Memphis homeowners who had the misfortune of going through the foreclosure process might be wondering if or when they can ever get another home loan. Although a foreclosure is a big hit to your credit rating, don't despair. You can still get a loan for a house in many cases. It just depends on your circumstances.
Of course, you will need to wait a certain amount of time after a foreclosure before approaching lenders for a real estate loan. However, the time might be a short as two to five years, depending on what factors led to the foreclosure. Lenders understand that sometimes homeowners face economic problems that are far beyond their control.
If you lost your job due to hard times in the region and now have other employment, a lender will typically take that into account. A health crisis involving you or family member may have played a part in your foreclosure. If so, explain this situation to the lender. They realize unexpected medical issues can strike at any time and will factor this into their decision.
So don't be shy about going after that loan and becoming a homeowner once again. And make sure you find good real estate advisors, such as the Cartensen team, to help you find that new home you deserve. For more information, please visit us at www.justlistedhousesinmemphis.com