Buying a home with a BK and foreclosure

Asked by Cgummerson@hotmail.com, Murrieta, CA Thu Mar 14, 2013

My husband and I want to buy a house soon,we have a BK that will be 2 years n April
2013,also we have a foreclosure that was filled 10/2010..can we at this time look at buying again?

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Susan Vander…, Agent, Lake Elsinore, CA
Sun Mar 24, 2013
Yes, but it will be a process if you go the traditional route. What type of down payment do you have? Are you interested in Murrieta only or are you open to surrounding areas? The ideal option for you is to build your capital with buy and hold if you could. Waiting for the bk and foreclosure to not make a significant impact will be too slow and you will be falling behind the market if you did that.

I can help you if you have 35% of the sale price. I also have access to private money for rehabs/flips/holds.
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Team Forss,…, Agent, Temecula, CA
Sun Mar 24, 2013
You might also consider buying a home with seller based financing. We just listed a 2,000 sf home in Wildomar (just north of Murrieta) which has 3 bedrooms and located on a 0.4 acre lot with lots of upgrades. Asking price is $259,000. The seller is willing to provide the financing provided there's a large down. So, BK and foreclosures do not matter on this home. Link to the home is provided below.
0 votes
, ,
Thu Mar 14, 2013
Dear C, based on the information you provided, the answer is a definite maybe. While you're getting close as far as time is concerned a lender would need to look at your complete financial profile to determine if you are "back in the market".
It needs to have been at least 2 years from the discharge of the BK and 3 years from the date of the foreclosure sale (depending on your new loan type).
If the rest of your credit stands up you may very well be able to look at buying soon.
If you follow the link below, I did a post on buying a home after a bankruptcy
0 votes
, ,
Thu Mar 14, 2013
I have a chart that gives you all of your time frames for each scenario and it covers all types of loans. Please contact me and I'll be glad to email it to you. It is very comprehensive and should answer all of your questions.

Greg Herman
gherman@spfcnet.com
951-265-1607
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