Our house has been sold off in bankruptcy to pay the dues. How long will I have to wait to buy a new house? Will I not qualify for a mortgage till the 10 years are up or that the negatives are wiped off from my report?

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There is no particular rule that applies in these types of cases. Usually creditors approve the financing through mortgage after around two or three years. Your credit score will be taken into consideration though. You may also need to prove that you have sufficient income to take out a new mortgage.

The 10 years limit is for the bankruptcy to come off from the credit report.

 


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