House very soon after foreclosure

[spearmint]

I thought you all would like to know what my accountant told me on the phone the other day. He said it is very possible to get another mortgage within a very short time after a bankruptcy and foreclosure - days! He's seen it done. He said it may be difficult but it is certainly possible. I don't have more info but it got my brain going!

[BobMango]

Sure there are options, but they may involve lots of cash or private lenders, hard money, etc. I suppose in some cases if you have lots of exempt cash after filing you could swing a non-conforming deal.

For my thinking, the real estate market isn't taking off anytime soon so there's no reason to rush into anything. I will need to sell my current house and buy something else in the next 2-3 years, but by then I hope the real estate market will have settled out a bit.

[BKDefender]

If you had 800 credit when you filed bankruptcy then your score would drop to 600-650 and you'd still qualify for a mortgage. If I was a mortgage lender, I would not approve you of any mortgage until after you successfully completed your bankruptcy. If your bankruptcy gets dismissed then any debt that pre-existed the mortgage could cause you to default after the fact - which is bad for the lender.

My recommendation is not to take such dramatic changes in your financial situation after filing bankruptcy. Stabilize yourself, create a baseline financial history for 6-12months, then take bigger steps like buying a car or a house.

--William

[HHM]

Well, until you get some details, this is sort of a pointless thread.

[username1223]

I have been discharged from Bankruptcy since March 2009 and I have no desire to EVER have a mortgage again. Many say you have to have a place and have it paid off for retirement. Not true. I believe I can rent a place cheaper than it would be to pay property taxes and upkeep on a place I owned. I have owned 3 houses in the past and renting is so much more less stressful. Really think about if you want to OWN. Why??? to be a slave to a mortgage payment and an A**hole bank?