Posted on: 10th Oct, 2012 01:03 am
hi there… we had to foreclose a vacation property in florida 2 years ago. we have a principal home is in maryland which has a mortgage of $280k with 4.875% fixed. the income is more than sufficient, never missed or late payment on principal mortgage. foreclosure did not have much affect on our fico and the score is in mid 700. still i'm not able to refinance to take advantage of low rates. what are my chances? do i have to wait one more year before trying again?
Let some more points increase so that there remains no condition not full filled, till then either start looking for refinancing options or consult a reliable company for the purpose.
Hi Dovey,
Normally, after a foreclosure, you need to wait for 3 - 4 years in order to qualify for a loan or refinance an existing loan. However, as you have a good credit score and stable income and it's more than 2 years since your property foreclosure, there are chances that you may qualify for a refinance. You should contact the local lenders and start applying for a mortgage.
Thanks,
Jerry
Normally, after a foreclosure, you need to wait for 3 - 4 years in order to qualify for a loan or refinance an existing loan. However, as you have a good credit score and stable income and it's more than 2 years since your property foreclosure, there are chances that you may qualify for a refinance. You should contact the local lenders and start applying for a mortgage.
Thanks,
Jerry