Contact a lender who specializes in lending to people with low credit scores. Your community bank might also be interested in lending you money, so contact them too.
Another perspective
Responsible lenders are tightening their standards in reaction to the present foreclosure crisis. It is unlikely that a responsible lender would extend a loan since your current history shows you were unable to pay your mortgage. It may take you several years to improve your credit record enough to qualify for a mortgage again. You also need time to build up a savings reserve for a down payment and to show you have resources to fall back on in an emergency.
You should take some time to rethink homeownership if you have recently lost property by a foreclosure. Lenders that extend loans to borrowers with poor credit records generally charge high fees and interest rates. Those lenders try to get as much up front from the borrower as possible and add it to the debt. Closing costs for a high risk borrower can be twice as high as for a borrower with a good credit rating.
Sub-prime lenders generally don't care if the borrower can pay because they sell those notes immediately following the closing. They are in the business of selling mortgages. Any cash you have will be scooped at the closing leaving you in a poor position to keep up with your new mortgage payments and any unexpected homeowner type expenses. You should not create more debt for yourself without being fully informed.
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.
Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
Assuming that the FIRST mortgage was foreclosed, a foreclosure wipes out any mortgages that were recorded after the foreclosed mortgage.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.
There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.
The easement does not affect the mortgage. Therefore, the foreclosure can continue.
Only if the foreclosure is a court-ordered foreclosure.AnswerThe mortgage is extinguished by a foreclosure proceeding and sale but you may be liable for any deficiency and costs relating to the sale.
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.