Posted on: 04th Jun, 2009 03:46 pm
Hi, Im currently losing 3 houses to foreclosure. If i can get a mortgage can i go and buy a new house right away?
Hi Bsteel, Well if these houses are being foreclosed then your credit will be ruined im sure and it will be near impossible to get another loan for another house im sorry.
Hi bsteel,
You cannot qualify for a new loan right away after a foreclosure. You will have to wait at least 2 years to get a new loan. If you are facing 3 foreclosures, it will damage your credit to a great extent and depending on that, the waiting period for you could be even longer than 2 years. You will have to work really hard on improving your credit if you want to keep your hopes of qualifying for a loan alive.
You cannot qualify for a new loan right away after a foreclosure. You will have to wait at least 2 years to get a new loan. If you are facing 3 foreclosures, it will damage your credit to a great extent and depending on that, the waiting period for you could be even longer than 2 years. You will have to work really hard on improving your credit if you want to keep your hopes of qualifying for a loan alive.