Own a Home After Foreclosure Credit Score Hit? Ask the Experts AARP Bull
Own a Home After Foreclosure, Credit Score Hit? - Ask the Experts - AARP Bull...
See also: Photo by Stephen Lam/San Francisco Chronicle/Corbis You can rebuild your credit score and own a home again. But here are ways to help a comeback: Work at a steady . Build up at least six months of to show you could pay your mortgage if you lost your job. Don't max out . on time. Fannie Mae, the mortgage giant, generally allows new loan applications in three years if a foreclosure was due to job loss, divorce or unexpected medical bills. You may also like:
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What Is a Foreclosure' s Impact on Buying Another Home
Ways to make a comeback after credit score takes hit
Q. My sister went through a foreclosure. Will she ever be able to own a home again? A. In time, perhaps. A foreclosure can reduce a by 150 points and stay on a credit report for seven years.See also: Photo by Stephen Lam/San Francisco Chronicle/Corbis You can rebuild your credit score and own a home again. But here are ways to help a comeback: Work at a steady . Build up at least six months of to show you could pay your mortgage if you lost your job. Don't max out . on time. Fannie Mae, the mortgage giant, generally allows new loan applications in three years if a foreclosure was due to job loss, divorce or unexpected medical bills. You may also like:
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AARP on mortgages, PBGC on pensions, Social Security Administration on student benefits. Send your questions to: Ask the Experts, AARP Bulletin, 601 E St. NW, Washington, DC 20049, or email [email protected]. Check out bulletin.aarp.org for previously asked questions and answers.
Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures