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If I was to foreclose on my condo in 2010. Could I buy another…

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If I was to foreclose...
If I was to foreclose on my condo in 2010. Could I buy another property within a year with 20% down?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 5 minutes by:
6/9/2010
Real Estate Lawyer: Barrister, Lawyer replied 8 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,621
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello,

 

CA is a nonrecourse state so there would be no deficiency judgment against you if the condo was your residence. If the property is foreclosed on, you can expect a hit to your credit of about 200 points. Once you rebuild your credit it would be up to a lender to determine if you qualify for any programs that they might have.

.

There is nothing legally that would prevent you from buying a new property assuming you could obtain a loan from the bank.

 

Thanks.

Matt

 

 

If the information given answered your question, please click the GREEN "ACCEPT" button NOW, so that I receive credit for my work. Bonuses are optional and greatly appreciated. If you need additional clarification on this question, just click "Reply" and I will be happy to help you. Please give me as much detail as you can so that I can respond after receiving all the relevant details.

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Customer reply replied 8 years ago
But what are banks asking for these days? Will 20% down do th trick?
Real Estate Lawyer: Barrister, Lawyer replied 8 years ago

Unless you have excellent credit, 20% is going to be the standard minimum amount of equity a lender will require for the forseeable future. The days of no money down are gone and for good reason.

.

But if you have 20% down and a credit score in the upper 600s and can show rock solid proof of income, that should be enough to get you back into an ownership position.

.

Thanks

Matt

 

 

If I have answered your question, PLEASE CLICK THE GREEN "ACCEPT" BUTTON NOW, so that I receive credit for my work. Bonuses are optional, and are greatly appreciated. If you need additional clarification on this question, just click "Reply" and I will be happy to help you. Please give me as much detail as you can so that I can respond after receiving all the relevant details.

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