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12-16-2005, 01:04 PM
| | Junior Member | | Join Date: Dec 2005 Location: Chicago, Il.
Posts: 14
| | | Foreclosure: Bad or OK to purchase home in future
What is the name of your state? Illinois. How bad is foreclosure? Can I purchase a home in the future when my credit is back in good standing. How will a bank look at my situation. I don't want to foreclose, but just in case in should happen... |
12-16-2005, 01:08 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: |
Originally Posted by sofiab72078 What is the name of your state? Illinois. How bad is foreclosure? Can I purchase a home in the future when my credit is back in good standing. How will a bank look at my situation. I don't want to foreclose, but just in case in should happen... |
**A: it's really bad,,,,,,,,terrible...... |
12-16-2005, 03:30 PM
| | Senior Member | | Join Date: Oct 2005 Location: Ohio (southwest)
Posts: 2,290
| | | If you give the bank you word you will make payments if they help you buy a home (i.e. "mortgage"), then renege on your word, why should any bank accept your word in the future?
(Think of it like this. . . your friend comes to you and ask to borrow $1000 . . . you give it careful consideration, as $1000 is a lot of money, but when your friend "promises" to pay you back on his next payday, you decide to do it. Six months goes by, and still no reimbursement (and you've asked several times) but you heard your friend now wants to borrow $1000 from your sister. What will you tell your sister? Should she loan it to him? After all, he promises to pay her back next payday . . .) |
12-16-2005, 03:48 PM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | Quote: |
Originally Posted by sofiab72078 Can I purchase a home in the future when my credit is back in good standing. | Yes, you can but expect to pay through the nose like in double digit interest rates. There are subprime lenders that will let you have a mortgage rather quickly if you want to pay 15% and up.
There is a federal 12 month rule find it and use it!!!!!! |
12-16-2005, 07:03 PM
| | Junior Member | | Join Date: Nov 2005
Posts: 14
| | Quote: |
Originally Posted by pojo2 Yes, you can but expect to pay through the nose like in double digit interest rates. There are subprime lenders that will let you have a mortgage rather quickly if you want to pay 15% and up.
There is a federal 12 month rule find it and use it!!!!!! |
There is a federal 12 month rule find it and use it!!!!!!
What is this rule???? | |
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