After a foreclosure will I be able to buy another house sometime?
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Sure , you could buy another home tomorrow, but you will need to shop for the terms, and you will need some down payment and owner carry. There are lots of them, check out the newspaper!
sure, it will be OK in about two years to get a loan but you will probably pay a higher interest. try selling the house before it forecloses or file a chap 13 bankruptcy and buy some time.
If you have any equity the court usually allows you time to sell and salvage some equity to keep you off welfare. that is what the bankruptcy laws are for. spend $500 on an attorney or $20 on a book.
no. in most states a forclosure will only stay on your credit for 5-7 years. my friend had a foreclosure after his divorce in 2000 and was able to buy a new house just last year.
I recently went through the same thing only I was lucky enough to have sold my house but it still showed on credit report all late payments, etc. Have you checked into some sort of grants for the unemployed or disabled? I think it will depend on your credit history rather or not you will be able to purchase another home. Good luck.
The person who sold their house did the right thing---You obviously have a hardship. Sorry for the misfortune but keep the faith. Try to get your home sold before you lose it---It will save your credit. If there is not enough equity in the house due to liens and hefty payoffs on mortgage---you will have to do a short sale. The best consultant I know of for this is Hugh Rogan--(636-458-2731)He works with Realtors and home owners all over the USA to help you get the home sold before the bank kicks you out. He will work with the bank to try to work something out and or get them to take less than is due as full payment. Stay away from the scammers that offer to buy your home and take advantage of your situation. You could file bankruptcy but this will just add further damage to your credit report and only delay the inevitable foreclosure. If you go the sale route, you will need a good agent that knows about these situations. I sell Real Estate in CT. I can tell you that most agents don't know how to get a short sale done--they are a lot of work and I wouldn't even try to do one for my clients without a short sale pro on board to negotiate with the bank. Not every one is successful at this but Hugh Rogan seems to be the most respected in the Realtor community here. The longer you wait to address this issue--the less options you will have. If you need help finding an agent--feel free to email.
If you minimize damage to your credit--you will improve your chances of buying a home with a fair interest rate in the future. Hope this helps.
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