Friday, October 31, 2014

A: It can happen.  But a lot will depend on your circumstances and the mortgage interest rate you are willing to pay.  Generally, most lenders will consider your request for a home loan two to four years after your foreclosure.  Predatory lenders will issue a home mortgage in less time.  But beware – they routinely charge high mortgage interest rates, fees, and penalties for this privilege.

A quality lender will expect you to show that you have cleaned up your credit.  Providing a reasonable explanation about the circumstances that led to the foreclosure – such as exuberant medical expenses – is also helpful.

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