Q: Can I purchase a foreclosed house if I am going through a foreclosure myself?
?Anonymous, Humble, TX
A: I doubt it unless you are in a position to pay cash for the new home ? AND EVEN THEN you will have a potential problem on your hands, ie.. you have defaulted on your current mortgage ? and that new asset probably would be discovered by your ?foreclosure bank? and they would probably come after it or you for the deficiency ?. depending on the state? I am not an attorney ? but you should consult one ? because I suspect you would be leaving yourself wide open for major future deficiency judgements ? even if you pull the above off.
David Congdon is a Realtor? with Islands International Realty in Satellite Beach, FL.
A: Probably not. Sorry to be the bearer of bad news! Unfortunately most lending standards are saying there will be a 7 year wait time before someone with a foreclosure (or a foreclosure is pending) on their record. You can discuss the situation with different lenders to see if there is a portfolio or other loan product out there that might be available. Most of my clients with foreclosures are either currently in rentals, owner financed homes where the owner was willing to take a risk on them in exchange for a much higher interest rate, or family members have lent them the money to purchase and they are making payments to them.
Amy Cearnal is a Realtor? with Keller Williams Realty in Arlington, TX.
A: You can?t get a new for another home with foreclosure on your record? unless you have cash ? but if you have cash for another house ? you should continue to try to not lose your house
talk to a mortgage lender about this ? as realtors don?t get the financing for you ?.. but from experience ? a foreclosure will affect your credit.
Leah
Augusta, GA
Leah Layman is a Realtor? with Keller Williams Realty Augusta Partners in Augusta, GA.
A:Since you are not eligible for a new loan on the next house, you can only buy it if you can pay cash for the new home.
Sylvia Jonathan is a Realtor? at Coldwell Banker Platinum Properties in Irvine, CA
A: My answer would be no.
Maria Picardi-Kenyon is a Realtor? with Re/Max Tri County Realtors in Hamilton, NJ
A: Yes, with cash. I doubt you would qualify for a loan at this time. My advice would be to contact a loan officer in your area. If you don?t quality now, he/she may be able to help you repair your credit so you can buy something sooner than later.
Tom Gergen is a Realtor? with David Christensen Keller Williams Preferred Realty in Burnsville, MD.
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Source: http://rock-n-rollrealestateagent.com/can-i-buy-a-foreclosure-if-i-am-in-foreclosure/
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