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    lizsingh's Avatar
    lizsingh Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 23, 2009, 05:22 PM
    How can I buy a foreclosed house with little credit?
    I am renting a house that is being foreclosed, How can I buy it??
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Apr 23, 2009, 05:52 PM

    Talk to the bank and see what they will do. The issue is that with little or poor credit you just can not borrow money for the house
    nikosmom's Avatar
    nikosmom Posts: 1,611, Reputation: 488
    Ultra Member
    		  
    #3

    Apr 23, 2009, 05:59 PM

    If you have little established credit, then it will be difficult to get a loan. Maybe see if you can get a co-borrower.

    Due the recent mortgage crisis, banks are cracking down on "risky" loans so you will have to make sure your credit history is clean and have a decent downpayment.

    EDIT: I'm sorry OP, you didn't say what country you're in and I assumed U.S. If this was an incorrect assumption, let us know. Just the same, the advice is sound.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Apr 23, 2009, 06:18 PM
    You can try and see if the bank will allow you to assume the mortgage, If you can pay the arrears they will be more inclined to do so.
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