Posted on: 22nd Dec, 2011 07:32 am
hello -
i entered into a land contract agreement 1 year ago - terms are for 3 years - after i lost my home to foreclosure 3 years prior.
shortly after we entered into the lc, we were hit with a deficency judgment on our previous home for the 2nd mortagage. my question is, if i were to pay off my judgement now, how soon before i am able to refinance my current home to get out of the land contract?
i have been told different timelines from different people. any help would be greatly appreciated!
thank you,
drbjef
i entered into a land contract agreement 1 year ago - terms are for 3 years - after i lost my home to foreclosure 3 years prior.
shortly after we entered into the lc, we were hit with a deficency judgment on our previous home for the 2nd mortagage. my question is, if i were to pay off my judgement now, how soon before i am able to refinance my current home to get out of the land contract?
i have been told different timelines from different people. any help would be greatly appreciated!
thank you,
drbjef
Most lenders will require 3 to 7 years for the FC to season. If you have an extenuating circumstance then you may be eligible for a new loan after 3 years has elapsed. You would want to have re-established your credit, have verifiable income etc. Good luck
Hi DRBJEF,
After a foreclosure, you need to wait for 3-4 years and then apply for a mortgage with your local lenders. Before this time period, none of the lenders will be ready to offer you loans at good terms and conditions. In the meanwhile, you can take steps to improve your credit score.
Thanks
After a foreclosure, you need to wait for 3-4 years and then apply for a mortgage with your local lenders. Before this time period, none of the lenders will be ready to offer you loans at good terms and conditions. In the meanwhile, you can take steps to improve your credit score.
Thanks
