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Time period between foreclosure and new mortgage

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fender544

Junior Member
What is the name of your state (only U.S. law)? Virginia

My wife and I filed for bankruptcy which was discharged in 2010. Included in the BK was our mortgage. We continued to pay the mortgage and occupy the house until November of 2013. We never reaffirmed on the mortgage. We moved out and the house went to foreclosure. How long do we have to wait to apply for a mortgage on a different house?

Thanks in advance for your help with this question!
 


adjusterjack

adjusterjack

Senior Member
fender544 said:
What is the name of your state (only U.S. law)? Virginia

My wife and I filed for bankruptcy which was discharged in 2010. Included in the BK was our mortgage. We continued to pay the mortgage and occupy the house until November of 2013. We never reaffirmed on the mortgage. We moved out and the house went to foreclosure. How long do we have to wait to apply for a mortgage on a different house?

Thanks in advance for your help with this question!
Click to expand...

Apply now.

Whether you get a new mortgage or not is up to any lender you happen to apply with.

Call around and ask the lenders if it's possible to qualify at this time.
 
quincy

quincy

Senior Member
fender544 said:
What is the name of your state (only U.S. law)? Virginia

My wife and I filed for bankruptcy which was discharged in 2010. Included in the BK was our mortgage. We continued to pay the mortgage and occupy the house until November of 2013. We never reaffirmed on the mortgage. We moved out and the house went to foreclosure. How long do we have to wait to apply for a mortgage on a different house?

Thanks in advance for your help with this question!
Click to expand...

Whether you will be eligible or not for a mortgage on a new house depends on several factors - but having had a bankruptcy and/or a foreclosure in recent years will not on their own preclude you from getting one. It is possible to get a mortgage as early as 12 months after a bankruptcy or foreclosure.

If you think this applies, you can look to the FHA and the "Back to Work - Extenuating Circumstances Program." Here is a link to information: http://www.fhahandbook.com/hud.php
 
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