If the Bank forecloses on my house and I buy another can they take the new one?

Question

If the Bank forecloses on my house and I buy another can they take the new one?

Answer 1

They can not.  But they can make you life more difficult.  They can go after you (in some cases) for any money they lost on the first house.  They get a judgement.  When you go to sell the 2nd house, that judgement will have to be paid.  But it only causes the problem when you go to sell.  They won't bother you while you are living there. /

Answer 2

It depends.  If you buy a new home and have equity in the home, the bank can sue you, get a judgment against you, hire the county sheriff to sheriff sale your property.  

The bank takes it's money, the sheriff takes his fee.  Then you may still owe money to the bank.

Answer 3

If they foreclose on your house your credit will be ruined, the same as if you had declared bankruptcy, and you won't be able to get a housing loan. By the time you get your credit restored enough to purchase another house, typically six to seven years, you won't have to worry about the one that was foreclosed on.

Answer 4

If you couldn't afford a house before, I'm not so sure you can afford one now.  If you have money to put down on the new house, your previous lender who foreclosed on your home has the right to that money if you didn't sell for at least the balance on your loan.  You have to pay the previous loan back somehow since you signed papers legally binding you to repay all the money.

Answer 5

Yes. <}:-})