By almost any measure a completed foreclosure is the most damaging event your credit status can encounter – worse than bankruptcy. A foreclosure on your credit record will negatively impact your ability to borrow money for years.
For most people, it is well worth the time and effort to solve the problem before the foreclosure is done.
Great news: FHA has reduced waiting time after short sales and foreclosure!
On August 15, 2013, the Federal Housing Administration announced a new guideline for availing FHA loans. Borrowers who once lost their Flagstaff real estate through foreclosure and short sale due to an economic event no longer have to wait 3 years to qualify for a loan.
Are you qualified? Click on this link to view the new FHA guidelines
To go back to the Frequently asked questions list click on this link.