Loan Modification Forum - LoanSafe.org - View Single Post - Home Loans after Foreclosure/Short Sale etc

CaWalker · 01-12-2009, 01:34 PM

Home loans after foreclosure are perhaps not so difficult to get after all.

I just wanted to share this with fellow forum members. If its been mentioned earlier, please disregard this post.

I was in a local Credit Union last week and picked up a flyer which talked about loans for people who are in foreclosure process OR have foreclosed previously.

I later read the details and it mentioned 2 special programs/loans for home buying:
1. For people who are currently in the foreclosure process
2. For people who have had a Foreclosure/Short Sale/DIL in the last 6 to 18 months

There was no mention of APRs or other conditions in the flyer. I'll scan the flyer and upload it later in the evening.

I see this as a realization on the part of the Banks that they will need to give out loans to people who've had foreclosure due to a bad housing market.
It also shows that what people say about not being able to buy another house for several years will also not hold true in today's market.

I'm sure we'll be seeing a lot more of these types of programs offered by a lot of other banks soon enough.

01-12-2009, 01:34 PM	#1 (permalink)
CaWalker Senior Member Join Date: Sep 2008 Location: Greater Sacramento Region Posts: 104 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Home Loans after Foreclosure/Short Sale etc Home loans after foreclosure are perhaps not so difficult to get after all. I just wanted to share this with fellow forum members. If its been mentioned earlier, please disregard this post. I was in a local Credit Union last week and picked up a flyer which talked about loans for people who are in foreclosure process OR have foreclosed previously. I later read the details and it mentioned 2 special programs/loans for home buying: 1. For people who are currently in the foreclosure process 2. For people who have had a Foreclosure/Short Sale/DIL in the last 6 to 18 months There was no mention of APRs or other conditions in the flyer. I'll scan the flyer and upload it later in the evening. I see this as a realization on the part of the Banks that they will need to give out loans to people who've had foreclosure due to a bad housing market. It also shows that what people say about not being able to buy another house for several years will also not hold true in today's market. I'm sure we'll be seeing a lot more of these types of programs offered by a lot of other banks soon enough.