Foreclosure in 60031>Question Details

Amy Jones, Home Buyer in

Renting after foreclosure

Asked by Amy Jones, Thu Mar 6, 2008

Unfortunately last year our home was foreclosed on. We are now renting but would like to move to another area and we are working with a real estate agent that does not yet know about our situation. Will they still be willing to work with us after finding out our situation?

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7
Absolutely. You should be honest with your agent. They will need to know this information to help you secure financing and make sure you are looking in the right price range. A good agent will be willing to help you in your situation and not frown upon it.
1 vote Thank Flag Link Thu Mar 6, 2008
WOW this is an old post, rephrase the question if still needed...
0 votes Thank Flag Link Sat Feb 12, 2011
Yes, I would definitely inform your agent of your situation. The more information he or she knows, the better they will be able to assist you. The first step in a home purchase is getting pre-approved for a loan by a lender. They will be able to tell you how much you are pre-approved for. If you are unable to get pre-approved for a loan at this time, your agent or lender should be able to recommend a good credit agency to help you establish your credit so that you are able to purchase a home.
0 votes Thank Flag Link Tue Feb 8, 2011
Renting is the new buying, seriously people who own their homes have lost what ever equity they once had and are now thinking very long term for any sort of appreciation, from that vantage point you can see the forest and the trees...
0 votes Thank Flag Link Tue Feb 8, 2011
Amy,

You should always be honest with your situation or you're only going to upset everyone involved. As far as obtaining financing, unfortuately you need to wait AT LEAST 3 years from the sale date. Rent to own may be an option as long as the landlord knows you cannot purchase it anytime soon. Either way, you need to let your realtor know. Good luck.

Mike.
mcline@waterstonemortgage.com
0 votes Thank Flag Link Tue Feb 8, 2011
Our Company is designed to give everyone a second chance despite past: Broken Leases, Foreclosures, and Bankruptcies. We are a rental guarantee service. To qualify you must have a job. Once you are signed up each and every month we report to the credit bureaus to help re-establish their credit. We also have a credit repair company that will take it even further. If no one sets up a program to help then folks will never ever get out of this situation. We have seen that when you have bad credit you’re limited to where you are allowed to live with your family. With our service you can live where you want not where you have to. You can go to http://www.ez-lease.net. The economy has effected allot of customers but this is a way to help them get their lives in order again. "You can have everything in life that you want if you just give enough other people what they want."
— Zig Ziglar
Web Reference: http://www.ez-lease.net
0 votes Thank Flag Link Tue Feb 8, 2011
Amy, Elizabeth is right on. A good agent will help you as long as you explain you situation completely to them. Often a home buyer/renter or seller/landlord will not be completely upfront about their situation. As a result the solutions found don't work and everybody loses. If they are not willing to work with you based on a recent BK or foreclosure find a good who will.
Web Reference: http://www.JPMackey.com
0 votes Thank Flag Link Thu Mar 6, 2008
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