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Get up, getting going, and get back into it.

Posted by Ward-CA- on March 17, 2002 at 12:30 AM

In Reply to: life after foreclosure posted by jl on March 17, 2002 at 2:47 AM

: how soon can you buy a house after a foreclosure granting you
: haven't been late in paying your bills. is there life after foreclosure?

=•=•=•=•=•=•=•=•=•=•=•=

JL, your ability to buy another house after going through a foreclosure is dependent on the route you take. If you try to buy the traditional way, getting a loan in your name from an institutional lender, it will take a lot longer than if you take over an already existing loan in someone else’s name, without bothering to formally assume responsibility for its repayment. And by deftly skirting around a formal assumption you’d not be doing anything against the law. As Bill Bronchick says, “There’s no due-on-sale jail”.

Personally, I’d want to get into another home as soon as I could afford to do so. I guess I’d rather have my monthly housing payment go towards a house I was buying, rather than as rent that was paying off my landlord’s house.

The technique of buying a home subject to an existing home loan eliminates the need to try to qualify for a new loan, thus sidestepping the years it takes to repair your credit record after experiencing a foreclosure in your name.

Ironically, the easiest way to find a homeowner willing to sell their home to you, without requiring you to either pay off their existing loan or to formally assume responsibility for its payment, is to buy a home that’s currently in foreclosure!

So, whenever you feel that your finances are solid and dependable enough, and you had about $5K to $10K in cash to work with, you should subscribe to a local, daily foreclosure notice service for leads of local homes currently in foreclosure.

Select your target properties according to their location, delinquency amounts owing, monthly payment requirements, and physical makeup—number of bedrooms, baths, age, appearance, one or two story, etc.

Also, I think you’d have a definite advantage when talking with owners in distress about their current foreclosure predicament because of your first-hand familiarity with the same problem you once were wrenched through.

You’d be a great help saving the owners in default from the suffering a foreclosure auction would do to their credit record and psyche, and at the same time get yourself back into home ownership.

Good luck.


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