Posted on: 14th Oct, 2009 06:41 pm
Does anyone know of a lender / hard money or not will lend in this situation?
Hi teledega!
Welcome to forums!
Immediately after a foreclosure, no lender would be ready to give you a loan. Moreover, a foreclosure will lower your credit score by 250 points. Thus, you'll have a bad credit. In today's real estate market, no lender is willing to give loans to a person with bad credit.
After a foreclosure, you will not be able to get a loan for 3-4 years. In this time period, you can improve your credit score and then look out for loans. To know some steps about improving your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Immediately after a foreclosure, no lender would be ready to give you a loan. Moreover, a foreclosure will lower your credit score by 250 points. Thus, you'll have a bad credit. In today's real estate market, no lender is willing to give loans to a person with bad credit.
After a foreclosure, you will not be able to get a loan for 3-4 years. In this time period, you can improve your credit score and then look out for loans. To know some steps about improving your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane