If you lost your Santa Cruz real estate because of foreclosure, you probably haven't given up on the dream of owning a new home. You may be scared to attempt new financing — afraid you’ll be turned down and embarrassed in the process.
There are a few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information will help you overcome your fears and qualify again for a mortgage.
Foreclosure With Extenuating Circumstances
Generally, lenders will take into consideration any extenuating circumstances surrounding the foreclosure on your Santa Cruz real estate.
Was there a death or illness that prevented you from earning money to pay your mortgage? Did you have a job transfer that…