Home Buying in Arlington>Question Details

Rick Moore, Home Buyer in Arlington, TX

If you have a foreclosure on your credit history will it keep you from being able to buy a house again?

Asked by Rick Moore, Arlington, TX Wed Jul 24, 2013

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You can buy again but you must get everything in order during the next 3 years. You must pay everything on time and clear any outstanding accounts. This is a process and for the ones who work at it everyday a little at a time will be rewarded. Call me if your looking for a agent to help you lease a home for the 3 years. I have several properties here in Arlington for you needs. My number is 817-469-1625. Good Luck Rick. Call me.
0 votes Thank Flag Link Thu Jul 25, 2013
Good Morning Rick
Life happens, doesn't it? A foreclosure in and of itself will not permanently keep you from buying a home again! What is important is what you do after the foreclosure. After the foreclosure you need to make certain that you re-establish your solid credit history. To do this make sure that you have open lines of credit, use them wisely and pay all bills on time every time. A mortgage lender will want to see what your history has been since the foreclosure. Also, take some time now to write a letter to explain why you allowed your home to go into foreclosure, a lender will need a letter explaining this and it will be easier to write it now then to dredge it up when you are ready to buy in the future! Best of Luck to you!

0 votes Thank Flag Link Thu Jul 25, 2013
It should only affect you for 3 yrs. I have had clients purchase after the 3 yrs and not have any other late payments.
0 votes Thank Flag Link Thu Jul 25, 2013
There is no short answer. Much depends on the lender and how it views a potential borrower. Some lenders are more strict and look only at the numbers. Others are more interested in your character. Anyone can get into credit trouble for a variety of reasons.

If you are straight forward and are obviously trying to correct your situation, some lenders will be more understanding than others. A gret deal depends on your openness and how well you present your case.

Find a Realtor who understands your situation and is willing to assist you in finding the right property for you to use as a base for re-building your credit.
0 votes Thank Flag Link Wed Jul 24, 2013
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