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2016-01-29 15:42:16
Waiting Periods for BK, Foreclosure, & Short Sale

Here are the waiting periods for getting a new home mortgage after you've had a bankruptcy, foreclosure, or short sale.  

bankruptcy, foreclosure, short sale

 

TransUnion recently released the results of a new study titled The Bubble, the Burst and Now - What Happened to the Consumer? The study revealed that 1.5 million homeowners that were negatively impacted by the housing crisis could re-enter the housing market in the next three years. TransUnion defined “negatively impacted” as…

“…those who were 60+ days past due on a mortgage loan, lost their mortgage through foreclosure, short sale or other non-satisfactory closure, or had a mortgage loan modification between the Bubble and Burst.”

Other interesting findings in the study:

  • During the mortgage bubble in 2006, 78 million consumers, or 43% of credit-active consumers in the U.S., had a mortgage
  • More than 8% of these consumers were “impacted”
  • 5 Million consumers will again be eligible for a mortgage in the next four years

Here are the numbers of consumers who will meet mortgage guidelines over the next four years:

Bottom Line

If you are a family that experienced the impact of the last housing crisis, now may be the right time to again buy your own home.

 

Disclaimer on waiting periods above:

disclaimer

 
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