Zillow Advice: Buying Process - People who were forced into foreclosed by banks in 2007.

Yes 5-7 years per Fanie Mae, ...

Mon, 22 Jun 2009 20:35:00 GMT

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.

If the foreclosure was on ...

Mon, 22 Jun 2009 19:39:00 GMT

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.

Sure - no problemPay cash

Mon, 22 Jun 2009 19:21:00 GMT

Sure - no problem

Pay cash

Hold on a second. How is ...

Mon, 22 Jun 2009 19:18:00 GMT

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.