Question : How can a person repair their life after foreclosure?
Good friends of mine went into foreclosure do to the housing market in Central Valley California. They were not able to get their home refinanced because the home had loss value, due to this they were forced to go into foreclosure. Can they ever get back on track after going through this?
- asked by jazzyt
All Answers:
Answer #1
Sure they can. It will take time and creditsmarts. No running up huge credit card bills. Move out of California. Before you know it, it'sgoing to fall into the ocean. I see houses beingdemolished everyday on the news. I don't think itis smart to sink any money into anything inCalifornia.
- answered by Wes's Granny
Answer #2
sure they can. The biggest problem is going to bethe deficit balance on the home. They need to seekout a bankruptcy attorney and file on it or thelender will almost always come after them. Thenthe must rent for 2- 4 years before attempting topurchase again. They are not alone in all of this.They must stay current after all is discharged inthe courts and put away lots of cash for a downpayment in the future. Good luck to them!I am amortgage banker
- answered by golferwhoworks
Answer #3
yes , it's about 2 years. do not be credit shy. you talk and explain your situation . manypeople are in foreclsoure / bk right now ... bankswant to give you money again. you will pay highinterest at first ... keep checking / shoppingrates and do not be shy to apply . there arebanks that target people that have been throughthis .. offers begin to come in they seem to buynames from court records. after about 2 years, you will be stronger LOL it is crazy indeedkeep trying and do not take this personal . itwas a business relationship . losses happen. you will pay a little more because you are riskiernow . expect to be "disrespected" BUT DO NOTLET YOURSELF be "raped" by new credit cardcompanies.
- answered by Mildred S
Answer #4
Of course they can but they need to be smart abouttheir finances. They can be smart by trying toget their credit scores up and try not tooverextend themselves. It is very possible tocome out of this.
- answered by bpl
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