How long will it take after a foreclosure until I can qualify for a new mortgage?

Asked almost 3 years ago - Tempe, AZ

I definitely want to buy a house again at some point, but am wondering how long I'll have to wait until this is a realistic possibility?

Attorney answers (2)

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    Lawyer agrees


    Answered . In general, you are looking at a 7 year period before you can obtain a new, conventional home loan. If you have the cash, you can buy a new home tomorrow. I recommend contacting a mortgage broker to discuss the different programs that are available.

    Accessing this website or receiving an electronic transmission from Nagle Law Group, P.C., or any specific... more
  2. Answered . I tell clients that you are looking at 5 to 7 years for conventional financing after a foreclosure. The rules are set by the lender ... if you can find one willing, you could get a loan tomorrow. The best advise has already been given ... contact a mortgage person you desire to work with and they can generally sit down and evaluate your situation and guide you in taking the steps to be prepared for that next mortgage.

    This firm is in the business of helping people and companies file for bankruptcy protection. Therefore, the... more

Related Topics

Property foreclosure

If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.

Buying real estate with a home mortgage

A home mortgage is a loan to buy a home, where the home is the collateral. There are many different types, and the right one for you depends on your situation.

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