Anyone out there been foreclosed on then...

[picklepie09]

My brother lost his house to foreclosure and has this pipe dream he is going to buy a new one soon. this was only five years ago. I am guessing that its next to near impossible? I don't judge, I don't say anything but just wondering.. anyone out there been foreclosed on and then bought a house?

[picklepie09]

Lucy that is the thing, I don't think he does. he keeps talking about houses to his kids "We will have a big backyard like this soon!" I feel bad, but I don't think he is thinking rationally

[Deleted]

I haven't been foreclosed on, but I've worked in credit counseling and it's not uncommon for people to buy homes being only a few years out of foreclosure ( I think two years is the general rule.) That said, he better have that downpayment ready.

There is actually a blogger, MckMama, who has managed to purchase quite a few homes since her first foreclosure....and default on every single one. I think a few of them were lease to own type arrangements or something though.

[bleubook]

He could rent one, or possibly rent to own or do Owner Financed... There probably is a way, but it will be difficult through any traditional channels.

[picklepie09]

WTF Amber right outta the gate wtih a bitchy comment. Kudos

[picklepie09]

Lucy he lost the first one through unfortunate circumstances. They discovered black mold in the walls when they went to do an addition. It was deemed unsafe. He tried to go after his Inspectition company but they had gone under. He tried to go through the courts but he had no recourse. he took the money he would have used on the addition and put it toward the mold fix but it only covered about 1/3 of the cost. He then lost his job

[picklepie09]

Thanks Ladies (cept you Amber.. You suck) hahaha

[copzgirl1171]

foreclosure is not the same as filing bankruptcy.

If he can find a lender he can buy.

[Deleted]

This post is all kinds of wrong.

Seven years is the general rule for Fannie Mae and Freddie Mac for someone to purchase a home after a foreclosure. There are other avenues of obtaining a mortgage besides Fannie and Freddie. There are also lots of exceptions to Fannie and Freddie's "seven year" rule, which make it possible for many people to buy around the three year mark.

Also, seven years doesn't apply to those in bankruptcy either. The minimum for bankruptcy is two years.

[hisno1girl]

Aug 13, 2012 13:39:13 GMT -5 papiercherri said:

This post is all kinds of wrong.

Seven years is the general rule for Fannie Mae and Freddie Mac for someone to purchase a home after a foreclosure. There are other avenues of obtaining a mortgage besides Fannie and Freddie. There are also lots of exceptions to Fannie and Freddie's "seven year" rule, which make it possible for many people to buy around the three year mark.

Also, seven years doesn't apply to those in bankruptcy either. The minimum for bankruptcy is two years.

Thanks for saving me the work of typing this all out.