bankruptcy: Thinking of Purchasing After Bankruptcy, Foreclosure or Short Sale?
- 04/26/17 12:14 PM
Thinking of Purchasing After Bankruptcy, Foreclosure, or Short Sale? Even if you had some financial hardship and suffered through a bankruptcy, foreclosure or short sale, you can purchase a home again. Here are the required waiting times for different types of mortgages. Of course, re-establishing good credit is critical and necessary during this time period. Even without the financial stigma of a bankruptcy, foreclosure, or short sale, the credit score always affects someone's ability to buy a home.
When you buy or sell a home, the buyer will obtain title insurance, and a title search on the property will be conducted. If there are any open judgments against the buyer, the seller or the property on the public record, the title company will seek to clear those defects on the title. If a bankruptcy was involved, they will ask for copies of the bankruptcy schedules, notices showing the creditors/plaintiffs and the amounts due them, as well as, a copy of the bankruptcy discharge papers. Often times, … (0 comments)
Thinking of Purchasing After Bankruptcy, Foreclosure, or Short Sale?
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