Quote:
Originally Posted by Pacman
I have one question about foreclosure, if they want their house to be foreclosure after unable to sell house then would no longer to pay home loan payment or continue to pay home loan payment after house has been foreclosure?
I was means about if home owners want give up their home loan payment after unable to sell the house and want move to somewhere.
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Well if they suffered by foreclosure, they have the higher possible of never able to loan the money again. The chance to take a new loan after foreclosure are very low, very low or probably never.
That's why the banks are very carefully making sure we are able to afford the monthly payment and ensure that they can trust us to loan the money, like many of banks have strict rule about being qualify for the loan like I know:
*Have to work same position and same place for least 2 years.
*Have to have the income that are probably 3 times more than the payment.
*Have to have some of proof that you paid the monthly payment sources. (such like cell phone, car monthly payment, insurances, etc)
*Must have good credit.
That's all I know, but I am lucky that I don't loan any money for the loan, my parents did it. I only put the down payment and own 30% of the land, and my parents own the other 70% of the land. We have to be very carefully pay the monthly payment or we are screwed.