Loan after foreclosure

[julia.sadie]

How long does a person have to wait before he can be qualified for another mortgage after a foreclosure? Is the wait shorter if he does a short sale instead?

[Credit Expert]

It depends on the lender requirements at the time of your application. Some lenders may be willing to look past it, while others will not. A shortsale would likely be looked at more favorably then a foreclosure because the account will be settled with a zero balance rather then an open balance or judgment. It is recommended you attempt to remove potentially negative information from your credit reports before applying for a loan. Try http://www.CreditAgenda.com for more information.

[EnriqueHajela]

All thing is depend to your lender policies..some lender believe to check your past history, but some is not so definite time. in my opinion short sale is a good option.

[Credit Expert]

EnriqueHajela

If you want to weigh in on a topic that you know something about, please do so. Otherwise, find another place to lay backlinks. If you are a contributing accurate information I will look past the spam but as of now, you are 1 step away from being banned from this forum.

[REGrandCentral]

Typically you are told 7 years to wait to get a loan after a foreclosure, however if you use a good credit repair company, that can go down to 1.5 to 2 years. I'm biased so I'll recomend the credit repair network.com
With a short sale its just 2 years, and again, possibly quicker with a good credit repair company.

[Alexander]

Typically, without prior credit repair according to guidelines you will need to wait:

5 Years for Conventional Financing.
3 Years for FHA Financing.

With credit repair it could be much sooner but it depends on the skill/success of your credit repair company. Also if you have mortgage lates, usually FHA wants less than 6 lates in the past 12 months for you to qualify.

If you can prove the foreclosure was through a divorce you can possibly purchase much sooner.

[Ian Bothom]

Foreclosure is a process that takes place when the borrower is not able to pay the loan on time. Due to this reason the lender would declare the borrower as default.
If the borrower is not able to pay the loan on time then the lender would try to sell the property and recover the loss that was made by the lender. Foreclosure would have an effect on the credit of the borrower. The credit of the borrower would decreases.i hope you would have known the meaning of foreclosure by now.

[Devonte]

I don't think there is a banker stupid enough to issue a loan after you have faced foreclosure. Every loan officer in every bank is personally responsible for the liability of the loan that he has issued in that capacity.So, don't search for the new loan but live with in your means.

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[Fletcher]

Devonte is right that bank officers are not stupid to issue the loan after you've faced foreclosure and he is responsible for the liability of the loan he granted in that capacity. Also they will check the past history as well before issuing any loans..!!
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[Louis]

Totally agreed with Fletcher and Devonte that every loan officer must see the past history before granting any further loans..!!
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