How soon can you buy a home after foreclosure?

[juice13610]

We filed chapter 13 in October of 2007. We included our house in the chapter 13 as of something like April of 2008. Apparently they still haven't "officially" taken the house as the real estate agent has contacted us to renew the listing. Therefore, our 3 year countdown hasn't even started...I say that because I was told by a mortgage company that I cannot buy a home for 3 years after a foreclosure.

The thing is, my house went in to foreclosure because I had a job change and had to move out of state, my "rent to owners" turned out to be bums. Fact is, I was fresh out of college and couldn't afford to make a mortgage payment and rent. My "renters" bailed on me with little to no notice and i couldn't find another one. It became a matter of paying my rent in my new home and feeding my wife and son, or paying a mortgage + rent. I know it doesn't matter the situation surrounding my foreclosure, but the point is, my foreclosure doesn't fall under the bad-economy umbrella. The fact is, if I hadn't moved, I'd be unemployed (from the job I had previously that offered no benefits, vacation days, etc) and making $15k less per year (and I only moved 90 miles away where the cost of living is only a little bit higher). '

So in other words, I am better prepared NOW to make a mortgage payment than I've ever been. But I suppose that won't matter for a minimum of 3 more years?

[dingdong]

Who knows the way lending is going to go. With this financial/lending crisis, I don't think anyone can really say. Things are changing in ways we never expected.

With so many houses on the market and so many foreclosures, the rules may just change in the next couple of years to accomodate the situation.

The guidelines for underwriting mortgages after foreclosure will probably change as well, could be better, could be worse. I don't think anyone knows what will happen and the way underwriting may go.

I don't think anyone ever expected the "sub prime boom" to happen.

With what happened though, you would expect the guidelines to be tougher, but perhaps the govt. will step in an make some exceptions in FHA guidelines to accomodate all the foreclosure issues?

[imoverit]

Man I hope they do!