How Soon Can You Buy After Foreclosure or a Short Sale?

For sellers facing foreclosure, an important issue is how soon one can buy another home after a foreclosure or short sale.

The bottom-line fact is one in every 501 homes in America received a foreclosure notice in June. Some sellers can work out a modification with their lenders, while others might be considering a short sale or, at worst, letting their home go into foreclosure. The avenue a seller chooses to pursue will have a significant bearing on how soon that seller can buy another home when using conventional financing.

The hit to a credit report is identical, say expert mortgage pros, whether it's a foreclosure or a short sale. But the waiting time before a foreclosed-upon or short-sale seller can buy again varies, depending on the circumstances and type of foreclosure . . . read more about Buying Again After Foreclosure or Short Sale.

More Articles by Elizabeth Weintraub:

• Buy and Bail Schemes
  
• Ways to Stop Foreclosure
  
• How Short Sales Ruin Credit

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