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Not Quite a Foreclosure |
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We recently had a house go into the foreclosure process. We actually had a promissary note signed before foreclosure was started but did not officially sell the house until after official foreclosure notice. We are now looking to buy a new house and know that typically one must wait two years+ before banks will agree to another mortgage. Since we did not officially foreclose, and the process only started, but we sold the house soon after, do we still have to wait two years for another mortgage? We have perfect credit otherwise (We moved and were unable to pay two mortgages) and our credit score now is still decent even with the foreclosure note. We are honest people who were unable to sell their house for almost a year and just couldn't afford two mortgages (We had to move due to jobs) your thoughts? |
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Mortgage brokers will know the answer to your question, and it shouldn't cost you anything to talk with them and explore the situation. I"m not sure what having a promissory note signed means, so I don't quite understand the situation. But if your property never actually got to foreclosure, you should be in good shape. Selling in a hurry before the foreclosure is an excellent solution to the problem and your were fortunate to be able to do it. |
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Originally published on April 9, 2008 |
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