Home Buying in 76111>Question Details

Lucero Correa, Other/Just Looking in 76114

my partner was foreclosed two years ago but he never sing any papers how long do we have to wait to buy another house?

Asked by Lucero Correa, 76114 Tue Feb 2, 2010

he was foreclose but an agent recomend us to just move isntead of selling the house because we will get far less than we own we moved and never recive any papers and the house was bought last year how much longer do we have to wait to buy or what can we do ?

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Answers

6
Whoever was on the foreclosed loan will need to wait a minimum of 3 years from the foreclosure date, if they are intending to be on the new loan. This includes using their income to qualify for the new loan. In addition they will need to demonstrate re-established credit. This means having a minimum of 4 tradelines with at least a 12 month history of being open (1 of which has 24 months or more) and NO LATE PAYMENTS in the last 12 months.

Hope this helps
Tony
1 vote Thank Flag Link Tue Feb 2, 2010
Your partner should check their credit report including the score to see where they stand. For a free credit report
http://www.annualcreditreport.com

For a free credit score
http://www.creditkarma.com

If the credit score is 749 or better your partner will have a good chance of finding a good mortgage product. If the score is lower than that then they might consider credit repair to rebuild and repair credit that was damaged due to the foreclosure. Good luck!

Hannah Fliegel
The Credit Repair Expert
415-999-9348
0 votes Thank Flag Link Sat Feb 13, 2010
It depends on the type of new loan so always have someone look at your credit and go from there. You might have a few things yourself to clean up. I always say try!

Becky Anderson
817-233-4092
0 votes Thank Flag Link Sat Feb 13, 2010
Tony's answer is closer to the truth. The foreclosed person would have to wait at least 3 years or 4 years for some types of loans before they could get a new loan.

If you were not listed on the papers and your credit otherwise looks good, you may qualify for a loan without waiting.
Web Reference: http://www.Mortgages-TX.com
0 votes Thank Flag Link Thu Feb 4, 2010
In most instances you need wait for approx. 2 years to 3 years foreclosures. Lenders want to confirm you are stable can repay a mortgage timely and etc.

Best maintain your credit, pay the bills on time, 2 years employment and at least 3.5% or more down payment

Lynn911
0 votes Thank Flag Link Tue Feb 2, 2010
If you are on the mortgage.... 3yrs.

If you aren't on the mortgage...... No wait.

But: You will have to qualify by yourself for the loan...... Can't do it? You are a renter!!!
0 votes Thank Flag Link Tue Feb 2, 2010
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