How long after a foreclosure can you get a car loan or mortgage again.

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  1. Reply
    January 30, 2011 at 2:07 am

    For mortgages, you will commonly deal with FHA and Conventional mortgages. Previous standards were that you had to be out of foreclosure at least 4 years on a Conventional mortgage and 2 years on FHA. That was before the mortgage foreclosure and credit crisis.

    Since the crisis, lenders have been forced to scale back because investors are tightening credit restrictions. Thus, guidelines are changing almost daily.

    Many auto dealers have a special finance department that works with people slow pay, foreclosure, bankruptcy, etc. If you have a job, pay stubs and a down payment, getting a car should be pretty easy after a foreclosre. The catch is that you will pay a higher interest rate with riskier credit.

  2. Reply
    mariko m
    January 30, 2011 at 2:32 am

    Gidgit, Try getting a free online auto loan quote. The automated form will give you results based on your credit and financial situation. It’s free and you can get an answer in minutes.

  3. Reply
    Ms M
    January 30, 2011 at 3:28 am

    There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try Good luck!

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