What is a post-foreclosure loan?

If your home is foreclosed, it means you can’t pay the mortgage and so your lender now owns the home. This means it will say “Bank Owned” on your real estate listing. Foreclosure sales are usually by auction and the lender isn’t allowed to profit from the sale – they can only try to recoup losses.

After your foreclosure, you might find it hard to get another home loan from a conventional lender. You may need to wait four to seven years. But tell UMe what happened – and we’ll see if we can get you a loan with no waiting period.