How can one get financing after a foreclosure

We had our 2nd home foreclosed on and it caused our scores to plummet. Is there any hope to get another mtg loan, whether it is to buy another home when we sell our first one? Are there financing options other than banks? We are upside down on the current house we live in and somehow hope to renegotiate the loan or get out of it and get another one with a mortgage that is reasonable.
Anyone have any advise on financing after a foreclosure and also how to deal with a property upside down on the mtg?

Don’t fret, the Federal Government is coming!!! They’ll (er, uh taxpayers) will save you.
In all seriousness, I would think banks would be pretty scared of you now - especially considering the current lending situation. With one foreclosure already and being negative on your residence, how do you think you could plead your case to anyone to loan you more money?
There’s always private lenders and hard money as other options. Do you have any assets you can sell to help yourself out?

Were the foreclosed properties rentals? FHA will still finance a primary for you if so (under certain conditions).

If you’re upside down on your primary try a loan modification. It’ll lower your mortgage pmt without having to refi.


I deal with many people in your situation. I would recommend a loan modification and then removing the foreclosure legally from your credit file (takes about 30 days).