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Foreclosure and Loan Modification Blog

What Is a Judicial or Clerk's Default, and Can It Be Vacated?

Falling behind on your mortgage can force you to learn many legal concepts and words that you probably don't come across unless you're a lawyer, such as judicial or clerk's default.

What is a judicial or clerk's default?

A judicial or clerk's default is "a binding judgment in favor of either party based on some failure to take action by the other party. Most often, it is a judgment in favor of a plaintiff when the defendant has not responded to a summons or has failed to appear before a court of law.”

A judicial default is issued by a judge, and a clerk's default is issued by a clerk of the court. How does that come into play in foreclosure? It has to do with the lawsuit that follows as a result of defaulting on payments.

Can I Buy a Home After I Have Been Through Foreclosure?

Losing your home is a stressful process to endure, but it doesn't mean you have to give up on your goal of owning a home forever. But many homeowners are unsure if they will be able to get a mortgage after foreclosure.

Yes, you can buy a home after going through foreclosure, but you may need to wait several years or more after your foreclosure is completed, and you may be charged a higher interest rate and need a larger down payment to do it.

“Boomerang Buyers” Can I Buy After Foreclosure?

If you have gone through foreclosure before know that yes, it is possible. Known as "Boomerang Buyers" those previously foreclosed on are starting to join the market and are able to purchase a home. However, there are waiting periods for most of the common loan programs. Depending on the type of loan you are applying for here's how long you must wait before being eligible for a home loan again:


2015 FHA Mortgage Guidelines

Bankruptcy Chapter 7 2 Years From Chapter 7 Bankruptcy Discharge Date
Bankruptcy Chapter 13 1 Year From Chapter 13 Bankruptcy Discharge Date
Foreclosure 3 Years From After the Sale/Deed Transfer Date
Short Sale or Deed in Lieu 3 Years After the Sale Date of Your Foreclosure

Credit with a minimum of 640 credit score and proof of good payment history. If you defaulted on a FHA loan, and you are trying to apply for a new FHA loan, the waiting period will be calculated from the date the mortgage insurance was paid by FHA on the defaulted loan.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

Click to Read Our Super Loan Mod Success Stories

Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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