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I had a foreclosure in 06. I got sick and finally had to stop working, the bank wouldn't do a thing for me so.
I've recovered nicely, by the way, and for the past two years have been working a great job, and making over 180K yearly.
Wife and I will be relocating to AZ from CA at the end of the year and we want to try to buy a condo.
I've done some research and find that in most areas of AZ, I can afford a 30% to 50% down payment on anything up to 350K
Given to situation, what are my chances of securing financing for the remainder of a mortgage.
Thanks,
Ron
p5fuelcellengine
A foreclosure stays on your report for at least 7 years and it is nearly impossible to get it removed. However, by the time you move to Arizona you may have improved on your credit score and this will help you get refinance on the remainder of your mortgage. However, you may not be able to get refinance at a lower rate of interest. You will have to pay handsomely due to the foreclosure showing on your report. If there is more you need to ask, feel free to do so.
Another thing they may look at is your overall credit history. If you only have this foreclosure but kept your other bills paid in full and show a good repayment history things may not be as bad. A foreclosure is serious but a foreclosure with a bad credit reporting history would be a lot worse.
If you do have to pay really high interest have you thought of simply saving for a few years before buying the condo? If you can come up with half in that short amount of time then within a couple years you may have most of the money. This leaves less to borrow and pay interest on (especially if high). It also will give your credit score time to rebuild. Just an idea, good luck.