Foreclosure

I would say that if they were recent or in the works then yes they will effect your license. You have to be able to prove that you can financially support yourself and your current family. A foreclosure proves the opposite.Based on the information that you provided it Sounds like you are going to just let your home be foreclosed so that you can obtain a larger one. IMO I think that is completely irresponsible and part of the overwhelming problem. I don't know how anyone can consider foreclosure/short sale as an option for getting a bigger home. That is one of the reason that people like me have to pay higher fees, interest rates and mortgage insurance. Please consider another option as this decision doesn't just affect you and your family but any individually looking to obtain a loan through a bank.I personally understand where you are coming from in needing a larger home. We were in your position. We turned our old one into a rental and then obtained another loan for our current home. At the time this wasn't we had our license and just had to have it updated for our new home. Best of both worlds :)

Don't forget, if you do a short sale or foreclosure it will effect your credit rating. You might not be able to get a bigger house.

We are currently have an offer on our house and will be trying to short sale it to the Bank. If (most likely) the bank won't accept the short sale than we will foreclose. We plan on licensing to max (2 additional beds here in Mi). Our agency knows and is supportive - duh - we are giving them more beds. We will be in the new house before we short sale or foreclose so while my husband will take the hit on his credit (house is in his name), I will not because the new one is in my name (loan already approved). However, we are making an honest effort to allow the bank to accept the short sale (offer is above going rate). So after all of this babbling my point is that you should check with your adgecy because ours does not care. We have friends that foster and have just gone thru bancrupy as well.

:clap: No! As long as you have a home that meets the requirements of the licensing.

that I wouldn't recommend it just to get out of your house. somebody pays for it in the long run.

But it shows you can pay your bills, so that would disqualify you by me.