Posted on: 27th Aug, 2010 06:48 pm
[font=tahoma:e1f3c21710][/font:e1f3c21710] we are considering doing a deed in lieu of foreclosure just to avoid going thru the foreclosure process. but we are wanting to get into a home right away. we have found one we love that the seller is willing to lease to us for a year if after that year we can purchase it... our worry is that we won't be able to get a loan a year after the dil. this process is very scary because we want to own a home not rent and throw our money away. can you help us decide what's best? we live in colorado
Hi littlemama!
Welcome to forums!
It is true that after you go through a deed in lieu of foreclosure, you won't be able to get a mortgage after 1 year. You will have to wait for 3-4 years at least in order to get a loan with good interest rates. You can request the seller to lease the property to you for 3-4 years and then you can apply for a loan and buy the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is true that after you go through a deed in lieu of foreclosure, you won't be able to get a mortgage after 1 year. You will have to wait for 3-4 years at least in order to get a loan with good interest rates. You can request the seller to lease the property to you for 3-4 years and then you can apply for a loan and buy the property.
Feel free to ask if you've further queries.
Sussane