Saturday, March 28, 2015

Qualifying for Early Credit Line after Foreclosure

Question: I had a foreclosure completed in 2010. Since then I was told I need to wait seven years before I can get any type of home loan, equity loan or line of credit against another house I own, which has plenty of equity. It seems like after five full years I should have some options to borrow against my home or do I have to wait another 2 years?

Response: That would really depend on the status of your credit score and the amount of money you would be trying to borrow, among other factors. Mortgage brokers are best in answering these questions since they deal with the lenders directly. However, it is more likely than not that you would have to wait because you are still considered a risk to most lenders and they would be concerned to lend you money in anticipation of your possible default.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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