subject: The Right Time to Buy New Home [print this page] The Right Time to Buy New Home The Right Time to Buy New Home
There are lots of information and misconception about the details of how long does a foreclosure can stay on credit report. As you all know foreclosure will largely affect your ability to acquire another loan. You cannot purchase new home until your foreclosure mark is deleted from your credit record.
Some borrowers believe that they cannot be able to buy another house gain because of foreclosure, but the truth is there are ways on how you can improve your credit rating. You do not have to sit and wait for this foreclosure mark to leave your credit record. You can do something to delete it. The myths surrounding this foreclosure are worst than the real effect of foreclosure.
The worst myth that people hear about foreclosure is that it will stay on your credit record for seven years. The effect if this foreclosure will not be felt by homeowner earlier year right after foreclosure. So, it means that you can still get another loan right after foreclosure.
You can opt for anther mortgage loan if you want right after suffering from foreclosure. Many people think that acquiring a home is impossible. This is the reason why many foreclosure sufferers do not get the chance to acquire a home after foreclosure. Many of them run out if time, because by the time that they found out that they can still purchase a new home, it is too late for them.
By borrowing money and consistently paying your debt, foreclosure will affect your credit record tremendously. You will surely improve your score immediately without having the need to feel the consequences if foreclosure in your credit record.
Foreclosure is not something that you should afraid of, you just need to think of ways on how you can improve your credit score and your problem is already solved. Aside from repairing your credit score by acquiring credit cards, you can also locate for bad credit loans.
There are lending companies who are giving second chances to barrowers suffering from low credit score. The only drawback of acquiring loans under this bad credit is that you will be charged higher interest rates by lenders. This is because there is a higher risk that you might default the loan again. This higher interest rate is not forever. Once you have repaired your credit score, you can ask for loan refinance to lower down your interest rate.
If a homeowner is able to stop a lawsuit, eviction and sheriff sale, they will have higher chance to obtain new loan in the future. The best thing that you can do is for you to repair your credit score by paying your debt on time. You will surely increase your credit worthiness and acquire loan as quickly as possible after suffering from foreclosure.
It is better if you will watch out for your budget and expenses a month, so you will have sure money that you can use to pay for your debt. Foreclosure can be easily eliminated within your credit report and you do not have to wait for seven years to acquire a new mortgage loan.
