Agree with Doug. Everything is (or at least can be) temporary. We Americans tend to think we deserve a quick fix to our problems. If people can start taking the long approach to their credit and goal of purchasing a home, it can happen. Unlike 2003-2006, there is no easy credit and inattentive underwriting. The American Dream is still alive but it requires diligence, discipline and a real plan. I don't think that is a such a bad thing.
Wise advice, and I also agree with Doug's thought...always possible to recreate a pattern in a positive manner.
Doug, agreed, but there has to be a change in behavior. Sometimes that happens and sometimes not.
Dave, it seems that the problem is that some folks can't break their spending habits for more than one billing cycle.
Li, one issue seems to be that some folks want "stuff" more than a nice place to call home. Many eventually reach a point in their lives when "stuff" moves down to second place and the credit healing can begin.
I had a similar call this week. The buyer called on one of my listings. Everything went well until he mentioned his recent bankruptcy. But the good news is with work anyone can rebuild their credit. We are the land of second chances!