Once I’ve foreclosed, how long do I have to wait until I can buy again and what’s the process of buying a home after a foreclosure? 

Going through the foreclosure process is intimidating and scary for a lot of reasons… you’ve probably never done it before, you’ve more than likely been current on all your payments up until now, you might be doing a strategic default because you owe more than what your house is worth… whatever the reason you’ve probably got a lot of questions. 

One of those questions is more than like about buying a home after a foreclosure.  Once your house has gone through the foreclosure process, it may take anywhere from 2-7years, depending on the reason for foreclosure to strengthen your credit.

Most homeowners have gone through a foreclosure due to an economic hardship such as a divorce or the loss of a job typically will be waiting 4-7 years before being able to qualify for another home loan. Foreclosures not due to an economic hardship, can in some cases, take up only 2-3 years to rebuild a credit score and be ready for buying a home after a foreclosure.

If you have any questions about buying a home in Chandler after a foreclosure or buying a home in Gilbert after a foreclosure, please contact Jason Dawson, Realtor® at 480.442.9809 or contact about buying a home online right now.

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