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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: About $15,000 Posted by dennis on December 05, 2003 at 5:13 PM In Reply to: About $15,000 posted by Ward-CA- on December 03, 2003 at 7:24 PM : : how hard is it to buy another house with a forclosure on my crdit report. and what steps do i need to take to buy another home : ============================= : : Dennis, : The short answer is, how long will it take you to save up about $15,000? : If you don’t want to wait the usual 5 to 7 years before you can convince a lender to take a chance on financing your next house purchase, you might try to take title to some seller’s home and continue paying on their current loan without the approval of their lender. : To take title to a seller’s house, subject to keeping the existing financing intact works where the seller is very motivated to sell their home before they lose it to foreclosure. They won’t be overly concerned with your credit record. : You will probably have to pay the seller enough to motivate them to move out almost immediately, around $5,000 or so. Then you’ll have to reinstate the delinquent payments on their existing loan, around $8,000 or so. : Thus it looks like you’ll have to save up a minimum of about $15,000 to be able to pull such a deal off. : Hope this helps. : : thank you, can i get more details on how to do this Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : how hard is it to buy another house with a forclosure on my crdit report. and what steps do i need to take to buy another home : : ============================= : : : : Dennis, : : The short answer is, how long will it take you to save up about $15,000? : : If you don’t want to wait the usual 5 to 7 years before you can convince a lender to take a chance on financing your next house purchase, you might try to take title to some seller’s home and continue paying on their current loan without the approval of their lender. : : To take title to a seller’s house, subject to keeping the existing financing intact works where the seller is very motivated to sell their home before they lose it to foreclosure. They won’t be overly concerned with your credit record. : : You will probably have to pay the seller enough to motivate them to move out almost immediately, around $5,000 or so. Then you’ll have to reinstate the delinquent payments on their existing loan, around $8,000 or so. : : Thus it looks like you’ll have to save up a minimum of about $15,000 to be able to pull such a deal off. : : Hope this helps. : : : : thank you, can i get more details on how to do this Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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