Posted on: 22nd Nov, 2010 05:47 am
My circumstances are odd. I was never late on my mortgage until the lender offered me a modification and then refused it...reinstating the higher payments I was told not to make during the trial period. I wasn't even aware they had started foreclosure until the house was sold. I am seriously considering suing them. However, I'm actually interested in downsizing to a cheaper house and the price paid for my house wasn't terrible. I have a lot of equity and cash on hand and will be able to make a down payment of at least 75%. Is it possible to get a loan for $40-60k with this huge down payment despite a fresh foreclosure on my record? My other debts are minimal and I can document sufficient income.
Hi cltonite!
Welcome to forums!
As you've a fresh foreclosure mentioned on your credit report, you won't be able to get a mortgage. You will have to wait for 3-4 years in order to get a mortgage after foreclosure though you have a good down payment handy with you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you've a fresh foreclosure mentioned on your credit report, you won't be able to get a mortgage. You will have to wait for 3-4 years in order to get a mortgage after foreclosure though you have a good down payment handy with you.
Feel free to ask if you've further queries.
Sussane