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I lost my house thru foreclosure, it was a deed ...

I lost my house thru foreclosure,  it was a deed in luei, I still have another mobile home,  can I go ahead and try to buy another home now or a lot, thanks carmen


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Ron
55 answers
5 helpful answers

Of course you can go and buy a home. Unfortunately, you probably won't be able to get a traditional mortgage. Lenders require 3 years from the foreclosure date before they will give you a mortgage loan. Sorry. Your best option is owner financing. You'll need at least 10% to 20% down. The higher the down payment, the less they will be concerned over your credit which I'm sure took a big hit because of the foreclosure. There are a lot of desperate home sellers out there. Get up nice down payment (Unlike a bank, the seller won't care where you got it) and look for home sellers who 1) Are desperate and 2) Have little to no mortgage on their home. Good luck.

No Doc Jumbo Loans Guy
Posted 2009-09-12T13:33:30Z
Ron was invited by Yedda to answer this question.

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17 answers
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Just Win baby!

I don't know the whole story so I am going to make some assumptions:

1) If you are paying cash, yes you can!

2) If you are planning to finance your purchase your credit is shot.  I doubt anyone will provide financing for your purchase.  But can get your credit repaired by a relable credit repair company.

3) You may want to contact a person that is a HARD money lender who does not care about your credit but looks at the asset's value.  They may lend you 30-60% loan to value of the asset.

4) Look for Private money.  Someone that will lend you money at a specified rate of return for certain amount of time.

Bob Burns
Freedom$oft
www.investmentpropertiesmiamiflorida.com
Posted 2009-09-13T09:05:19Z
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