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Yes, you definitely should speak to a lender to get an assessment of where you are today and what you'll need to do so you can buy a home down the road.
Any time you have a foreclosure there is a waiting period before you can apply for a new loan, This time could be anywhere from 3 to 7 years depending on the program.
In addition, you need to have re-established good credit during that time. This likely means that collections and judgments should be paid off and you have at least 3 lines of credit reporting to the credit bureaus with at least a 1-2 year history on them and no late payments in the last 12-24 months.
Foreclosure, regardless of the reason, is a serious derogatory credit item and a lender is going to want to make sure that this was an isolated incident as opposed to a pattern and they will want to make sure you are on very firm financial ground before extending you a mortgage.
Hope this helps and best of luck to you!
No one here in this open forum will be able to answer. You will need to talk to a lender to review your current credit situation. It is the only way.
1. Seller Carry financing if you have a down payment
3. Get a family member to co-sign for you.
Jeffrey Masich, Realtor, GRI, MBA
Arizona homes and land for purchase or sale
I've got to add another voice to the chorus here. Your first step is to meet with a reputable Lender and assess your current credit score and overall financial situation. I'm happy to provide you with names and contact info with several good Lender's. Just give me a call.
Jeff Gerber ABR, GRI, SRES, REALTOR
The Empowered Team LLC
3370 N Hayden Road, Suite 123-119
Scottsdale, AZ 85251