Did you know.....?????
In recent past years many have suffered financial hardships that have included the lost of a house due to bankruptcy, short sale or foreclosure. Once you file bankruptcy, done a short sale or lost it due to foreclosure there are specific waiting periods before you are able to qualify for new mortgage.
Conventional loan the waiting period is as follows.
Bankruptcy (Chapter 7)
*4 years after discharge
Short Sale
*4 years after sale/closing date
Foreclosure
*7 years after Sheriff Sale Date
In some situations the waiting periods may be shortened. Contact your mortgage financial specialist to further discuss your situation to get a clear understanding of YOUR waiting period.
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