Mortgage after bankruptcy/foreclosure

[ellen8786]

What is the name of your state? Idaho

I have read that after a bankruptcy has been discharged it may be possible to obtain a mortage in as little as 2 years, however, if a foreclosure is part of that previous bankruptcy, does that effect the ability to obtain a mortgage? Is it all part of the bankruptcy or is it considered in addition to the bankruptcy?

Thank you.

 

[seniorjudge]

What is the name of your state? Idaho

I have read that after a bankruptcy has been discharged it may be possible to obtain a mortage in as little as 2 years, however, if a foreclosure is part of that previous bankruptcy, does that effect the ability to obtain a mortgage? Is it all part of the bankruptcy or is it considered in addition to the bankruptcy?

Thank you.

Q: if a foreclosure is part of that previous bankruptcy, does that effect the ability to obtain a mortgage?

A: A foreclosure is not part of a bankruptcy; it is a separate matter handled usually through state law. Whether it affects your ability to get another mortgage depends on the lender. Some B and C lenders will still loan you money, but you will pay astronomical rates for the dough.


Q: Is it all part of the bankruptcy or is it considered in addition to the bankruptcy?

A: See prior answer.