Buying A Home After Foreclosure What To Expect

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                                     Buying A Home After Foreclosure - What To Expect
                                                                  By Carrie Reeder

    Even though buying a home after a recent foreclosure is possible, homebuyer should not apply for
a mortgage blindly. Because of your current credit standing, many lenders are ready to take advantage
of you. Your options are limited. Nonetheless, this does not mean you have to accept a terrible
mortgage loan.

Why Does a Foreclosure Occur?

Homes are foreclosed when a homeowner is unable to repay the mortgage. On average, mortgage
payments have to be three months late before a lender begins the pre-foreclosure process. If the
homeowner is able to acquire funds, the lender will stop foreclosure.

Many factors contribute to a homeowner's inability to repay a mortgage loan. For starters, living
beyond one's means will make it harder to maintain regular monthly payments. Sadly, many people fall
in love with a home they cannot afford.

Furthermore, some homeowners do not take into consideration utilities and other expenses that come
with owning a larger home. Acquiring excessive credit card debt may also result in less disposable

The Disadvantages of Buying a Home after Foreclosure

For the most part, many lenders will not approve a mortgage loan immediately following a bankruptcy.
In their estimation, you are a risky applicant. If you were unable to make regular payments three
months prior, the odds of a future loan defaulting are high.

Naturally, circumstances do change for the better. For example, if loss of employment or illness
contributed to a foreclosure, you may be in a better position to afford a mortgage six months after a
foreclosure. Still, there are disadvantages to obtaining a home so soon.

Mortgage interest rates following a foreclosure are outrageously high. Because most traditional
mortgage companies will not approve your loan, you may be subjected to interest rates 3 or 4
percentage points above current rates. This will increase mortgage payments by a few hundred dollars.

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                                              Presented by Daniel Toriola

Best Approach for Purchasing a Home after Foreclosure

If you are hoping to buy a home following a foreclosure, be patient. The key is to rebuild your credit.
During the next 24 months, attempt to open new credit accounts, and maintain regular payments. Pay
creditors on time and avoid missed payments.

Next, shop smartly for a new mortgage. Prior to accepting a mortgage offer, contact several lenders for
quotes. If using the internet, you may obtain instant quotes from several lenders in minutes.

View our recommended lenders for

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                                             Presented by Daniel Toriola

                                               How to Buy Foreclosure Homes
                                                           By Lillian Wills

 If you have ever wondered how to buy foreclosure homes, you might be surprised at how easy and
how much fun it is. Most people who are in the market to buy a home don't know how to do it, so they
don't even look any further into it. Their loss is your gain. When you learn how to acquire them you will
be a step ahead of all of the other home buyers in your area who don't know how and therefore won't
be bidding on them against you.

There are books in the library on how to buy it that you can check out and read up on all of the tips and
tricks of buying foreclosure homes. You can also search the internet for tips that can be very helpful.
Most importantly, find out who is auctioning the foreclosure homes that you might be interested in
bidding on and ask for the details and rules of the auction. These may be slightly different from the
general rules you will find in a how to book or on the internet.

Once you have learned how to buy foreclosure homes and have made your first purchase, you will be
able to help your friends and family through the process. Eventually you will feel like somewhat of an
expert and you may decide to help others who are in the same situation that you are right now and
build your own "how to buy foreclosure homes" web site. Foreclosure homes are usually sold at
auction. There are online auctions and there are local auctions. You may have seen signs posted
every so often in your town about a "sheriff's auction". This is likely an auction for a foreclosure home.
There are also realtors and brokers who specialize in conduction foreclosure home auctions. Many of
these brokers and realtors will put some of their foreclosure homes online for auction, too.

The basics of how to buy foreclosure homes is simply to find the home and to bid on it. If you place the
winning bid, you pay for the home and it becomes yours. But there is a little more to it, and some of the
details might be a little tricky to sort out. Make sure that you talk to someone who has experience in
how to buy foreclosure homes before you place your first bid. If you will be the first person you know
learning it, then you will need to learn the ins and outs of how to buy foreclosure homes on your own.

She is a marketing executive for global consumer brands, media, and high tech businesses. She loves
writing about shopping, product reviews, fashion, travel, green innovation, arts &
entertainment.  She spots consumer trends, explores and assembles ideas, and provides
creative solutions to business challenges. Currently, she writes for

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                                              Presented by Daniel Toriola

Related eBooks:

How to Buy Foreclosure Homes
Do Not Let Foreclosure Be Your Downfall
Real Estate Basics: How to Buy a Foreclosure
Ways To Stop Foreclosure
3 Secrets To Prospering Off Foreclosures

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Patricia Johnson Patricia Johnson Management Consultant
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