If you let a piece of land go can you buy a mortage five years down the road

[countrygirl1970]

South Carolina. We have a piece of land in foreclosure if we let it go will we be able to get a home mortgage about five years from now.

 

[HomeGuru]

South Carolina. We have a piece of land in foreclosure if we let it go will we be able to get a home mortgage about five years from now.

**A: most likely not but we need more details. Is ther equity? If not, are you planning on paying the difference after the property is sold via foreclosure?
Many questions, so little information.

 

[HUD-1]

The foreclosure will most likely appear on your credit report for 7 years. A lender MAY be willing to lend to you after 3 or 4 years. Like HG said, "insufficient data".

 

[countrygirl1970]

we went to closing on the house and have the deed in our name the guy we are buying it of off is the lender and after six years we have to come up with the balloon payment. on the house. As for the land there is only 8,000 let on it so hopefully the will sell it for more than is left on it There is 1.75 acres.

 

[nextwife]

Have you tried sellling it?

 

[FlyingRon]

Have you tried sellling it?

You can see if he'll accept the deed in lieu.

 

[nextwife]

What steps to negotiate a workout or short sale with your creditor have you undertaken? What efforts, as the property owner have you made to dispose of the property responsibly?

 

[HomeGuru]

What steps have you taken to negotiate a workout or short sale with your creditor have you undertaken? What efforts, as the property owner have you made to dispose of the property responsibly?

**A: so many questions, so few answers.