Is it possible to buy again after your home has been foeclosed on, and if so, how long? Some have said 7 yrs

Asked by Silence, California Tue Apr 22, 2008

or more, is this true? We attempted a short sale, but our second denied it, even though we had 2 appraisers state it was a fair offer, so it seems our only option is to foreclose . After suffering a job loss, we cannot seem to find jobs that pay us anywhere near what we were getting paid. Our mortgage payment was nearly $3000 a month, and our house has decreased in value by $85,000 in less then a year. Any help?

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Shirley & Ma…, , Mission Viejo, CA
Tue Apr 22, 2008
The latest published opinion is that a Short Sale will impact a purchaser for 5 years and a foreclosure will impact for 10 years. This could easily change with time.
1 vote
Millie Gordon, , Westlake Village, CA
Tue May 27, 2008
There are many people in your situation in this economy. How long it takes to be elegible to purchase again depends largely on you and how quickly you regain financial strength but it could be considerably sooner than the 7 years you mentioned. I advise you to work with a patient lender now to guide you into a brighter future. Sit down with an experienced Realtor to set some new goals and get your "team" (lender, agent and you) in place. And I wish you the best of luck in the future.
0 votes
Cindy Vedder, Agent, Irvine, CA
Thu May 8, 2008
I attended a seminar yesterday put on my HUD. It was mentioned that both FannieMae and FreddieMac have recently changed the criteria to state that borrowers who have foeclosed will not be reconsidered for financing for a minimum of 5 years. HUD is looking at new policy changes possibly due out in June, but the speaker would not commit to a definitive answer. If you are still in your home, I highly recommend you call one of HUD'S Housing Counselors. THey are really reaching out to the consumer and trying to help in any way possible and they are determined that the consumer have available more "correct" information than they are receiving. I will give you their link. Cal them. They are there to help. There are many options available. Good Luck. Take it one day at time and get the information you need. Cindy Vedder
0 votes
Cindy Vedder, Agent, Irvine, CA
Thu May 1, 2008
Before going the foreclosure route which has definite ramifications (Government officials are now addressing those who just walk-away ) please make certain you have all the "professional" answers you need to make that decision. HUD (U.S. Dept. of Housing and Urban Development) an "authority" offers you tips, links and general on line information. Going through a hard time is challenging and I truly wish you and your family the best. Please visit the link below. Good Luck. Cindy Vedder
0 votes
Larry Story, Agent, Greensboro, NC
Tue Apr 22, 2008
Actually credit wise a foreclosure will be on their for 7 years, now if you file any type of bankruptcy that will be on their for 10 years.
0 votes
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