Is it impossible to get a mortgage after a forceclosure?
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If you really decide you can't make the payments or want out of your house - SELL IT - do not foreclose if at all possible. Even if you do foreclose, you would still be responsible for whatever amount of the loan that is outstanding after an auction.
Is it impossible to get a mortgage after a forceclosure?Include your mortgage in a chapter 7! Not 13....... It will not reach foreclosure, for the bank will not need to foreclosure on it. It will be given back to the bank @ discharge. You will be able to get a 100% mortgage (subprime) after 2 years.
If you are upside down on the mortgage now, them do it! What do you have to loose?
Is it impossible to get a mortgage after a forceclosure?By surrendering your home do you mean Deed-in-lui of Foreclosure? We did this because my husband lost his job and we exhausted all our saving trying to pay the payments while we were trying to sell. Due to the Layoff, the market was flooded with houses and we had a hard time selling. The few offers that we got were turned down by our mortgage company because they thought we lived in a different state and that how house was worth a couple of hundred thousand more than it actually was. Then to top things off the Sheriff in our town was caught molesting kids in his police vehicle so NO ONE wanted to buy in our area. I'm so scared that we will not have the credit to get another home. Between the Mortgage company, the massive layoff, and the pervert sheriff we didn't have a choice but to deed it back to the company.
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