Can you get a mortgage loan after a foreclosure?

by oliver on September 30, 2010

Question:

Can you get a mortgage loan after a foreclosure?

Answer:

Foreclosure is stated in your tax statement for as long as ten years and it can greatly lower your credit rating. Therefore, getting a mortgage loan after this event is quite difficult. But however a foreclosure can pull you down, it cannot shut you out completely. After some time, you can improve your credit score and finally get loan applications easier. After the foreclosure, try to improve your rating by paying all your bills on time.

After two years since the foreclosure of your property, getting a mortgage loan will really be difficult because lenders will not approve your application easily because of your past case. During this period, it would be best for you to find ways in order to earn money in order to pay your bills on time. You must learn to save money for your future plans and needs. If you have unpaid debts on credit cards, try to pay them as diligently as you can. The sooner you pay for your debts, the faster your credit score will improve. And once your credit rating rises, getting a loan and other applications will be a lot easier. After getting stable with your finances, you can already get a mortgage loan but remember to pay all your mortgage bills on time to avoid foreclosure.

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