Posted on: 28th Nov, 2011 10:38 pm
Hello everyone… I had filed bankruptcy due to the hard times that I was facing. I lost my home in foreclosure. The bankruptcy included the amount owed on the house along with the other debts that I had owed. I am trying to rebuild my credit. How long will it take to get this mess straighten out, and purchase another more modest home? I am also saving, so that I can put down 10-15%.
Hi Fiona,
A bankruptcy filing will remain mentioned in your credit report for the next 7-10 years depending upon the type of bankruptcy you file. After a bankruptcy discharge you need to wait for 1-2 years in order to qualify for a FHA loan whereas 3-4 years in order to qualify for a conventional loan.
Thanks,
Jerry
A bankruptcy filing will remain mentioned in your credit report for the next 7-10 years depending upon the type of bankruptcy you file. After a bankruptcy discharge you need to wait for 1-2 years in order to qualify for a FHA loan whereas 3-4 years in order to qualify for a conventional loan.
Thanks,
Jerry