Posted by Sandy on April 10, 2000 at 22:04:51:
If they are in foreclosure, then no other mort. company is going to make a loan. The credit is evaluated in this order, house or rent, auto, consumer debt, then medical. Someone has to have 12 consecutive months of on time house payments or they can go to a subprime, but that takes a lot down because it’s lower ltv. If that kind of money was available, they would cure their existing loan and be much better off. The best for people going into foreclosure is to have someone save their credit so that when they get back on their feet they can buy another house without a black cloud of foreclosure over them.