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Buying a home after short sale/foreclosure?

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    Buying a home after short sale/foreclosure?

    Not that we would even want to own another home right away, but it would be nice to know what our future holds. We are currently getting ready to file ch.7 bk in February and our home has an offer to short sale, but haven't heard from mortgage co yet if they'll accept it.

    If it short sells how long do you have to wait to buy another home with a BK as well? If it forecloses how long do you have to wait? Again, this isn't something we want to do anytime soon, but our lawyer is very unattainable at times and I'm tired of waiting for an answer....

    thanks!

    #2
    General rule of thumb is:
    2 years post Ch.7 discharge without a foreclosure
    3 years post Ch.7 discharge with a foreclosure.
    Last edited by BassBoy; 10-30-2007, 08:38 AM.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

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      #3
      thanks for your input, good to know. I thought it was like 5-7 years.

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