What Is Foreclosure And Can I Get A Mortgage After Foreclosure?

Getting a mortgage after foreclosure depends on several factors.

What is Foreclosure? A mortgage foreclosure is where a homeowner or commercial property owner is deprived of the right to redeem his or her property after being unable to make principal and/or interest payments on his or her mortgage or otherwise fails to fulfill any of the obligations set forth in the mortgage agreement. The lender or bank can enforces its rights through a foreclosure. In this way the lender, be it a bank, Home Owner Association, or building society, can seize and sell the mortgaged property as stipulated in the terms of the mortgage contract using the procees of the sale to repay debt. The foreclosure action is the actual filing of and carrying through of the foreclosure process.

Getting a mortgage after foreclosure depends on several factors. Some of these are:

1. Length of time after foreclosure to get another mortgage after foreclosure.

2. Your credit rating would effect a mortgage after foreclosure.

3. The amount of your down payment for a mortgage after foreclosure must be at least 20% to 30%

4. Your ability to repay the mortgage loan or financial stability

The length of time after foreclosure to get another mortgage after foreclosure is usually about 7 to 8 years before you can buy another home. This is, because the foreclosure and bad credit entries stay on your credit reports for the full 7 or 8 years. Foreclosure is far worse than bankruptcy, because after 2 years of good credit after a bankruptcy, you would be able to buy a home again.

Your credit rating would affect a mortgage after foreclosure and must be over 700 in order to get a credit card or a mortgage. 800 plus would be ideal. With this kind of credit rating, you may still have to have 20% to 30% down payment to purchase a home with a mortgage, because of your past foreclosure or short sale which is the same thing. You defaulted on your payments, or did you? You really paid for your mortgage at you're closing with your signature and good credit rating. When your lender sold your mortgage and note at the second lender closing into a trust, your loan was paid for again with an allonge that was stamped on your note.

Allonge is a separate document or stamp used to demonstrate transfer of ownership of promissory notes, by endorsement. As per your note, any endorser is responsible for repayment of the alleged loan.

As stated, the amount of your down payment for a mortgage after foreclosure must be at least 20% to 30% to show the bank that you are serious about making your monthly payments. But things could and would possibly change if you were to loose your job, fall ill, or die. This would hinder your ability to pay and would result in another foreclosure.

Your ability to repay another mortgage after foreclosure depends on your financial stability. If you are an older person, your financial stability would not be considered very good by the banks or lenders of a mortgage loan.

As you can see, when the lender sold your note and mortgage contract, our loan was paid in full and foreclosure was wrongful and you should not be in a predicament of getting another mortgage after foreclosure.

What is a foreclosure? This occurs when a bank robs your home or property by claiming that you are behind on your payments as promised by your note and mortgage. Obtaining a mortgage after foreclosure is very hard. This is why you must fight to keep your home from wrongful foreclosure.

There is a company that provides the proper evidence with an expert witness if needed that helps home owners and commercial property owners in every State fight the bank foreclosure to almost always win, resulting in a mortgage lien release and loan removal to stop foreclosure fast.

Visit Us when you are ready to fight the dirty banks and win! Contact Us Today!