Can I Buy a House After Foreclosure?

Losing your home in a foreclosure is a traumatic experience. Not only that you will be looking for another place to stay, foreclosure has a negative impact on your credit score. The good news is, you can buy a house again even with foreclosure on your credit history.  

 

How can I buy again? How long do I have to wait? These are the common questions from home owners who have had foreclosure. One way to ensure and improve your odds of getting another home is to work on your credit score. You can start by paying your other credits on time, such as credit cards or auto loans. Make sure that these payments are reported to credit bureaus every month. Making on-time payments will increase your credit rating and will more likely get you another mortgage to finance a new home. 

 

Timing is also a determining factor. The longer you wait to purchase a second home can work on your favor. More waiting time means more chances of repairing your credit score. Oftentimes, lenders will take into considerations the past 2 years of your credit history following foreclosure. 

 

Typically, the waiting period before buying a home following foreclosure is seven years. This is also the same time required by Fannie Mae; a federal entity that grants home loans. An exemption of three years if the reason of foreclosure falls under extenuating circumstances such as death of family member, job loss, divorce or illness. To apply for home loan with extenuating circumstances, you are required to submit documents to validate your claim. Along with this, you might also be asked to present an updated credit report. 

 

Owning a second home is not impossible but it surely is a struggle. What if you can stop foreclosure? Then you don’t have to worry about repairing your credit score. You can move on with your life and buy another home whenever you’re ready. Sell your home quickly to private investor like Lucas Properties LLC. You might lose your home now but with your credit score in top shape, you will be able to purchase another home in no time.

Avoid Foreclosure the Right Way

Missing mortgage payments is the first sign of incoming foreclosure. Foreclosure is the legal means for your lender to take over your home. This can lead to you losing your home and damaging your credit score. Damaged credit score is the worst possible outcome that is why you should avoid foreclosure at all cost. 

 

When you receive a foreclosure notice from your lender, do not ignore the message. You have the options to apply for loan modification, full reinstatement, file for bankruptcy, or sell your home. Before you decide which option to go, inform your lender about your situation and be prepared to show financial statements to support your claim. 

 

Loan modification and full reinstatement are the easiest ways to stop foreclosure. This is where you need to negotiate with your lender. If you have recovered from your financial difficulty and you are now able to make payment, you may extend the term of your loan allowing you to pay reduce monthly payments. Alternatively, if you are able to come up with enough money to pay the arrears in full, then you may qualify for full reinstatement. 

 

If you are unable to pay the arrears or you can’t commit to a lesser monthly mortgage, you can file for bankruptcy. Please note that this may or may not stop foreclosure; but if you are determined to keep your home regardless of the dent to your credit score this is your only option. 

 

Losing a home does not necessarily mean it is bad. If you can stop foreclosure and keep your credit score in good shape, you will be able to purchase a second home in no time. When you are facing foreclosure, time is of utmost importance. Sell your home quickly to a private investor like Lucas Properties LLC.  

 

Lucas Properties buys homes, apartments, and lands with cash allowing owners with distressed properties to get a second chance in life. Protect your credit score and get a chance to own a home again.

When You Are Facing Foreclosure

When you are facing foreclosure, you are entitled to be mad at the world. After all, why this happens to you? You’ve been doing an honest job, you have never cheated, you’ve been good to the community and yet you are struggling with your finances. And now, you are facing foreclosure. You can lament for the unfairness of the situation but still, foreclosure won’t go away unless you do something about it.

If the most dreaded “F” word has come into your life, here are a few things you can do to avoid foreclosure:

Get additional sources of money.

• If you can have two or more jobs, then do it. More jobs mean more income for you to support your financial needs.
• Borrow money from family and friends. The keyword is borrow, not ask. It will be easier for them to loan you money because they know that you are planning to repay them. It is even better if you can present a repayment plan that is enough for your budget.
• Get a loan from your car that would tie you over until you are able to take control of your finances.

