Foreclosure in 91792>Question Details

Acal, Renter in 91792

what are the chances of buying again after a foreclosure? Waiting period?

Asked by Acal, 91792 Sat Feb 4, 2012

Help the community by answering this question:


Per one on the mortgage lenders I use here are the
Wait Times for diferrent scenarios and financing options


Conventional: 5 to 7 years
FHA: 3 years

Short Sale

Conventional 4 years with lates, 2 years w/o lates
FHA:3 years

Ch 7 or 11 BK

Coventional 2-4 years from discharge
FHA: 2 yrs from discharge
0 votes Thank Flag Link Wed Apr 4, 2012
Acal, This depends on each individual person - providing other financial obligations have been paid in a timely manner, increased fico's, type of financing as lenders have their own guidelines for lending after foreclosure. Reason for foreclosure may also be considered. Waiting period may be as little as 3 years! Best of luck.
0 votes Thank Flag Link Sat Feb 25, 2012
Thanks! We were in the process of a modification that the bank mishandled 3 times and had to resubmit all documentation and application over and over, when they finally came up with a proposal, it was basically the same payment amount so we rejected it through the agency handling the paper work. They were supposed to resubmit the application...found out through the real estate agent that the house had been foreclosed. Called the bank and was told that the agency never contacted them again...couldn't get a hold of the people that handled our paperwork
Flag Sun Oct 28, 2012
Not everybody just "losses somebody else's money because they want to"
In this whole mess, there are definitely people caught in the middle. I am a strong believer, that as long as you have re-structured your credit and finances and having healthy ratios, you can ALWAYS buy again.
0 votes Thank Flag Link Mon Feb 13, 2012
no loan for at least 5 to 7 years!

Do you really think a bank will loan you a couple of grand just 36 month after you lost someone elses money??

Come on man!

Good luck getting an investor (wells fargo, BoA, Chase etc etc) to buy the sub 640 loan, or a bankruptcy under 5 to 7 years
0 votes Thank Flag Link Mon Feb 13, 2012
• You can buy as soon as 3 years (considering FHA financing) Other types of loans/financing may have their own guidelines and requirements. Hard money loans may allow you to buy immediately.
• You must have a re-established credit. This means that you have new credit and you are managing it properly.
• And finally, you must be in a position to be capable of purchasing :having min. required down, having income and having an acceptable credit (usually over 640 Fico)

Good luck!
0 votes Thank Flag Link Mon Feb 13, 2012
Your chances are very good. As long as you have not had major credit degratory's AFTER the foreclosure, you shouldn't have any issues. When was your foreclosure? The soonest you can get a home loan after a foreclosure (for non military or veterans) is 3 yrs for an FHA loan.

For veterans and active military there is only a 2 year wait to apply for a VA home loan.
0 votes Thank Flag Link Sun Feb 5, 2012
Acal, as indicated below, depends on why the foreclosure occurred. You need to re-establish credit of at least 580+ and contacting a reputable/knowledgeable lender is the best bet for now. They can review you current situation and direct you to the best way to achieve this goal. Also connect with free type Credit consultant agencies who can also steer you in the right direction. Just look up on Google.

Best of luck, very sorry to hear this happened to you.

0 votes Thank Flag Link Sun Feb 5, 2012
Much will depend on the circumstances that led you to foreclose; generally it can take anywhere from two to seven years; for a personalized answer visit with any licensed loan officer.
0 votes Thank Flag Link Sun Feb 5, 2012
Acal - Yes, it is possible. The time line varies. Talk to a lender that can help you with what you need to do 1st. Also, start working on your credit as that can take a while to repair.
0 votes Thank Flag Link Sun Feb 5, 2012
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