Mortgage Center :: Foreclosure

  Can I buy a home if I've had a foreclosure?

The Department of Real Estate defines foreclosure as:

Foreclosure: A legal procedure by which mortgaged property in which there has been default on the part of the borrower is sold to satisfy the debt.

In plain english: For some reason, whatever that may be, you are in default with the bank and they have filed a court claim against you to try and get their money back by selling your home to someone else. After they sell the home, they will use the money to recover their initial investment of lending you the money.

If you have recently had a foreclosure, you could still get preapproved for a mortgage. Lenders look at a foreclosure a lot differently than a bankruptcy. Foreclosures are viewed differently becuase you can file for bankruptcy and not have a foreclosure filed against you.

Everybody's situation is different. Because of this, there is no way to give advise through a website. If you are interested in learning more about how we can help you, fill out our contact form and a specialist will contact you as soon as possible to answer any questions you have.