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How soon can you get a home loan after you have had a foreclosure?
Wiki User
∙ 15y ago
Each lender is different. Contact the lender of your choice for that lender's policy.
Wiki User
∙ 15y ago
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Does home foreclosure effect your ability to get a federal stafford loan?
No, it does not
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.
Will the bank sue you if you foreclose on your home loan?
Yes, the bank will sue you if you default on your home loan and place your house in foreclosure.
How soon can you buy another home after foreclosure?
3 years
Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?
Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.
WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
When a bank seizes and sells a home to get as much of its loan back as possible?
That is known as foreclosure.
Where can one get a loan to stop a home foreclosure?
When facing foreclosure, the first thing to do is to try to get a loan from your current lender. If that fails, try getting a loan from other lenders such as Fannie May and Freddie Mac. If that fails, turn to private lenders.
If you are behind on your mortgage will they keep your insurance claim?
If your home is in foreclosure then yes they apply it to the loan balance in the event you loose your home.
How soon after foreclosure can you get another home loan?
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.
Is tax on continuing a second mortgage deductible after filing for a first foreclosure?
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
