Where to Get a Mortgage Loan After a Foreclosure

Looking to find mortgage loan after you had a foreclosure or you became really late on house payments due to a loan modification process. There are a few lenders out there who will help borrowers in this situation uch as hard money lenders and other special lenders willing to take risks for borrowers caught up in the unfortunate credit crisis.

Most banks which are conservative in nature when it comes to lending will not offer you a home loan for at least five to seven years. So finding a lender, bank or mortgage company who will accept you is going to require some leg work on your part. However, the end result is what counts so call around as mortgage programs change periodically. As the housing market has shown some positive news in the last few months, this could also be an indication that lenders will become a little bit more flexible on terms and rates which is possibly all you need to get your foot in the door on a good investment or primary residence.

Getting a Home Loan After a Short Sale

If you are fortunate enough to get rid of your home with a short sale and are considering buying a home in the near future you may have to wait a bit. Typically, borrowers are required to wait 24 months to qualify for financing after a short sale. However, there are still some lenders out there who will finance you at higher rates. You can opt for this and wait two years and refinance to lower mortgage rates later on. You have to weigh the options of what is best.