Legal Question in Real Estate Law in Pennsylvania
foreclosurer
If my house is foreclosed on how long does it stay on my credit report? and will i owe any money on it. how long till i can buy another house?
Asked on 3/11/02, 4:25 pm
1 Answer from Attorneys
Brandon Barnett
Brandon J. Barnett Attorney At Law
Re: foreclosurer
Bankruptcy stay on the record for seven years, I have seen foreclosures on the credit report for that time period or longer.
As far as when you can buy a new house, some of the more agressive lenders only look back 24 months, so after 24 months of a good rental record and other bills paid on time you should be okay in getting a new mortage however you will pay a higher interest rate and need a larger down payment.
Brandon Barnett, Esq.
412-916-1677
www.youresquire.net
Answered on 3/12/02, 10:14 pm
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