New Mortgage With Foreclosure
What are the chances of a buyer being able to get a sub-prime mortgage two years after foreclosure?
I have a buyer who went through bankruptcy then later foreclosure. He wants to buy a house from me in hopes of cashing out in two years with a new mortgage.
Attached is another thread on the foreclosure subject. It does not however speak to the bankruptcy. At least with a foreclosure, there is collateral in the house. There is a lot of mortgage money out there. A sub prime rate in 1 - 2 yrs with some positive "reported" credit factors will be required. Also 20% down will go a long way towards being approved. Check with a mortgage broker now and get their recommendations.
http://www.thecreativeinvestor.com/residential/ViewTopic43805-18.html