Profile picture for kainrivera

what are my options if I want to buy a house but I have a foreclosure

  • May 23 2011 - Maricopa
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Answers (15)

Profile picture for Bill Eckler
Many people that have experienced similar issues are going the routes of seller financing or lease options. If you elect to go either of these routes, you should definitely be sure to proper legal representation and paperwork that will protect your interests.

Good luck,

Bill
  • March 24 2013
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[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
Obviously it can.
  • March 23 2013
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Profile picture for Kent Richards
50% of the homes in the greater Phoenix area are underwater with their loans. If you can successfully work your way through a short sale, the debt will more than likely be forgiven, and within two years you can purchase another home. Often with a foreclosure it dings your credit a little more, and takes a while longer to recover. Arizona is a non-recourse state, which means that the lender isn't suppose to come after you for the balance owed, but you will still have government taxes to pay on the difference. The lenders are making great profits now, while the rest of the economy and homeowners struggle.  Often times, you must be creative with financing another properrty, such as: Owner-carry, to become a homeowner again.
Given enough patience, the market will change, and once again banks will open their coffers to offer more loans to less credit worthy folks, like they did twenty years ago by offering 125% loans on homes. Things always evolve, and we can see that happening now as the cheaper homes are being snapped up by investors. Next, we will have a glut of rental homes, and finally, first time ho0mebuyers will enter the market again.
  • July 31 2011
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It depends on several things for example has your credit score recovered since the foreclosure? Are you looking for an investment property or for primary residence? How much down payment can you afford? Lenders and loan programs have different rules. I recommend you contact several mortgage resources including brokers, banks and mortgage banks.
  • June 06 2011
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It depends on the length of time ago of your foreclosure? I can do an FHA loan 3 years and one day after a foreclosure.
  • May 29 2011
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Seller financing , your local Realtor can help you with that !
  • May 27 2011
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There are always hard money loans... or cash
  • May 26 2011
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Profile picture for hpvanc
Pay cash.
  • May 25 2011
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Profile picture for Dunes....
Wonder why all the Agents don't have their phone # next to their photo..oh yeah it's against the Forum Rules..

Please follow the Forum Rules

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"Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs"
  • May 25 2011
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Profile picture for Carole Tyne
Better question for the mortgage advise area.
  • May 25 2011
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How long ago was the foreclosure? Are you looking to buy a house cash? If not, consider speaking with a lender. Even if you can't get a loan now they can walk you through what you can do to improve your scores & increase your chances of buying another house. I believe you will need to wait X amount of years but speak with a lender & find out for sure. I have had a lot of clients say great things about Nova Home Loans but call & make an appointment to see any local lender. Best of luck.
  • May 24 2011
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Profile picture for webgirlpa
You can try alternative financing. [edited to remove spam]
  • May 24 2011
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Dear Kain:

Your options after a foreclosure to buy another home:

1. Wait two years, pay your bills on time and apply for a conventional loan
2. Make an offer for "seller may carry" financing home. Your Realtor can find this home for you. Usually need 20% downpayment
3. Buy a home for cash
4. Get a co-signer
5. Lease with option to buy

May I wish you the best.

Jeff Masich, Realtor
Arizona Homes and Land
HomeSmart
Scottsdale
  • May 23 2011
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The FHA guidelines require you to wait 3 years from the date the foreclosure was completed.  If you had an approved extenuating circumstances it can be between 12 months- 2 years.

The conventional guidelines require 7 years from the date the foreclosure was completed.  It can also be 3 years if there are extenuating circumstances and a 10% down payment applied.

If you would like more details please feel free to give us a call and we can refer you to a helpful lender.

Best of luck,

The Chris Eldridge Group
[Contact info removed by moderator]
  • May 23 2011
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Profile picture for B Mike West
If you mean that you have a foreclosure on your credit record and you want to buy a home there are two options.  If you have the cash, you can buy it any time.  If you will need a loan to finance the property it will be at least three years after the foreclosure is recorded before any lender will consider giving you a loan.  Some will not do so for longer periods.

Your best bet is to contact a local loan officer and discuss your specific situation.  Make sure you pay all of your bills on time and start saving money for the down payment.
  • May 23 2011
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