Apply for loan modification or government programs.
    Foreclosure is not instantaneous; it can take up to 12 months depending on your lender and your location. If you receive a notice from the bank about the incoming foreclosure, do not kill the messenger. Read the fine print and take the phone calls. In fact, the first thing that you should do is talk to your lender. You will be surprised to know that your lender will be happy to work with you because they too, are avoiding foreclosure.

    Check out government programs and see if you qualify. You may need to apply for the program through your lender. It is another good reason why you should work with your lender.

Sell your home quickly.
    Yes, selling your home to avoid foreclosure is not that bad. You may lose your home in the process but with your credit score intact; you can qualify for a loan and own another home in no time. 

Sell your home for cash to Lucas Properties LLC. They are a private property investor who have been in the industry for years; helping homeowners with distressed properties to have a chance at getting back to their feet again.

When You Are Facing Foreclosure

Contrary to popular belief not everyone who is facing foreclosure is in the situation because of a liar’s loan or poor money management. Job loss, divorce and even unexpected medical issues can put otherwise responsible homeowners at risk of foreclosure. Even more common today, you will find homeowners whose home values have been negatively affected by a high number of foreclosures in their area and combined with rising fuel costs and increased job loss, holding onto their home just seems impossible. So what do you do when you are facing foreclosure?
Step one is to take a deep breath and call your lender. Let the crazy thoughts of walking away from your home fade to the last resort pile. Or at least before you make this your plan, take the time to re-evaluate your budget and determine if you can afford to keep it. Clear your mind and get a picture of how long your financial problems will last. You will need this information to negotiate with your lender anyway, so take some time to get a clear picture of your financial future in your head before you make any calls.
It can’t be stressed how important it is to talk to you lender about options first when you are facing foreclosure. Ignoring the mail and not answering calls is definitely not the best approach. Lender have been very willing to work with homeowners during these trying times, but the first step to making a change is to make yourself available.
There are still situations that can’t be remedied. It is at these times that you need to execute some serious damage control and do your best to protect your credit and your future. If your lender is unwilling to negotiate or you are unable to come up with a new payment that fits your budget, you are going to need to come up with alternative options for selling your home to cut your losses.
The best way to get out of your house and still have some cash in your pocket is to seek out a distressed property solution that will buy your house fast and for cash. This solution usually comes in the form of a network of real estate investors who purchase homes in any condition for cash. Although you generally won’t get full market value for the home you may be able to recover what you owe on the mortgage or close to it. The best part of dealing with real estate investors to sell your house is that the process is fast. Because there are no realtors, no commissions and far less paperwork, the process of closing the deal goes quickly and generally without incidence.
Don’t let foreclosure ruin your financial future. Know what to do when you are facing foreclosure and find the best solution for your situation.

The Foreclosure Process Can Be Stopped

If you are behind 3 or more months on your mortgage payments, you are probably feeling the weight of the world on your shoulders. Once your lender has filed a notice of default (NOD) the clock start ticking and many people become desperate to find a way out of the mess they have landed in. All hope is not lost; there may still be options for you to consider to stop foreclosure on your home.

One option is to find a buyer that is willing to assume your loan. Most mortgages now have a clause that the borrower has agreed to pay the loan off in full should they sell the property. This is called ‘due on sale’ and must be completed before the house is transferred to the buyer. However, with the real estate market as it is right now, your lender may be willing to modify your loan by eliminating that clause which will permit another buyer to assume your loan. That buyer will have to qualify for the loan, and the bank may want you to require a down payment from the buyer that will catch up your past due balance.

Another option is to find a buyer to take a lease with option to buy. This arrangement could benefit a potential buyer that doesn’t have enough money for a down payment for a standard mortgage, or perhaps they have some blemishes on their credit that is keeping them from getting approved for a loan. In this situation, you become the buyer’s landlord, still owning the property until the buyer has remedied the situation on their side and they can get approved for a loan. You should require a lump option payment upfront that will allow you to catch up your own back mortgage payments and then you should set the lease payments where they will cover your mortgage payment, property tax and insurance. You will however need to be prepared to cover the mortgage should the buyer fall short or face foreclosure yet again.

