|Image courtesy of Stuart Miles |
I found an article on blog.credit.com that lays out anticipated wait times in a little more detail. While I don't know much about the author, his comments seem consistent with what I've been told.
He discusses three events and different time periods one may need to wait before they will be able to mortgage a new home. He talks about bankruptcy, both Chapters 7 and 13; foreclosures without bankruptcy; and foreclosures with bankruptcy. As you may recall, I wrote about surrendering a home in a chapter 7 bankruptcy earlier this year: http://bit.ly/1mizq2h
Depending on circumstances, it could be a little as a year or as long as seven years before someone may qualify for a mortgage. It will depend on the circumstances surrounding his or her financial trouble, the institution the person is seeking the mortgage, and the type of mortgage they seek.
For a more detailed discussion of this topic, check out this article: "How Soon Can I Buy a House After Bankruptcy or Foreclosure?" http://bit.ly/1zfhYTh While there are no guarantees how long or short of a time you will need to wait after a severe financial crisis, this article may put it in perspective for you.
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