Re-financing/ fresh foreclosure on my credit report?

Question:

I have had a foreclosure and I have worked out a deal with the gentlemen that bought the note on the house. I am still living in the house and I'm set up with him owner financing the house back to me and my wife. What information can I get about trying to get a mortgage company to to finance me the normal way. I was out of work for almost 5 months and yes it has been a living hell for my wife and I. Things are really looking up for us now and I really want a chance to rebuild my credit as well. Any word from anyone would be much appreciated.

Answer:
It depends on how long ago the foreclosure was. If it was less than a year, and you haven't done much to repair your credit, you might be better off with the owner financing for now. Interest rates wouldn't be that low for you, and it's important to have a low payment now so you can put your extra money into savings or paying off other debt.

But if the foreclosure was more than a year ago, you can try some local banks or mortgage brokers. Stay away from interest only or ARM loans, as you'll just end up back in foreclosure in a couple of years anyway, when your house payment doubles.

In any event, you might be better off rebuilding your credit without a mortgage right now, as other smaller bills are more easily managed. Then you can spend a year using small credit wisely and qualify for a better interest rate for a standard mortgage. No sense rushing back into a mortgage if the payment is going to be too high.

Good luck.

ForeclosureFish
http://www.foreclosurefish.com/...

It really depends on how fresh the foreclosure is, how much equity you have , your score, income, etc. There is 1 company that can likely steer you in the right direction and they have a free evaluation form. They are responsive.

Re-financing/ fresh foreclosure on my credit report?

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