How does a foreclosure affect your credit? How long would I have to wait to be able to buy a house again?
Question:
Answer:
Did you expect a foreclosure to improve your credit?
A foreclosure is VERY bad, right up there with bankruptcy.
It'd be 5-10 years (maybe more) before you could get a house again.
This will probably stay on your credit report for 10 years. No one would lend you money to buy a house until this disappears from your credit.
Foreclosure are bad. It will stay on your credit for about forever but after two (2) to four(4) years the bank will not look at it.The lender has to see that from the time of your foreclosure you have paid things on time and have not messed anything up on your credit. If you have a good Mortgage Broker They can help, but if you go to a bank your self. FORGET IT your loan is denied before you even ask for it. The reason being is a mortgage broker has to come to a bank at a certain angel and present your situation in a way that the bank finds it attractive and would want to lend you their money. Hope this helps
It will be very very very bad for your credit. Lenders will not want to give you any money. Just think about all of the things you need credit to do. It will even be hard for you to rent an apartment, condo, or house. You will be considered as too much of a liability to rent to or lend money to. I don't know what your chances are of getting a mortgage again in the future. They will probably be very hesitant at least. It will take years before you'll be able to get a house, because the lender loses a lot of money through foreclosure.
You don't have to live with foreclosure being on your credit report or in public records anymore.
There is a lobbying group called JONAS that repairs credit reports with the assistance of a federal agency. They have been successful in removing liens, judgments, bankruptcies, charge-offs, etc. from credit reports.
They also have been successful in getting judgments voided and liens removed from public records based on the findings of the federal agency.
If you want more info on JONAS, email me at white_hare@hotmail.com
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