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

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?

Tempe, AZ -

Attorney Answers (2)

Robert H Nagle

Robert H Nagle

Foreclosure Attorney - Phoenix, AZ

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.

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Douglas Garth Edmunds

Douglas Garth Edmunds

Foreclosure Attorney - Gilbert, AZ

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

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