Foreclosure in 53089>Question Details

Sgilbert, Home Buyer in 53089

We sold our home , but were late on payments prior to selling. Can we buy a bank forcloser home?

Asked by Sgilbert, 53089 Sat Mar 17, 2012

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Buying a foreclosure vs a standard private party sale won't make much of a difference in this case. You still have to qualify for the loan either way. So, as the others said, your best bet is to meet with a lender to see if you would qualify for any mortgage programs. If you qualify or not will depend on how damaged your credit is, debt to income ratio, down payment, income, job history, etc.
0 votes Thank Flag Link Sat Mar 17, 2012
It will depend on how late, if you sold your home as a short sale. Best thing to do is to contact a lender to find out.They will help you determine what you can do.
0 votes Thank Flag Link Sat Mar 17, 2012
Your best bet is to meet with a local and trusted loan officer. they can prequailify you at no cost and let you know if there are any mortgages that you can quailify for. You may want to write a letter if you can explain why the payments are late. Once you are prequalified, then you should look at homes.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Mar 17, 2012
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