i need a home 3 bedroom and 2 baths my home was foreclosed in december2008 what can i do ? can i buy a?

Asked by Dellabella, Memphis, TN Tue Jul 28, 2009

foreclosed home i really need help asap thank you

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Margaret Amador’s answer
Margaret Ama…, Agent, Sarasota, FL
Wed Jul 29, 2009
I would say forget about buying and rent instead. Start building your credit. back up again and get your finances in order. Property values aren't going up for some time, you are not missing out.

Foreclosure stays on your record for 7 - 10 years. Depending on the laws of your state your lender may be awarded a deficiency judgement for the difference of what you owed and what the property sold for. You might want to learn more about the consequences of foreclosure in your state.
0 votes
Jaime Osborn, Agent, Germantown, TN
Wed Jul 29, 2009
All these agents are correct, no way to qualify for a minim of three years from the foreclosure sale date of your home...... Check out http://www.benchmarkmemphis.com and click on the lease purchase tab, we have a large number of homes available for lease purchase, some are non qualifying and so long as you make 3 times the monthly lease and can come up with the down payment, you can move in in a minimum of 2 business days.... We update the website on a regular basis and have homes all over town. We even allow you to put 5% of your monthly paYment toward the purchase price at closing. Now the catch here is making suRe you can qualify at the end of the lease to actually close on the home so your not just renting..... We offer a program for that as well. Check out http://www.pumpupmycreditscore.com and it will give you a little background about the program. Our next seminar is saturday after next at our office, I hope to see you there!
If you want to check out any of the homes available through our website for lease purchase feel free to contact me at 490-3542.
Best of luck to you in your search,
Jaime Osborn
Benchmark Realtors
0 votes
Andrea Moore, Agent, Memphis, TN
Wed Jul 29, 2009
As the other 2 agents suggested, rent or lease purchase. You have to repair your credit before you can purchase again.
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Carrie Crowe…, Agent, Southaven, MS
Tue Jul 28, 2009
I would suggest looking for a rental property. It will take a little time for your credit to repair after a foreclosure. Talk to a mortgage person to make sure you have a repair plan in progress. An option you may want to look at is a lease purchase. That is where you lease the home with the intention of buying. Good Luck!
Web Reference:  http://carriecrowell.com
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John Thompson, , Memphis, TN
Tue Jul 28, 2009
With a foreclosure so recent, the only option I can think of would be a lease purchase. You could do this with a small amount down and actually be renting and building equity at the same time. Coldwell Banker Memphis does this. You can google them.

The only other alternative is to put a significant amount of money down, at least 20% and do a conventional loan.
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