Question:

How to recover from foreclosure?

Answer:

Foreclosure happened to you and you are desperate. How to recover from foreclosure? Well, it will probably never recover as much as it was before the foreclosure.

You will be marred forever. Most lenders see you as a potential risk since you had a secured debt and you walked away from it. This will make it very difficult to recover from foreclosure.

However, there are subprime loan programs that will let you borrow money after foreclosure. Bad credit lenders are the people to go to after a foreclosure. They will often offer you a 2/28 ARM with relatively good rate for the two years. You have 2 years until the rate adjusts to make every effort to recover from foreclosure your credit score and refinance. Only remember to avoid 2/28 ARMs with prepayment penalty of more than two years.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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