I'm in the process of a foreclosure (1 year). When can I purchase another home?

Submitted by javier garcia from CA - 08/03/2010 - 1:03pm

I am a single dad (step dad). I am losing my home due to a marital separation and can no longer afford the house payment by myself. I haven't made a house payment since June 2009. My home is in foreclosure and up for auction. I have expensive appliances, counter tops and cabinetry that I installed myself after I initially purchased the home. Will I be allowed to legally take those items with me when I'm evicted? I've been paying all of my credit cards by myself and no longer have debt (ALL of my credit cards are paid off). When will I be allowed to purchase a more affordable house?

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Comments

Submitted by Michelle - 08/03/2010 - 2:20pm

Legally, if an item is a permanent fixture (permanently attached to the property like a light fixture, hard wired appliance or a cabinet) then it should stay with the property. Anything not permanently fixed to the house (washer/dryer, plug in lamp, plug in appliance) would be considered personal property.
There are folks that have been known to strip a house and take things that are permanently fixed. Although we all probably know people who have gotten away with this it does not mean that it is legal.

In terms of restarting your credit and purchasing a home we highly suggest talking to a good mortgage broker. Underwriting guidelines and loan conditions are changing all the time. The best case scenario right now is qualifying for a FHA loan that will currently consider lending to you 3 years after a foreclosure provided you meet all other credit and income requirements. Find out what those requirements are so that you can begin to rebuild as quickly as possible. You never know when there will be another loan program that will lend to people faster than 3 years.

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