If I sell my house to avoid foreclosure can I buy another house instead?
I think I’m going into foreclosure in the next few months and I want to sell this house and relocate to Pennsylvania.Is there a time limit on when I can buy again?
I think I’m going into foreclosure in the next few months and I want to sell this house and relocate to Pennsylvania.Is there a time limit on when I can buy again?
There is no time limit on selling and buying.
However, if you are near FC, I assume you have missed payments, which will lower your credit score, which will make it VERY hard to get a mortgage.
In addition, do you have any equity in the house to actually sell it. For example, if your house is worth 100k today and you owe 125k, you will need to come up with 25k at settlement plus the realtors fee.
Do you have equity, or are you upside down? Will the bank allow a short sale "without recourse?" Not enough info here. I can tell you if foreclosed, you won’t get a mortgage again for a while.
Sure – if you have the cash, you can buy anything that you want despite your credit score.
If you are looking at a short sale, deed in lieu of foreclosure or a foreclosure, you are looking at taking a massive hit to your credit score. This will probably prevent you from getting any further credit for a while (as in several years), including a new mortgage.
If you have money left over for at least a 50% down payment. You can try a government loan modification, they might be able to save your house for you. You can learn about the different types of government loan modification programs http://www.besthelpfinancial.com/loans.html