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Toledo Mortgage News: Buying a Home After Bankruptcy or Foreclosure

August 24, 2012 Leave a comment

There is Life after a Bankruptcy!

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A Potential Home Buyer can qualify for an FHA Mortgage 2 years after Bankruptcy if Credit has been re-established and there have been no late payments since the Bankruptcy.

If you owned a home when you filed Bankruptcy, the NOTE may be included in the Bankruptcy but the MORTGAGE is not discharged and will follow you, preventing the ability to get a new mortgage until after the house is sold at Sheriff Sale.

If there was a Foreclosure or Short Sale, the waiting period is 2 YEARS for a VA Loan and 3 Years for FHA Loans.  Add a year for conventional loans.  

If you have additional questions, or want more information, call me at 419-764-9649 or visit http://toledo.web-loans.com for fast easy online mortgage application.

 

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