Our mailing Address is 1121 W Valley Blvd, Ste I-319, Tehachapi CA 93561. Make sure you note the address at which we will meet you for your appointment.
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Mailing Address is 1121 W Valley Blvd, Ste I-319, Tehachapi CA 93561. Make sure you note the address at which we will meet you for your appointment.
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How Long Before You Can Buy After Foreclosure?

After foreclosure: How long until you can buy again?
The short answer is: it depends.  If you are a Tehachapi or Kern County homeowner that is in foreclosure or has already lost their house, you may be able to purchase a home again is 2 to 7 years.
Getting a mortgage to finance a home after foreclosure is possible for most homeowners. If you defaulted on your mortgage due to economic hardships, such as job loss, you may receive approval for another mortgage in as little as two years.  If you chose to engage in a strategic default (intentionally not meeting your mortgage obligations although you have the financial means to do so), it can take up to seven years to get approved.

Points to remember:
  • Lenders use several methods to determine whether to grant mortgages, including the how much money you have saved; your employment history; and your payment history.
  • Lenders may be more willing to finance a mortgage for a borrower who defaulted on their mortgage as a result of factors beyond their control.
  • If you are thinking about a strategic default, you should know that future loan underwriters will scrutinize your entire credit history very closely.  Some homeowners who strategically default believe they can raise their FICO scores by paying their others bills on time.  If the new lender determines the borrower strategically defaulted on their previous mortgage, the repaired credit score will not overshadow the walkaway.
  • Although not impossible for strategic defaulters to finance another home purchase, it likely will be more difficult. Lenders may ask for down payments of 30 percent or more to provide sufficient collateral to enable the bank to recoup most of its money in a foreclosure. These borrowers also may be charged higher interest rates, even above the levels other borrowers with similar credit scores would receive.
Read CNN’s take on this story, by clicking this link.

Is Your June Real Estate Closing Delayed by Someone Else’s Tax Credit?

Are you in the midst of buying a home in the Tehachapi area or elsewhere in Kern County?  If you among those who simply were planning to move in June and didn’t qualify for the Federal tax credit, you may not be moving when you intended.  It appears that purchases like yours may get pushed backward in the queue in favor of those that are anticipating a tax credit.

Everyone wants to see those that qualify get the tax credits if at all possible.  You may recall that in order to qualify for the credit, among other requirements,  buyers have to close on their home purchase no later than June 30, 2010.  That means that if you are not among those but were intending to close, your purchase may be seen as less important and slipped to the back of the line.

Don’t think that it’s just potential buyers that are affected either.  Home Sellers are at risk too.  It’s the home seller that is providing the home the buyer is acquiring.  Of course the home seller was planning to move somewhere too, and so on, and so on.  Can you see the domino effect here?

So, what can you do?  Show this post to your real estate agent and make sure that they are following up with the escrow company and the other agent to ensure that your escrow closes on schedule.  Many agents may not even have thought about this possible delay to your transaction yet.

Do let me know by posting a comment if you are among those Tehachapi or Kern County home buyers or sellers  that are affected by the tax credit.  Or, share any thoughts on this subject.  I’m always happy to hear from you.

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