After all the GOOD days i am back in "poor me" mod
Date: Fri, 10/05/2007 - 02:54
So our mortgage was in default (was in payday loan hell wich is what got me there) but we had somebody willing to purchase through a short sale. Bank was on board and everything. It took a while to get all the paperwork submitted for it to proceed. Well, the purchaser has been unable to come up with the financing so far and we just got the final judgement date in the mail. 7 days from today.
WHEN we lose the house, will we EVER be able to get another one? If so how long down the road will it be? 3 years? 5 years? 10 years?? We were fine financially until 2 years ago. Never even a late payment. But medical issues with, our then, 1 year old, and my father in law, forced my wife out of work. Payday loans insued and the rest is history.
We are getting back on track. Things were looking up. We just so badly want to buy another house. Not anytime soon, just at some point.
Just looking for a light at the end of the tunnel.
WHEN we lose the house, will we EVER be able to get another one? If so how long down the road will it be? 3 years? 5 years? 10 years?? We were fine financially until 2 years ago. Never even a late payment. But medical issues with, our then, 1 year old, and my father in law, forced my wife out of work. Payday loans insued and the rest is history.
We are getting back on track. Things were looking up. We just so badly want to buy another house. Not anytime soon, just at some point.
Just looking for a light at the end of the tunnel.
got2-Hi...unfortunately I can relate. Especially right now banks
got2-Hi...unfortunately I can relate. Especially right now banks/lenders are very gun shy about any subprime lending, which is what type of loan you would need. They are bringing back the "old rules" of good credit and 5-10% down. Even for first and second time homebuyers, these rules apply.
It may awhile for you...and for me :( Until we come out of this real estate slump and investors are willing to back less than perfect credit loans, we're in a holding pattern.
Last year and years before, you could buy a house with a forclosure and bankrupcy on your record. It may be a couple of years before they lax a bit on the rules....
