My husband I bought ahouse when the mortgages were really high. Eight months ago our home went to foreclosure. Is it possible for my husband and I?

Asked by Elizabeth Carrasco, San Luis, AZ Fri Jan 6, 2012

to qualify for a more affordable home?

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Sandra Paulow, Agent, Pinetop, AZ
Fri Jan 6, 2012
Probably not right now. You may be able to find one that the seller will carry a note on if you have sufficient cash to put down. With a foreclosure on your record it could be quite some time before you can re-qualify for a new loan. Banks are not sympathetic to your circumstances because everyone has lost their equity and value on their homes in this down turn. Good luck.
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Randy Hooker, Agent, Chandler, AZ
Fri Jan 6, 2012
I would seriously doubt it, but your best source for getting a detailed, accurate opinion would be by consulting with a mortgage lender. Let me know if you want or need the name and key contact points of an experienced, reputable mortgage lender.

All the best!
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Jan 6, 2012
I'm not going to say NO,
just very unlikly.
The latest word is that you will have to wait two years for a Shortsale and 3 for a Foreclosure.
I have a gut feeling, that as time goes by, those times will be shortened;
The Lenders will have a shortage of Buyers, and they will start inventing new programs to help people, (thenselves!)

Good luck and may God bless
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