Consequences Of Foreclosure
Hi all. I am new to this forum and I don't know if I am in the right place to ask such a question. What are the consequences of foreclosing on a home? Specifically, can they take anything other then my home? Such as my resources or another property that I am buying? :-?
A NOD Foreclosure will keep you from any type of fannie Mae Loan. you basically will be dealing with a hard money lender or a subprime mortgage. Large down payment. probaly 30% down. Adjustable Mortgage. You might try to remodify the loan. and get a second job to catch up on the payments.
if by resources you mean conv. loans a f/c will ruin your credit . you will be unable to aquire a loan for several years......km[ Edited by kenmax on Date 11/19/2004 ]
If you have a NOD . And going through the process of buyinng another house this will affect you in some way or another. Unless the lender is not aware of it. but its unlikely.
I have a friend who is trying to sell his house and is willing to do a lease to own or a contract deed where he will act as the banker for us so we will give him a downpayment and make the payments to him. Does anyone think this could be a problem?
We have tried to refinance our current home through 3 different banks and all appraisals are coming back denied because our house is not worth as much as we paid for it 5 years ago do to 1} several foreclosures on our street and resale through HUD.
2} we overpaid on our house out of ignorance of homebuying :-x