Why Strategic foreclosure is dead (almost)...

It wasn't so long ago that it was easy to buy a house and let your other house go into foreclosure. The term for this is Strategic Foreclosure.

Lenders have wised-up! (This seems to be one of the few areas on which they have wised-up!) Now most lenders are requiring 6 months of reserves for both properties or a substantial amount of equity in the current property before they will allow the purchase of an additional.

There are other options. If you truly can't afford where you're at... consider short sale-ing and purchasing contract for deed. There are also a small number of private lenders that are willing to lend to homeowners who have done short sales because of a short term financial "blip".

Read my other post on Strategic foreclosure:
http://helpwithforeclosure.blogspot.com/2008/08/strategic-foreclosure-is-it-your-plan.html

15 year fixed mortgage rates |calculate mortgage |mortgage lender |charcoal mortgages |30 fixed mortgage rates |