You where co-barrower for your parent and they let the house go into Foreclosure, how long do I have to wait to get into a house of my own?

Asked by malandrina_22, Chicago, IL Wed Dec 5, 2012

I want to buy a house but I'm need a loan...

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Jose Hernandez’s answer
Jose Hernand…, Agent, Chicago, IL
Thu Dec 6, 2012
It all depends on the type of financing program that's available for you. With an FHA or VA you will have to wait 3 years and for a Fannie or Freddie it will be 7 years. Sometimes it can be done even earlier depending on the situation. First thing to work on is restoring your credit and saving for a large downpayment.

Good Luck!

Jose Hernandez
Coldwell Banker
0 votes
Joe Schiller, Agent, Chicago, IL
Thu Dec 6, 2012
7 years would be the best guess.. you should get a copy of your credit report
0 votes
Edith Karoli…, Agent, Winnetka, IL
Thu Dec 6, 2012
Each situation is a little different, but yes this fact will influence your credit score and there will be
time limits before you can apply for another loan to buy a property. In order to find out exactly how long
you must wait in your particular case, you must contact a lender or two, and get their input.

In the meantime, work on your credit score, save money for a substantial down payment, and
have some patience. You can always after your initial contact, contact your lender again and see
if you have a better chance in a few years.

Good Luck to you,

Most Sincerely yours,
Edith YourRealtor4Life and Chicago and North Shore Expert
Working always in the very BEST interest of her clients with @Properties
0 votes
Sohail Salah…, Agent, Chicago, IL
Thu Dec 6, 2012

You have to 3 years from the foreclosure before you can receive financing for another home. Short sale is ultimately the solution to help reduce the future liability from a foreclosure.

Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing

Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Locally Known, Globally Recognized"
0 votes
JIM Michaels, Agent, Chicago, IL
Wed Dec 5, 2012
best to call a qualified loan officer with this question at
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404.
0 votes
Amber Arwine, Mortgage Broker Or Lender, Chicago, IL
Wed Dec 5, 2012
Check out the Post Foreclosure, Bankruptcy & Short Sale Waiting Period Matrix here.
0 votes
Jack Lewitz, Agent, Lincolnwood, IL
Wed Dec 5, 2012
Your credit is affected because you are on the mortgage as a co-borrower on the mortgage.
0 votes
Matt Laricy, Agent, Chicago, IL
Wed Dec 5, 2012
It will be a while. If you got foreclosed on you cant borrow for a new loan. I would speak to a lender for a time frame.
0 votes
David Hanna, Agent, Chicago, IL
Wed Dec 5, 2012
Ouch. As Sam said, three years from the date of the foreclosure Sale. You don't say if the house in in foreclosure or if it is in process.
If the sale is not final, you still have some options to consider, including redemption and a short sale.
While your credit has been damaged once the filing is done, you can still act to make the impact less than it may ultimately be.
if you want to talk, drop me a line or give me a call.
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed Dec 5, 2012
Since your name was on the loan, you are still responsible/liable.

Options - Buy now with cash
SAve $$$ for down payment, improve other credit issues, stay employed and as mentioned wait 3 yrs.
0 votes
Manuel Brown, Agent, Chicago, IL
Wed Dec 5, 2012
Dear Homeowner,

Sam is with Guaranteed Rate Mortgage. He is absolutely right and Guaranteed Rate is who we refer clients to. They are a great team of people!

Best of Luck,

Manuel Brown, Broker
iMove Chicago
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Wed Dec 5, 2012
Generally speaking, persons that have foreclosure in their credit history can expect to wait between two to seven years before a Lender will even accept their mortgage application.

Best of Luck,

Maria Cipollone

Century 21 Tenace
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Wed Dec 5, 2012
3 years from the sale date - transfer of deed - for the peroperty.
0 votes
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