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Foreclosed Home Mortgage

Because of the housing fiasco, there are many available properties on the market that is bank owned due to foreclosures. These are good properties that homeowners lost to banks because they could no longer afford the payments for different reasons.Some people purchased too much house for their income, others lost their income and others simply fall victim to the recession.

Many people with excellent or good credit have no problem walking into a bank or lending institution and obtaining a loan for a foreclosed property. The banks as well as the real estate brokers do not like to see these properties sitting empty. They want to get good families into them as soon as possible.

For those families and individuals with questionable or poor credit, there may be a little 'leg work' involved in finding a good loan program for purchasing a foreclosed piece of property. Some people mistakenly think that a lender who owns the foreclosed property might automatically lend the wannabe home buyer the funds to purchase the foreclosed property. This is a myth because many of them will do not want to gamble on the same type of family moving into their property and in a few months, have to repose again.

Just as there are lenders for bad credit on existing properties and new construction for those with credit issues, there are lenders willing to take a chance on an individual or family that have a few blemishes on their credit. Sometimes there are legitimate reasons behind late payments to a mortgage company. Late payments to your mortgage company are possible the number one reason many loans fall through.

Check with a 'hard money' lender if the original bank that foreclosed on the property is not willing to work with you. They work with people who have credit issues and are also willing to help clean up the foreclosure market. Naturally, there will be a higher interest rate and there could be a higher down payment, but it could be worth it to get a house that is worth a lot more for a rock bottom price.

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