How Long After Foreclosure Can I Purchase A Home ?

Foreclosure means that the mortgage company has seized your home and out it on the market for sale because you have defaulted the payments. Any kind of foreclosure has detrimental and severe effects on your credit report for a long period of time. It can carry on for eight to eleven years, and the effects of foreclosure keep reappearing on the credit report for pretty long. Also, as long as the credit report keeps reflecting the foreclosure procedure, it becomes increasingly difficult for you to procure loans.

How Long Can I Live In My House After Foreclosure ?

Foreclosure is a long drawn process. The mortgage company usually initiates a foreclosure process if the borrower has been defaulting on the payments. The lender has a minimum notice period to comply before filing for a foreclosure. The court demands that the lender gives a minimum of 60 days notice period to the borrower, and also confirm that they have tried enough number of times to contact about the impending foreclosure.