Yet another option is to sell your house fast for cash. There are many real estate investors looking for equitable properties. One of the bonuses of going with the sell my house fast option is that you are generally not required to make any improvements on the property and you don’t have to worry about the long delays that often accompany a short sale or Deed in Lieu situation. Although most cash home buyers make an offer below market value, there are still many who will make a fair offer that can help to pay off the balance on your mortgage, saving you from the credit crisis associated with foreclosure.

An option that many of us do our best to avoid but will stop the foreclosure process is bankruptcy. A foreclosure is seen as a collection effort and filing bankruptcy law prevents creditors and lenders from pursuing any further action against you. The drawback here is that once your bankruptcy petition goes to court and is approved, you will be assigned a bankruptcy trustee that is basically there to mediate between you and your creditor a repayment plan that you can afford. It probably won’t save your house, but it will buy you some time to consider other options.

Stop Foreclosure By Being Realistic and Selling Fast

If foreclosure is in a definite in your future, you are probably realizing that you need to sell your house fast. Trouble is, in today’s buyer’s market making a home sale can take longer than average. Your first realization should be that you will have limited control over most factors in the sell my house fast process but knowing what you can do will have a positive effect on how fast you sell your house.

If you want and need to sell your home fast to avoid foreclosure, you have to price it to sell. Overpricing a property house will immediately loose the attention of a huge amount of potential buyers. If it’s priced too high, buyers that generally make lowball offers will likely pass it by thinking there is no way you’ll come down in price that far.

When it comes to the time where you have to sell your house fast, you have to realize from the get-go that you are not getting your equity back. Even if your neighbor sold last year and got a good profit, your situation is not the same. You are trying to avoid that credit stigma of foreclosure and need to sell your house fast to do it. Be proactive and apply for a short sale approval from your lender. Get that paper work started and in place as soon as possible. Your lender should tell you upfront the price will they accept for your property.

If you want to try your luck on the traditional real estate market then you will want to find a realtor that knows the foreclosure process and how to sell a house that is about to go into foreclosure quickly. They should be able to furnish you a comparative research of houses sold in your area in the past 30, 60, and 90 days. This will give you an idea of what price to list your house bearing in mind that the lower you go, the quicker you will likely make a sale. You can take the number from your lender and your market analysis and probably drop another 5% to achieve your ideal asking price.

Waiting for a house to sell on the traditional real estate market can take a long time and this is time that your lender is not likely to wait for their past mortgage payments. For this reason, many sellers opt to go the ‘for sale by owner’ route and attempt to market their property on their own. Another option to sell your house fast is to find a cash home buyer or real estate investor in your area who will make you a fair cash offer on your home.

It is important to have your bottom line number in mind when dealing with real estate investors. Before you make the call, make sure you have taken the time to review what you need to make in the sale to come out without the scars of foreclosure looming for the next seven years. Be realistic and even you can sell your house fast for cash.

What To Do If You Can’t Sell Your House

Selling your house is just like selling anything else and usually you have to make your product, in this case your house, stand out from the competition, often spending a lot of time and money to do it. The trouble today is that the housing market is completely saturated in homes for sale and foreclosures and when you are looking for a distressed property solution, you usually don’t have much more than elbow grease available to spruce up your property and make a sale.

Not being able to sell their homes fast by conventional means, a lot of homeowners will just walk away from their houses making selling even harder for the next guy by increasing the number of foreclosures on the market. Many homeowners are finding themselves without options for getting out from under their house.

There are still other options to stop foreclosure, to save your credit and in some cases even let you avoid moving costs and that is to offer your house to cash real estate investors that intentionally avoid the hassles of the standard mortgage process. There are networks of cash home buyers that will purchase your house fast for cash so you can get on with life and out of debt quickly.

As a seller, you will get a lump sum of cash for the fast purchase of your home in any condition. There are also investors who may allow you to rent back your home for an agreed upon period of time. It is always best to consult with a lawyer and ask the appropriate tax questions. Dealing with an experienced cash real estate investor will also prove to be less confusing and time consuming, but most importantly, you have an option that will won’t cost you your future.