Are you a home loan (government / Trad) cheaper to buy a house where you are now in foreclosure

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Job loss and injury caused us to fall behind in mortgage payments. The Bank is working with us and began foreclosure proceedings after 30 days late. We can not our current home. We’re trying to sell, but the sheriff’s sale took place, it is our time to sell is limited. We are located in a different house, which is 1 1 / 2 times less expensive and allows us to make a payment much smaller house. We must put a little money (the bank would not take partial payment, develop a repayment plan, etc.). But we need to fund the balance of the different house. Our credit horrible now because of that, but we have our family home and children … Are there any loan programs (the government or traditional) out there that we can at home. We tried to do is contract, but the co. Foreclosure wants detached house (at home trying to buy a closed property that needs repairs, but the payment will be $ 100 less than we pay now)-all guidance would be appreciated.

1 Comment
  1. Reply
    rhsaunders
    February 4, 2011 at 3:17 pm

    Talk to your bank, and talk to a loan broker. I have used both with good results. Your real estate agent should be able to suggest a good loan broker; that’s how I found mine. He put together a reasonable package (it wasn’t cheap), and two years later we refinanced into a much more reasonable mortgage.

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