Is it impossible to get a mortgage after a forceclosure?
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PS: Remember that a Deed-in-Lieu, is the SAME thing as a foreclosure and will appear so on your credit. Just because something appears on your credit report for 10 or 11 years, doesn't mean lenders take it into consideration for that long...we don't.
Is it impossible to get a mortgage after a forceclosure?The market has changed a lot since 2006. I'm a Mortgage Broker and I have some lenders that will give you a loan one day out of bankruptcy and I have others that will make you wait 3 years. Whether you have to wait 1 or 3 years you will get a hit on your rate because of the bankruptcy.
But if your home is a money pit then maybe it's best you let it go. Did you try selling it first? Is there any equity left in the home? There are a lot of investors that would buy your home even though it needs a lot of work. I know a lot of people that file bankruptcy and keep their home. You're the only one that can decide whether it's worth for you to keep it or not.
Is it impossible to get a mortgage after a forceclosure?I'm not a financial expert, but I do know that obtaining a mortgage after a bankruptcy is fairly common and usually not a big problem; however, a foreclosure is a different matter. A lender is not as willing to lend money on someone who has defaulted on a mortgage as opposed to someone who has kept up with their mortgage payments. My best suggestion is to talk to the lender. In this economic climate, banks are getting very tired of foreclosures. They are much more willing to work with their current customers to find a solution that is equitable to everyone. Start out with them and see if there is some sort of agreement or refinance that could address your current situation. If they are unwilling or unable to help, find a really good mortgage broker - they have access to all types of mortgages from various lending institutions and may have a good solution for your problem.
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