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We are experiencing high foreclosure rates and I am wondering the impact on people going through this. Is bankruptcy something permanently stamped on your credit history? Is there any chance for these people to get over a huge personal event like bankruptcy?
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Posted: Nov 01, 2007 at 3:40 PM
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In terms of getting mortgage financing, you will have to wait three years before you will be able to get another property.
May 27, 2008 at 3:02 PM
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Eric, I saw the headline of your post "I am wondering how long it takes to recuperate from bankruptcy" and thought to myself I thought Eric was doing pretty well selling property. I was going to offer to lend you a few bucks:-)
Nov 18, 2007 at 10:54 AM
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Bankruptcy & Foreclosure are entirely different issues. Foreclosure (and short sales) stamped on your credit will make it very difficult to buy a home for some time - typically 2-3 years. Bankruptcy is something entirely different - most lenders will want to see 2 years after the discharge of the BK before they will consider a borrower. Up until 6 months ago there were one day out BK programs, but hose have disappeared w/ the sub-prime bust.
Reference Link:
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