Past foreclosure and how it affects me

1 Answers

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   loanmichigan on Jan 12, 2012 Reply

   The short answer is maybe. Depending on how many loans you had, what lenders reported, how they reported it all will have varying effects on your credit score. In addition when you reapply for a mortgage with a foreclosure you limit the number of banks willing to work with you. All information you may know.

   As you know, you are not alone when it comes to being foreclosed upon, everyday 1000′s of home are taken back by the bank. Ytpically 2 years is a safe time to wait after a foreclosure, but you can get a loan after a foreclosure but will require much more of a down payment.

   FHA loans have a 3 year foreclosure wait, unless with good reason, and it is possible to purchase with no or low down payment on these government loans. Underwriting guidelines are restrictive but at some point, when a large number of Americans have a foreclosure history and banks want to loan again, the foreclosure may not be much of a concern as it was a few years back..

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