What are the rules regarding Foreclosures, Short Sales and Bankruptcy? - For foreclosures and short sales the minimum time before you can buy a home again is 3 years. There are a few exceptions one is, if you had a short sale, but remained current throughout, you can get a new home loan in less than 3 years. There are also extenuating circumstances such as death of primary provider.
For bankruptcy (BK) the time period on chapter 7 is 2 years for BK discharge. If a mortgage is included it will be considered a foreclosure then it is 3 years. Note. Something we are seeing more is, If you had a second on a property that had foreclosed and the second lien holder did not release you from the debt, it will need to be settled before you can purchase a home.
For more info call me
Keith Woeste
Home Loan Consultant
American Financial Network
330 Tres Pinos Rd.,Ste F3
Hollister, CA 95023
"Making Clients Family for Life"
PH.831-801-8667
FX. 831-665-5260
NMLS#292588
To complete and secure online application go to http://www.hollistermortgage.com/
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