I would suggest discussing your situation with your lender. Ask what it will take to get your credit reestablished and what it will take to get approved to purchase another home. Since lenders have become more strict with their lending, it may be that you will need to sell your home and get your credit in order before purchasing another home.
Some lenders have plans to assist you in building your credit so start there and see what you need to do.
Sincerely, Donna & Dan
There are specifics to your situation that none of us are aware. If you have not yet filed bankruptcy and you still own your home then perhaps a short sale may be possible. In that case I would also consult a Realtor in your area to discuss the process. Best of luck to you!
There is obviously not enough information in your question to give anywhere a complete and competent answer. You will find information to peice together an answer from several knowledgeable professionals.
An attorney, lender, short sale realtor.
And i meant experienced. I speak to about 10 homeowners a week who are in similar situations, some worse, some better. We can help some, not others. But unless you contact us, you will never know. Click on the video below as a start.
The second issue is to find a way to purchase another. Two options without involving a lender would be a land contract or a rent with option to buy.
Now if everything was in the loan paperwork and you didn't read it, then you're at fault. If they told you you could "afford" x amount of house for x per month and you knew darned well that this would make things tight in the budget, then your at fault.
Basically, if the lender actually did snow you, then they should be brought up on charges or at the very least sued. But please answer back on what "predatory" lending practice occurred.
No one can be a victim in total ignorance. There were too many people who didn't take the time to read and understand what was going on, or were just ready to listen to the person on the phone who told them not to worry, they would get the loan for them, and didn't even pay attention to what they were signing.