Buying a House After Foreclosure - Tips For Raising Your Credit Rating After Foreclosure

A foreclosure is a legal proceeding in which a mortgage lien holder or lender obtains a court order for termination of the mortgagor's equal right of redemption. The lender obtains a pledge from the borrower in which the asset, a house, is placed as a security with the borrower for the loan received. In case the borrower defaults on his payment, the lender tries to repossess the property from the court through the process of foreclosure.
Foreclosure affects the credit standing of the customer adversely. The person is not in a condition to take any kind of loan in the market. An entity by the name of Fannie Mae is hugely operational in the mortgage market. They are even operational in the secondary mortgage market. They put down stringent guidelines which take care of the fact that less and less people move in for foreclosure.
For a customer to take a loan after the process of foreclosure has begun, different process's, guidelines and time lines must be kept in mind before he applies for a fresh loan.

After a foreclosure the waiting period is 5-7 years.
After a foreclosure with Extenuation Circumstances, the waiting period is 3 -7 years.
Buying after a deed in lieu of foreclose, the waiting period is 4-7 years.
Buying after a deed in lieu of foreclose with Extenuation Circumstances, the waiting period is 2 - 7 years

However if you have made up your mind to buy a new house, the first immediate concern is to rework the credit score of the individual. By making consistent payments towards the creditors, the person can bring up the score. Once the score has been reworked positively, the customer must make an effort to get his mortgage refinanced at a lower rate. The other way to bring up the score is to open up a new credit account and make regular your payments to that account.
The customer must under extremely difficult circumstances take help from a company which specializes in these services and can guide the customer towards his financial goal. There are many credit repair company which can help the customer to come to a respectable score where getting any kind of a loan is not a concern.
There are options available to repair bad credit and raise your credit score.  Something as simple as disputing negative items can help.  These items can be erased from your credit report, resulting in a significantly higher rating. Click the following link for more information on how to repair bad credit quickly and legally:
Credit Report Repair

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