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.
Some might assume that foreclosure happens primarily to irresponsible people who have low income and education, and are in a position to lose their home because of their own bad life choices and laziness. While some people experiencing foreclosure might fit that description, it's wise to remember what your mother told you about assuming: it makes something undesirable out of 'u' and 'me'.
Mortgage loans are the cause of more complaints than any other financial product to the Consumer Financial Protection Bureau (CFPB), according to its Monthly Complaint Report for September 2015.
The CFPB has registered 192,500 mortgage complaints, which account for 27% of the total of 702,900 complaints it has received. More than half of all mortgage complaints are related to issues borrowers encounter when they are unable to pay, including problems with foreclosure and loan modification applications.
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.
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.
