Posted on: 09th Jan, 2013 10:45 am
When can we buy another home / We filled bankruptcy in 2007, lost job in 2009(moved to china). Used all of 401k to keep home afloat, lost battle in 2011. They say they wont sell untill 4/2013. When can we rebuild and get our lives back ? Thanks Julie :oops:
If you have not yet had the home go to foreclosure, then your waiting period would start when the home is foreclosed. You would be at a min of 3 years from foreclosure for FHA and 7 for Conventional. If you have 30-40% down, you can go with Private Investor or Hard Money lenders.
Hi jg!
Welcome to forums!
Unless the property is sold off and you get rid of the debts, it will be difficult for you to qualify for any kind of loan to buy a new home. Moreover, immediately after the property is sold off through foreclosure or short sale, you won't be able to get a mortgage. You will have to wait for 3-4 years in order to qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless the property is sold off and you get rid of the debts, it will be difficult for you to qualify for any kind of loan to buy a new home. Moreover, immediately after the property is sold off through foreclosure or short sale, you won't be able to get a mortgage. You will have to wait for 3-4 years in order to qualify for a loan.
Feel free to ask if you've further queries.
Sussane
