June 20th, 2012
How Long After Foreclosure or Bankruptcy Can I Get a Home Loan?
In our Credit Advice Center, we often see the question, “When can I apply for a home loan after filing for bankruptcy?” In order to answer this and other home loan questions, we’ve put together this helpful infographic (with information from iLoan). Check it out, and feel free to share it on your own blog!
When Can I Get a Home Loan? – Infographic – An infographic by the team at When Can I Get a Home Loan
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Bethy Hardeman is the Social Media Manager and Writer at Credit Karma.
Thanks for sharing this! It’s something that I’ve been looking for. What is the difference between short sale and foreclosure?
That’s a great question! We’re currently drafting up a blog post on the topic. In the meantime, check out these two posts: Should I Do A Short Sale? and Short Sales: A Short Guide.
What if you home was included in the bankruptcy? Do you still have to wait three years from the foreclosure date?
Similar to the above question:
1. If foreclosure was at the same time of the bankruptcy, is it still 3 years?
2. How do I determine the “Completion Date” or when the 3 year period starts? I’ve heard multiple things: 3 years from the date the foreclosure closed or 3 years from the date the foreclosed property was sold. There is a big difference between when my home was foreclosed on and when the bank actually ended up selling the home after the foreclosure closed.
Hi Carna and Dave! I’d recommend asking your question at our . Chances are someone else in the Credit Karma community has faced the same issue you have, or has posed a similar question in our online community. If not, don’t be afraid to make your voice heard! Post your own question for others to answer.
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My home was foreclosed upon almost 3 years ago. My ex and I divorced and I couldn’t qualify on my income to refi. I tried to do a modification, but the rules required his signature and he would not sign. Fast forward, I’m remarried, our house now is paid for but we’d like to do some improvements. How do I go about getting a home equity loan? I’ve tried once, unsuccessfully, but I think it was too soon. Is 3 yrs long enough to wait for trying? My financial situation and credit score have definitely improved since the foreclosure, i’m just not sure how to get this info, and previous circumstances conveyed to a lending agent. Thank you all.