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Will I be able to buy again after losing a home to foreclosure?
Posted By Freelance On December 7, 2007 @ 10:15 AM In Consumer News and Advice,Financing a Home,Home Buying 101 | Comments Disabled
It can happen. But a lot will depend on your circumstances and the mortgage interest rate you are willing to pay. Generally, most lenders will consider your request for a home loan two to four years after your foreclosure. Predatory lenders will issue a home mortgage in less time. But beware – they routinely charge high mortgage interest rates, fees, and penalties for this privilege.
A quality lender will expect you to show that you have cleaned up your credit. Providing a reasonable explanation about the circumstances that led to the foreclosure – such as exuberant medical expenses – is also helpful.
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