Colli Real Estate

How soon after a deed in lieu of foreclosure can I get a mortgage to purchase a new house?

I need to move up north due to some family medical conditions that need my help as a healthcare professional. I cant afford to pay for my condo in FL no matter what option i look at (I have weighed them all renting, modification, etc) My lender Aurora Loans is currently reviewing my packet for DILF and said they would get back to me in 3-4 weeks. I have excellent credit and if this goes through I have a lot to get organized financially but I am having a hard time finding any info on how soon I can buy another house after a DILF? I know it sounds crazy but I would like to take advantage of this market since NH will now be my permamnent home! Will it depend on how they report it on my credit? Any info is much appreciated. thanks

A Deed in Lieu of Foreclosure is only slightly better than the foreclosure itself. Think 10 years on your credit report and the repercussions from that. Some times a letter of explanation can help and allow you to get another mortgage.

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