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Presently Facing Foreclosure - Can we get a Mortgage?

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Forums » Consumers - Questions, Answers, Help » Foreclosures, Short Sales, etc. » Presently Facing Foreclosure - Can we get a Mortgage?
 

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Latest post Thu, Dec 18 2008 11:12 PM by akaagassi. 4 replies. Viewed 675 times.
Page 1 of 1 (5 items)

  • Wed, Dec 3 2008 1:11 AM                

    • Anonymous

    We are presently facing foreclosure. No sheriff's sale date yet. We filed for bankruptcy this past spring. FICO's in the 500's. Are we going to be able to get another mortgage?

  • Wed, Dec 3 2008 10:07 AM                 In reply to

    |Contact

    You will be able to get another mortgage but you will have to wait at least 3 to 5 years, depending on the program that you use to obtain your new mortgage. 

    With having that time till you are able to get another mortgage you will be able to work on getting your credit scores up by re-establishing your credit with new small loans and small balance credit cards.  Making your payments on time every month is going to be on of the important keys to re-establishing your credit and keeping your credit card balances down to around 40% of your available credit.

  • Thu, Dec 18 2008 2:48 AM                 In reply to

    |Contact

    You could also consider a loan modification. 

  • Thu, Dec 18 2008 11:12 PM                 In reply to

    |Contact

    Let's go one step at a time...regroup and rent for a while...

    PREMIUM MEMBER
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    Ecommerce Mortgage Division - Lending in All 50 States
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