Home Buying in Dearborn>Question Details

Carli, Home Buyer in Dearborn, MI

Is there any HELP for homeowners who have lost a home to FORECLOSURE. Is it possible to get another MORTGAGE?

Asked by Carli, Dearborn, MI Wed Aug 20, 2008

at all?

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4
Carli,
It depends on a lot of factors such as: reason for the foreclosure, time elapsed since, re-establishing good credit, and also down payment and income. You're not going to qualify for the greatest terms, but if some time has passed (at least 2 years) and if you've shown the ability to maintain a budget, use credit wisely, and save some money month to month then there is hope. You probably wont be able to do anything right away, however if you take the proper steps to show a lender that you are a good risk and the problems which led to your foreclosure no longer exist then you may have hope.
Tony
0 votes Thank Flag Link Wed Aug 20, 2008
why not call me.?..maybe i can help..bob mcclure- mortgage now- farmington, michigan... (248) 974-4444 direct cell......
0 votes Thank Flag Link Wed Aug 20, 2008
yes, they will need to wait about 4 yrs, depending on the state they live in.
0 votes Thank Flag Link Wed Aug 20, 2008
Carli,

The answer is ... possibly. We would need the answers to many other questions to accurately answer that.

Feel free to email me at derek@doortodreams.com, and I can get you in contact with a couple very reputable loan officers that I work with. They would be happy to answer those questions for you.

Thanks and enjoy this gorgeous weather!

Derek
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Wed Aug 20, 2008
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