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How will a past bankruptcy, foreclosure or short sale affect my ability to obtain a new mortgage?

Depending on the situation and the lenders policies and guidelines, they generally require that two to seven years have passed before you can qualify for a mortgage. In the case of a foreclosure or short sale the waiting period is three years. In the case of a Chapter 7 bankruptcy, we require that 2 years have passed. In addition, in all cases you must have re-established an acceptable credit history with new loans or credit cards.

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