Hi all,
My bank foreclosed on me precipitously and unexpectedly in July of 2009. They refused to negotiate, and the only way I could save my home was to declare bankruptcy. The bankruptcy was dismissed in December of 2009, and I paid all my creditors in full.
I have an interesting opportunity to buy a place I'd like to have. (Incidentally, buying the new place could reduce my total debt by $70,000.) I hadn't thought of trying to apply for a mortgage so soon, but this could be a great opportunity. I am reading that there are rules about how soon after a foreclosure you can get a mortgage, but I don't fully understand. Are these hard-and-fast rules that all lenders must observe, or guidelines for lenders? Do I stand any chance? (I have the full amount of the proposed mortgage currently in savings.)
Thanks so much for your help!
