Wednesday, May 8, 2013

Taking out a Mortgage after Filing for Bankruptcy or Losing a Home to Foreclosure

Question: My home was included in a bankruptcy that I filed a couple of years ago. When I recently tried to purchase another home, I was told that I have to wait for approximately three years after the foreclosure process and the fact that my home was included in a bankruptcy is irrelevant. What makes the matters worse is the fact that my initial lender sold my mortgage to another bank, which didn't start working on my foreclosure yet. Can you please confirm that I indeed have to wait for three years after the completion of foreclosure to buy a new home or I can do so because my home was included in the bankruptcy?

Response: Once you file for bankruptcy, your credit is damaged and needs time to repair before a lender will extend credit to you again. It is easier to get a credit card a couple of years after the bankruptcy than getting a new mortgage. It may take longer than three years.  Bankruptcy takes 7-10 years to go away from your credit report. It is a slow process to build it up but it is possible, mainly through obtaining new credit, which you will timely repay in the future.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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