Can I get financed for a new home if my current one is going to foreclosure?

Actually I am asking this for a not so computer literate friend who I feel is getting the run around.

Here is his situation.

1. He is self employed and doe snot have a guaranteed income, last 2 years have been rough.

2. He has payment of $1700 a month with ridiculous interest rates on his current home.

3. He has something on his credit from a long time ago that says he didn%26#039;t pay a bill, which he has done, but seems nobody is interested in helping getting this removed, was for something like $2000

4. He has now decided to let his home go into foreclosure as he can%26#039;t make the payments for his home and live.

5. He is still 2 months away from actual foreclosure, just 1 back payment now.

So that is his situation the best I can describe it. He said the bank won%26#039;t lower his interest rate on his mortgage and he can%26#039;t refinance because of his line of work they won%26#039;t let his as he is only showing like $20K of actual income. Then they give some line about no guaranteed income.

Help?

Can I get financed for a new home if my current one is going to foreclosure?va loan

The dings on his credit from going 30, then 60, then 90 days late on his mortgage are probably enough to prevent him from getting a mortgage anytime soon.

Once he actually hits foreclosure it will be AT LEAST 3 years and more like 5-7 before he can get another mortgage and that one will have to be with 20% or more down. He will have to have verified income at that point too.

good luck!

Can I get financed for a new home if my current one is going to foreclosure?

loan

No, he is documenting the fact that he is willing to screw the bank for the money they gave him.

There is no way another bank is going to line up to bend over for him.

Seriously? Knowing that he is perfectly comfortable stealing would YOU loan him money?