How soon can I buy a new home after selling a home to avoid foreclosure?
Question:
Answer:
It depends on how late the mortgage went. Many lenders look at a 90 or 120 day late as a foreclosure and treat it the same whether you sold the house or not. On the other hand if you avoid foreclosure you are going to be better off, the bank can come back on you after they sell the home and get a deficienccy judgement against you for the difference between the selling price and what you owe on it with the cost of the sale as well. You may have to wait a year or two if you are looking for zero down. If you have money to put down you may be able to do it right away but the rrates are going to be less then favorable.
Depends on how badly the previous situation damaged your FICO score. Did you go through a short sale ? If so, you are going to be held financially liable for the difference between the actual sale price and what was owed on the property.
Were you repeatedly late with payments on the previous mortgage ? Check your FICO and find out what it is. If it's less than 600, don't bother looking for a bit, until you get that score up somewhat.
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