Can I get a home loan after foreclosure?

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Submitted by Deanna on Thu, 04/10/2008 - 5:47pm.

The house I bought 3 years ago was a big mistake. It is growing mold on the walls and frost on the inside of my daughters room etc. I just want to walk away and start out fresh. I don’t have any problems making the house payment. I have been saving my money for something different. How likely is it that I can get a home loan after foreclosure? I live in Minnesota

Comments:

Submitted by admin on Thu, 04/10/2008 - 5:50pm.

Hi Deana, It appears Hi Deana, It appears Minnesota allows deficiency judgements, meaning the bank can come after you for any difference between what they are owed and what the property sells for. The property will almost always sell for less as a foreclosure sale then if you sell it yourself. As such foreclosure should be your last resort. Get the house cleaned up the best you can and get it listed for sale. Try working with the bank on a short sale if you owe more than it is worth. A year or two ago it was relatively easy to get a loan even 90 days after foreclosure. But lenders are learning their lesson from the current foreclosure crisis, and their lending standards are tightening daily right now. As such it is quite possible that it will be very difficult to get another loan until the foreclosure is off your credit report… 7 years. Best Regards.

Submitted by Anonymous (not verified) on Fri, 07/18/2008 - 6:17pm.

I am currently trying to get

I am currently trying to get a home loan, I had a foreclosure two years ago, due to losing my job. I am now having to purchase another home due to a member of my family becoming disabled and they are unable to climb stairs. Will it be hard to obtain a home loan with this foreclosure on my credit report.

Submitted by Sean on Fri, 07/18/2008 - 10:56pm.

Yes, I believe you will find

Yes, I believe you will find it very hard to get financing after 2 years. That didn't use to be the case, but I think you should expect a minimum of 5 years now. See the following posted by one of our members:

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf

Submitted by skyltc on Sat, 08/30/2008 - 1:21pm.

Hi Deanne I am looking to

Hi Deanne I am looking to buy a home in minnesote if you let me know where it is located and price my e-mail sharon

Submitted by skyltc on Sat, 08/30/2008 - 1:22pm.

sorry my e-mail is

sorry my e-mail is skyltc@hotmail.com

Submitted by Anonymous (not verified) on Wed, 09/24/2008 - 10:30am.

I live in fl we want to

I live in fl we want to foreclose our home, do we have to pay bach the money.

Submitted by closet (not verified) on Tue, 10/14/2008 - 7:56am.

If applying for a mortgage

If applying for a mortgage after a foreclosure, many traditional lenders will not approve a loan request. For this matter, request quotes from several sub prime or high risk mortgage lenders. These lenders approve loans to people who have a difficult time securing financing.

Submitted by Anonymous (not verified) on Wed, 10/15/2008 - 9:22pm.

Hello, I recently made an

Hello,

I recently made an all cash offer on a loft ,that is owned by a bank, after finding out that the place alreday had an accepted offer. I am now waitig to see if the first buyers will lose the loan, not like what is on the inspection ext.. How likely is it that any of these scenarios will happen? There is a loan commitment date, if the buyer does not get this can the seller back out and take my offer?

Submitted by alina (not verified) on Wed, 11/26/2008 - 9:52am.

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