So unfortunately my husband and I are going through a foreclosure right now. When the economy started getting bad my husband lost his position and this process started. It’s by far the hardest thing we have ever had to go through…I am so scared that we are never going to have the opportunity to buy another house and that we’re going to be stuck in a rental home or apartment forever. What do you think?
5 thoughts on “Will I ever be able to buy a house again after foreclosure?”
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Once you get your financial problems straightened out, you merely have to wait 2 to 4 years (while paying your bills on time) and you should be good to go.
That is up to you two. Rebuild your credit, save a down payment and closing costs. Build your emergency savings account to a one year level of living expenses. Then you buy a house.
Try to keep up your credit after wards and some one will work with you after about 5 years or so. I’ve had to be foreclosed on 2 times and was able to buy after a while. You may have a higher ratye but it is possible.
First don’t panic! In today’s world you must first focus on what makes financial sense for your family. Deal with paying the critical stuff…groceries, health insurance, etc. There is such a huge number of foreclosures that you are NOT alone! Check out http://www.foreclosure86.com for some helpful info.
But you WILL be able to get a house in the future. Right now – if you file bankruptcy you can get an FHA loan within 2 years after discharge. If you have a 30-day late on your mortgage – then FHA requires 3 years before getting another FHA loan. Four years after a foreclosure. So the system is actually better on you if you file bankruptcy! Go figure… Obviously the system is broken.
Again – check out http://www.Foreclosure86.com for some ideas on how you might be able to stall or stop the foreclosure process!
Good luck.
I MAY BE ABLE TO HELP YOU NOT TO GO INTO FORECLOSURE AT ALL.
PLEASE EMAIL ME: LILLYPAD1927@YAHOO.COM