Mortgage after Foreclosure, Short Sale, or Bankruptcy – How Long Do I Have to Wait

It is no longer unusual to meet someone in your area who has had a foreclosure, short sale or bankruptcy. The recession has taken a toll on home owners across the country, as well as owners of Northern Virginia real estate. The big question on these people’s minds is, “When will I be able to qualify for a mortgage loan again?” The answer varies, because it depends on the financial route that has been chosen.

The following chart is a general guide only for how long someone may have to wait to apply for a new mortgage. The most important thing during the waiting period is to be sure that current accounts are paid on time and credit remains good.

Consult your lender or financial advisor to obtain the best information regarding your specific situation. Ask for suggestions about how you can improve your ability to qualify for a mortgage. Your patience and vigilance during the waiting period will be worth it, and you soon will be back in the market to consider homes for sale in Northern Virginia.

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