Posted on: 19th Nov, 2010 12:25 pm
HI--we signed a consent form agreeing that we would not pay arrears to BOA and that in 2 months our house would be auctioned as part of the foreclosure process. Our credit scores haven't taken a hit yet. Can we quickly purchase property--or will our rates skyrocket once the foreclosure posts to our credit?
Hi hhetide,
Once your property is foreclosed by the lender and is reported in your credit report, then you won't be able to get a mortgage soon. You will have to wait for 3-4 years in order to get a mortgage. As your property is still not been sold off, you can contact the local lenders and apply for a mortgage. However, as you already have a property and a mortgage on it, it will be the lender's discretion whether or not he will give you another mortgage.
Thanks
Once your property is foreclosed by the lender and is reported in your credit report, then you won't be able to get a mortgage soon. You will have to wait for 3-4 years in order to get a mortgage. As your property is still not been sold off, you can contact the local lenders and apply for a mortgage. However, as you already have a property and a mortgage on it, it will be the lender's discretion whether or not he will give you another mortgage.
Thanks