Posted on: 28th Mar, 2013 12:38 am
We have a foreclosure on our record from 3 years ago. We paid off my wife's car loan a few months ago. My car loan will be paid off in 6 months. We have a few credit cards with no balances. We use them occasionally but always pay off full amount. I am planning to apply for a mortgage. Will the foreclosure kill my chances?
The foreclosure will have a negative impact on your credit. Normally after a foreclosure, you will have to wait for 3-4 years in order to get qualified for a mortgage. I will suggest you to speak to the local lenders and check out if they can help you with a loan.