Is it impossible to get a mortgage after a forceclosure?
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Here is the truth of what you are facing:
I wouldn't concern myself with purchasing another house for a minimum of 4 years. If you purchase one any sooner, fully expect to get into another "upside down" loan that will bring you back to where you are right now.
Very, very few lenders will loan to folks that are currently in a repayment plan on a Chapter 13...it's all about statistics, if you can't pay back your other creditors, does a mortgage company want to risk a possible future foreclosure?
Your attorney CANNOT tell you when you can get another loan. He is an attorney, not a lender, and unless he works with national investors on a daily basis, he probably needs to stick to legal advice.
If you have Chaper 13, and THEN have a foreclosure, this will significantly increase the length of time of when you will be able to get another mortgage...and that can possibly be as long as 7 years before you get another loan, because lenders consider these two MAJOR financial life events, and it sends the risk factor through the roof.
Why are you upside down in your loan? How long have you been in the home? Have you had a formal appraisal to know for sure you are upside down?
One of the things I have seen in 11 years is that people tend to make the same financial mistakes over and over again...what you have to figure out, is WHY you are in the situation you are in, and take the steps to fix that first before making future financial commitments.
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