina, "CNN Mortgage"

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If the foreclosure was on a Conventional loan, you may need to wait a minimum of four years before you can obtain new conventional financing.
FHA is a little different. You will wait a minimum of 3 years.

Bad things happen to good people. If the foreclosure was a result of a job loss, illness, change in family status, most lenders down the road will be understanding that we are living in the most difficult economy our nation has ever faced. While you are waiting... do the things that you do have control over to prove to the next lender that you can manage your finances: pay rent n time, pay down or off consumer and revolving debt, stay clear of any federal related debt, collections, tax liens, etc... Make sure you are reviewing your credit report every six months or so.
Good luck.

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June 22

jal74
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Sure - no problem

Pay cash

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SoCal BubbleBrain
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Hold on a second. How is someone forced onto foreclosure? I assume one needs to stop making payments right? That was a legal contract you signed. You stop making payments, they get the house back. It's just business.

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June 22

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Question People who were forced into foreclosed by banks in 2007.

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June 22

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Question People who were forced into foreclosed by banks in 2007.

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Guide Real Estate Buyer's Closing Costs

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Guide A Buyer's Guide to Making the Right Choice

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