Some people blame the rising number of foreclosures on the appreciation explosion -- the wheeling-dealing, home-buying frenzy of the past five years -- and say that lots of home buyers got in over their heads by taking out loans they didn't understand and didn't qualify for, or that the market has turned so soft that home owners are finding themselves upside down, owing more on the mortgage than their home is worth. But the reasons don't matter because they can't be undone.
What does matter is whether individuals who have lost a home through foreclosure, filed bankruptcy or, for whatever reason, have discovered their credit is now less than stellar, can still buy a home. Bad credit alone isn't enough of a deterrent to some mortgage lenders and, for some buyers, it's probably not as bad as they may imagine. If you are considering buying with bad credit, you have choices. You just need to know your options and where to look. . . . read more about Buying With Bad Credit.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Comments
HOW CAN YOU BE PREAPPROVED TO BUILD A NEW HOME, PAY YOUR DOWNPAYMENT ONLY TO FIND OUT THE DOOR IS SHUT IN YOUR FACE? WE FILED BANKRUPCY DUE TO AND ADJUSTABLE RATE BACK IN 10/06. OUR HOME SOLD AT SHERIFF SALE ON 10/07 WHAT CAN I DOTO GET THIS HOME LOAN CLOSED
Unfortunately, a lender preapproval letter doesn’t mean you are preapproved. It means you are likely to be approved depending on further investigation. Not every mortgage lender asks the right questions when taking a loan app, so it’s possible that your lender did not know about the bankruptcy.
To get an FHA loan, you may need to wait a full 3 years from the date your bankruptcy was completed.
bankruptcy is situation to be avoided and need proper guidance from bankruptcy lawyers or experts.