Foreclosure in 85033>Question Details

Nancy, Other/Just Looking in Phoenix, AZ

if you get foreclose can you ever buy a house again

Asked by Nancy, Phoenix, AZ Sun Feb 15, 2009

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5
Nancy,

Yes you can, however it can take up to 7 years! With that said if you are in foreclosure it would be a good idea to list you home with an agent that is an expert in short sales in efforts to avoid the full 7 year wait. We have agents in my office that are experts in short sales.

If you home is sold prior to foreclosure in a short sale you should be able to purchase a home in 2-3 years. That is as long as you keep all your credit in good standing.

Lucinda Tkach
Windermere Central LLC
602-799-6846
0 votes Thank Flag Link Mon Feb 16, 2009
Hi Nancy

The other answers are correct, I would like to add that it might be possible to shorten the time frame by taking other actions, such as a Short Sale. Where are you in the foreclosure? Have you just been noticed? If so we might have time to do a Short Sale of your home and it will do less damage to your credit.

Just an idea to explore? No cost to you and it's better for nearly everyone. What do you think of that?
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Mon Feb 16, 2009
The others are right. Things can change any time. They are getting stricter and we do not know what the rules will be in future.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Mon Feb 16, 2009
Things are changing, so it is difficult to understand what requirements the credit rating agencies will put in place. It use to be you could buy a house 3 years after being foreclosed. However, credit goes up and down through cycles depending on the demand. It the demand is not high enough they start loosening credit standards. So the best thing to do is start saving and pay all your bills and start managing your credit score. Keep your old credit cards, pay down balances so there is less than 30% of credit limit, check credit report to see if you have duplicate items. call institutions that have credit balance and work to resolve items outstanding on credit report. For more information on managing your credit check with bank or credit adviser.
0 votes Thank Flag Link Mon Feb 16, 2009
Hi Nancy!

Even with a foreclosure on your credit report, you will be able to buy a house in the future. Right now, it looks like you would have to wait 4-5 years before you be eligible. But it's all subject to change!

Can we help you with any other questions?

...randy
0 votes Thank Flag Link Sun Feb 15, 2009
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