0
Simply, as soon as someone will agree to give it to you.
With todays heightened credit requirements, a recent foreclosure is a major turnoff.
That it normally occurs along with additional and continuing credit payment problems, makes it worse.
You would likely need a substantial downpayment at least, and expect to pay a high interest rate. And of course, the more verifyable and steady income you have, the better.
But how long and how much the previous foreclosure will effect you is each lenders decision. Some, will never grant you a loan again.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is a pre foreclosure?
A pre-foreclosure property has a delinquent loan and the owner is in imminent danger of losing his home due to foreclosure. His property has been listed as delinquent and will soon be taken into the custody of the lender. Buyers may be able to obtain a pre-foreclosure for 40 percent less than the home's market value, and the deal would close quicker than would a foreclosure.
How can you stop foreclosure on your home equity?
Contact your bank as soon as possible to make arrangements to bring the loan up to current. Or, find a way to refinance the loan, which may or may not work if your credit is bad.
How soon can you get a home equity loan?
As soon as you have equity to borrow against. If you put a considerable down payment on a home you could get a home equity loan the next day. If you put 0 down than it will be several years before you have enough equity to get a home equity loan.
How long do you have to have your new home loan before you can get a line of credit?
As soon as you have enough equity in the home to do so. As soon as you have enough equity
How does payback work with a bridge loan vs. a regular loan?
A bridge loan is used to help you buy a new home until you sell your old home. Once your old home sells you payback the bridge loan. With a regular loan you have to begin paybacks right away with monthly payments. The above answer is incorrect in that with a bridging loan you have to make a monthly payment as soon as the loan starts. Rates can be as high as 2% a month above base rate Bridging loans are not cheap, but they are a great option if you need to buy a property before you sell another or have the funds to complete.
How soon can you buy another home after foreclosure?
3 years
How soon can you get a home loan after you have had a foreclosure?
Each lender is different. Contact the lender of your choice for that lender's policy.
What is a pre foreclosure?
A pre-foreclosure property has a delinquent loan and the owner is in imminent danger of losing his home due to foreclosure. His property has been listed as delinquent and will soon be taken into the custody of the lender. Buyers may be able to obtain a pre-foreclosure for 40 percent less than the home's market value, and the deal would close quicker than would a foreclosure.
How can you stop foreclosure on your home equity?
Contact your bank as soon as possible to make arrangements to bring the loan up to current. Or, find a way to refinance the loan, which may or may not work if your credit is bad.
How can a you get help to stop for eclose of home?
You can seek help from a housing counselor or a financial advisor to explore options such as loan modifications, repayment plans, or emergency assistance programs. Contact your mortgage lender as soon as possible to discuss your situation and find a solution to avoid foreclosure. Consider reaching out to local nonprofits or government agencies that provide foreclosure prevention services for additional support.
How soon can you get a home equity loan?
As soon as you have equity to borrow against. If you put a considerable down payment on a home you could get a home equity loan the next day. If you put 0 down than it will be several years before you have enough equity to get a home equity loan.
How soon can foreclosure occur after default on discharged bankruptcy?
Depends on if the loan is actually secured by a Deed of trust (which has become much more popular) or by an actual mortgage.
How long do you have to have your new home loan before you can get a line of credit?
As soon as you have enough equity in the home to do so. As soon as you have enough equity
How soon can you buy a house with cash after foreclosure?
Never.....
How does payback work with a bridge loan vs. a regular loan?
A bridge loan is used to help you buy a new home until you sell your old home. Once your old home sells you payback the bridge loan. With a regular loan you have to begin paybacks right away with monthly payments. The above answer is incorrect in that with a bridging loan you have to make a monthly payment as soon as the loan starts. Rates can be as high as 2% a month above base rate Bridging loans are not cheap, but they are a great option if you need to buy a property before you sell another or have the funds to complete.
What is a reo property?
REO (Real Estate Owned) is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case as the amount owed on the home is probably higher than the value of this foreclosure property. As soon as the bank repossess the property, it is listed on their books as REO, and is categorized as an asset (non-performing).
How soon after foreclosure and sale can you buy a house?
3 years
