I am in the process of a foreclosure and I really need to know if there is any way that i can purchase a home?

by oliver on September 30, 2010

Question:

I am in the process of a foreclosure and I really need to know if there is any way that i can purchase a home?

I am in the foreclosure process and I have no choice but to quick sale. With the money I receive I plan to pay off the loan and put a deposit on another home. I know that it will be hard to get another company to finance me but I have to have a roof over my head. I need to know of any programs or companies that can help.

Answer:

If you are able to sell the house to the public before the foreclosure sale is complete, then no foreclosure will take place. You will definitely be hard up in looking for another company to refinance you if your property has been foreclosed on. But since you were able to sell your house, probably thru short sale, you will no longer face foreclosure and the chances of you getting a company for refinancing would be a lot easier.

Since you were not able to make your mortgage payments current and was forced to sell your home, applying for a new mortgage is not really advisable. Try renting an apartment first so that you would know your financial capability. You would not want to put yourself in the same situation again, would you? Stay in an apartment first, work hard and earn enough income. Once you earn enough money and eventually improve your credit score, you can already apply for a mortgage loan. But remember, once you have a mortgage once again, pay your bills on time in order to avoid the challenge of foreclosure again. Save money and stay diligent in paying your bills in order to prevent an event such as this, from happening.

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