Profile picture for azerruj

when do u think its time to get another house after u foreclosed one?

  • June 14 2010 - Oxnard
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Answers (5)

A lot has to do with the circumstances of your foreclosure. Did you lose a job? Was there a health issue that prevented you from working or making your mortgage payments? Or was it a strategic foreclosure where you chose to stop making payments because you were underwater on your mortgage.

If the reason for the foreclosure was one of the first two scenarios then odds are better that you will be able to buy again closer to the three year horizon. That is of course depending upon the current state of your finances and your current employment.

If you think that you will be considering buying a home within the next year the best thing that you can do is to start talking to a mortgage consultant or loan officer now. Check your credit score. Find out what lenders will want to see to approve you for a new mortgage. Find out what down payment will be needed.

Getting a mortgage in today's market is not easy for people with a perfect credit history. And, it is harder for those with dings.  Get out and find a good mortgage consultant now. Then follow their advice. It may not be easy but eventually you will be able qualify for a mortgage again and enjoy the numerous benefits of homeownership.
  • May 26 2012
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Anywhere from 3 to 7 years after-wards, depending on your financial debt, current income and of course the all-mighty down payment!
  • August 17 2010
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Profile picture for Blue Nile
I thought the American dream was $1 Billion in assets, no debt, $1 Million annual income, 4 wives, 2 children, two planes a helicopter, 3 Rolls Royce Silver Shadows, no alimony, no deadlines, perfect health, and no picket fence to maintain?

Ownership of an underwater house is a nightmare, not a "dream".

More propaganda from the NAR KGB.
  • June 14 2010
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Azerruj,
This is a difficult question to answer.  They say the foreclosure will stay on your credit report for 7 years.  However, if you have other long-term items on your individual credit history, and a variety of both secured (car loan) and unsecured credit (bank cards, student loans, etc.) you can actually influence you FICO score in a positive fashion.  As time goes on, and the housing market continues to present challenges for both banks and buyers, look for the possibility of more leniency with regards to a foreclosure hit on your record.  However, you really need to start saving money for the down payment -- 20% down would be nice, and you should put a plan in place to raise your scores over time.  I have several tips I can share with you for increasing your credit rating, some related to employment and other unexpected factors.  It's nice to hear you still want to pursue The American Dream!
  • June 14 2010
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When the banks are willing to make you a loan  - assuming you don't have a bushel basket of cash or you can't find a contract for deed.

Count on waiting a minimum of two years, if not more.
  • June 14 2010
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