How long until I can buy a home after foreclosure?
Foreclosure is a process in which a homeowner defaults and falls behind on their mortgage loan payments. Foreclosure in Florida is judicial which means that it goes through the court and the case is decided by a judge. Typically, under Florida foreclosure law a mortgage lender must wait until you are 120 days delinquent on payments before filing to the state to start foreclosure. Most lenders will, and most mortgage loans clauses include the need to first send a letter notifying the homeowner of their delinquent account, this is usually called a demand letter, and what they must do to clear it up. The homeowner usually has 30 or more days. After the allotted time has passed if the homeowner hasn’t caught up on all missing payments the foreclosure process can now begin. Foreclosure has many negative effects that can stick with you for years. Many homeowners going through or facing foreclosure find themselves asking "how does foreclosure affect my future housing"? Learn more down below
How does foreclosure affect my future housing?
Going through foreclosure affects your ability to purchase a house in the future. If you have gone through foreclosure you can expect a wait of about three to seven years. This changes due to a variety of factors including but not limited too; why you defaulted, your credit score, and the type of home. This is all taken into consideration before identifying how long your specific wait will be. Another factor that can impact the time you must wait is the lender the mortgage loan is provided from.
Foreclosure is a tough and long battle. Knowing your options is the best way to protect yourself and save your home. Go here to learn how foreclosure can affect your credit! Need foreclosure help today? Go here to fill out a form to have a professional foreclosure expert contact you today or give us a call to get touch right away!