Home › Forums › Housing › Taking my medicine… › 92126, You get credit for
92126, You get credit for stepping up and facing this.
Why are you filng BK ?
If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.
BK will be on your credit report for 10 years. Your wife’s credit should not be affected with FC.
By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years. (THAT WILL PROBABLY CHANGE) FHA may have a shorter window.
Do you have a pile of other debt that you are trying to escape ??
If your wife can qualify with just her income & credit score you will be able to buy sooner.
