Would I be able to buy another home if my present home falls into foreclosure?
Question:
Answer:
Do you plan to buy it with magic beans?
Not for many years.
I would perhaps call a real estate office and ask them if your state allows for homeowners to voluntarily sign over their home to the bank. This would help prevent your credit report from being heavily damaged from involuntary removal.
The last bill you ever want to pay late is your mortgage. If you haven't gotten that far yet and you have equity in your home get a HELOC or refinance at least long enough to sell if you can't afford the payments. It will be years for your credit to repair well enough to purchase another home but someday you will be able to.
Yes, if there's a short sale on the property.
Your credit will be dinged but it won't be reflected as a total lost property via foreclosure.
Do you have a 1st & a 2nd on the property?
From what I know, yes you can, however; it all depends on your situation. There are low income housing loans from HUD that help low income individuals even after a foreclosure. But since I don't know your situation, I am not 100%. You'll have to talk to an agency that handels those HUD loans - if you qualify.
What I do know, there are many ways to avoid foreclosures.
If your home is on default and you live in Southern Calfornia contact me. We buy homes from individuals that want to avoid bankruptcy and foreclosures as well as individuals that need to sell quick. If you do not live in Southern California, I can can provide you with other contacts in different states.
Great Luck!
Nadia
nadia.quinonez@viegasgroup.com
www.viegas-group.com
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