Buying a Home After Foreclosure

When a homeowner defaults on his/her mortgage the lender forecloses on the property. Generally a foreclosure is the process prescribed by law for a lender to sell the property in order to ensure payment of the home loan. Each state has specific laws that dictate how the foreclosure is conducted but the end result is the same: the house is sold to satisfy the loan that the homeowner could not pay. If you had a house foreclosed on, or if the foreclosure process was started and not finished, it will show up on your credit report. Foreclosures remain on your credit report for up to 10 years from the date the foreclosure proceedings were begun. If you had a house foreclosed on, you will very likely need to wait at least three years before attempting to purchase another home. Some lenders may require a longer time to pass before they will consider lending to you.

If you had a foreclosure in past you can buy a home if you can show that you've correctly managed your finances since the foreclosure and that you've built up savings.

The American Home Buyer Service treats foreclosures the same way we do bankruptcies. We focus on your handling of your finances from today forward. We don't try to undo the past. If you develop good financial habits today you will be able to get approved for a home loan.

Contact us for a free consultation using our website consultation form or call us at (866) 554-9906.