The main issue is your credit. Lenders need a minimum credit score before giving you a mortgage and with any short sale or foreclosure, your credit takes a hit. There is also a waiting period from the time the title or deed is officially transferred out of your name before you can buy another house.
If you have the cash to pay for a 2nd house, by all means do so. But if you need a mortgage, the lenders need a guarantee you won't default on the mortgage and pay on time every month - no more bankruptcy.... more
Hi James, First choose a lender you can trust and get a pre qualification. What that is, is an estimate of how much house you can afford and how much money a lender would be willing to loan you. The best time to get a pre-qualified is right at the beginning of your home buying process, before you even start looking at houses. The top questions and answers you want to get from a lender are providing information on your income, assets, debts, and a potential down payment amount. There is no cost when you get a pre qualification in helping you figure out if buying a home is a viable option, and if so, what your price range would probably be. If you then are approved and have a loan amount that can help you achieve the purchase of your home, the next step would be looking around and finding the home that best suits you. Wish you the best of luck!... more
Best to confer with a real estate attorney, and lender can MIGHT OR COULD STOP the foreclosure if you make attempts to try to resolve payments issues that could be reasonable for you. However if not ....yes once the home goes to auction your days are numbered to move, if not the bank will have to file eviction papers on you.
Sorry to hear about your circumstance.... more