how is it possible to purchase a home stating foreclosure

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(0) | asked by: Anonymous | share | 1 hour ago | Report
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answer by Maurice Hill    |   Visit My Website   |   Contact Me
Are you referring to someone who has had a foreclosure who is now trying to purchase? If so, FHA insured mortgages are generally not available to borrowers whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower's main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit. This does not include the inability to sell a home when transferring from one area to another.
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22 minutes ago  |   Report   |   share
Your Buyer's Agent would need to submit an offer to the Listing Agent. If the mortgage on the home is currently in in default, then you would want someone to determine the date the home will be foreclosed on. If it is set for a November 7th foreclosure, then you may not have enough time to purchase this particular home since that is just over 3 weeks away and you do not have a contract yet.. You will need to get Pre-Approved to submit an offer.
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45 minutes ago  |   Report   |   share
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