{"id":2393,"date":"2014-10-24T20:42:48","date_gmt":"2014-10-24T20:42:48","guid":{"rendered":"https:\/\/exclusive-realestate.net\/?page_id=2393"},"modified":"2014-10-24T22:08:15","modified_gmt":"2014-10-24T22:08:15","slug":"credit-after-foreclosure-bankruptcy-or-short-sale","status":"publish","type":"page","link":"https:\/\/exclusive-realestate.net\/?page_id=2393","title":{"rendered":"Credit After Foreclosure, Bankruptcy, or Short Sale"},"content":{"rendered":"<!-- Place this tag where you want the +1 button to render. -->\n\t\t\t\t\t\t<div class=\"g-plusone\" data-size=\"standard\" data-annotation=\"inline\" data-width=\"120\"><\/div>\n\t\t\t\t\n\t\t\t\t\t\t<!-- Place this tag after the last +1 button tag. -->\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t<script type=\"text\/javascript\">\n\t\t\t\t\t\twindow.___gcfg = {lang: 'en'};\n\t\t\t\t\t  \t(function() {\n\t\t\t\t\t\t\tvar po = document.createElement('script'); po.type = 'text\/javascript'; po.async = true;\n\t\t\t\t\t\t\tpo.src = 'https:\/\/apis.google.com\/js\/platform.js';\n\t\t\t\t\t\t\tvar s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(po, s);\n\t\t\t\t\t  \t})();\n\t\t\t\t\t\t<\/script><br\/><p><a title=\"Credit After Foreclosure, Bankruptcy, or Short Sale\" href=\"https:\/\/exclusive-realestate.net\/wp-content\/uploads\/2014\/10\/Credit-After-Foreclosure-Bankruptcy-or-Short-Sale.pdf\" target=\"_blank\">Credit After Foreclosure, Bankruptcy or Short Sale<\/a><\/p>\n<p>Answers to the following Questions can be accessed by downloading a pdf file linked above:<\/p>\n<p><span style=\"color: #000000;\">Q 1. How long is the time period after a foreclosure before a consumer can be eligible to obtain credit to purchase a home?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q2. Does a shorter time period apply if the borrow has &#8220;extenuating circumstances&#8221; that led to the foreclosure?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q3. What are &#8220;extenuating circumstances&#8221;?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q4. What are the requirements to re-establish a credit history after a foreclosure?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q5. How long is the time period after a deed-in-lieu of foreclosure before a consumer can be eligible to obtain credit to purchase a property?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q6. Does a shorter time period apply if the borrower has &#8220;extenuating circumstances&#8221; that led to the deed-in-lieu of foreclosure?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q7. Are deed-in-lieu of foreclosure actions identified on a credit report?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q8. What are the requirements to re-establish a credit history after a deed-in-lieu of foreclosure?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q9. How long is the time period after a &#8220;pre foreclosure sale&#8221; before a consumer can be eligible to obtain credit to purchase a property?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q10. What is a &#8220;pre foreclosure sale&#8221; mentioned in Question 9 and is that the same as a short sale?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q11. Does a shorter time period apply if the borrower has &#8220;extenuating circumstances&#8221; that led to the pre foreclosure (short) sale?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q12. If a borrower sold his or her property as a short sale but was never delinquent on that mortgage and is now attempting to purchase a new primary residence, will Fannie mae purchase the loan?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q13. Are pre foreclosure sales (short sales) identified on a credit report?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q14. How long is the time period after a Chapter 7 or Chapter 11 bankruptcy before a consumer can be eligible to obtain credit to purchase a property?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q15. How long is the time period after a Chapter 13 bankruptcy before a consumer can be eligible to obtain credit to purchase a property?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q16. Does a shorter time period apply if the borrower has &#8220;extenuating circumstances: that led to the bankruptcy (all actions)?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q17. How long is the time period after multiple bankruptcy filings before a consumer can be eligible to obtain credit to purchase a property?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q18. What are &#8220;multiple bankruptcy filings&#8221;?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q19. Does a shorter time period apply if the borrower has &#8220;extenuating circumstances&#8221; that led to the multiple bankruptcies?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q20. What is the difference between a Chapter 13 and a Chapter 7 bankruptcy?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q21. What is the difference between a Chapter 13 dismissal and a Chapter 13 discharge?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q22. What are the requirements to re-establish a credit history?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q23. What is a FICO Score?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q24. What factors go into determining a FICO score?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q25. How does a mortgage modification affect my FICO score?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q26. How does a bankruptcy affect my FICO score?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q27. How does a shore sale, deed-in-lieu-of foreclosures or a foreclosure affect my FICO score?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q28. What won&#8217;t affect my FICO score?<\/span><\/p>\n<p><span style=\"color: #000000;\">Q29. Where can I get more information?<\/span><\/p>\n<p><span style=\"color: #000000;\">SOURCE: CALIFORNIA ASSOCIATION OF REALTORS\u00ae Member Legal Services 525 South Virgil Avenue Los Angeles, CA 90020 The information contained herein is believed accurate as of August 4, 2010. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney. Revised by Sonia M. Younglove, Esq.<\/span><\/p>\n<br\/><!-- Place this tag where you want the +1 button to render. -->\n\t\t\t\t\t\t<div class=\"g-plusone\" data-size=\"standard\" data-annotation=\"inline\" data-width=\"120\"><\/div>\n\t\t\t\t\n\t\t\t\t\t\t<!-- Place this tag after the last +1 button tag. -->\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t<script type=\"text\/javascript\">\n\t\t\t\t\t\twindow.___gcfg = {lang: 'en'};\n\t\t\t\t\t  \t(function() {\n\t\t\t\t\t\t\tvar po = document.createElement('script'); po.type = 'text\/javascript'; po.async = true;\n\t\t\t\t\t\t\tpo.src = 'https:\/\/apis.google.com\/js\/platform.js';\n\t\t\t\t\t\t\tvar s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(po, s);\n\t\t\t\t\t  \t})();\n\t\t\t\t\t\t<\/script>","protected":false},"excerpt":{"rendered":"<a title=\"Credit After Foreclosure, Bankruptcy, or Short Sale\" href=\"https:\/\/exclusive-realestate.net\/wp-content\/uploads\/2014\/10\/Credit-After-Foreclosure-Bankruptcy-or-Short-Sale.pdf\" target=\"_blank\">Credit After Foreclosure, Bankruptcy or Short Sale<\/a>\r\n\r\nAnswers to the following Questions can be accessed by downloading a pdf file linked above:\r\n\r\n<span style=\"color: #000000;\">Q 1. How long is the time period after a foreclosure before a consumer can be eligible to obtain credit to purchase a home?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q2. Does a shorter time period apply if the borrow has \"extenuating circumstances\" that led to the foreclosure?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q3. What are \"extenuating circumstances\"?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q4. What are the requirements to re-establish a credit history after a foreclosure?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q5. How long is the time period after a deed-in-lieu of foreclosure before a consumer can be eligible to obtain credit to purchase a property?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q6. Does a shorter time period apply if the borrower has \"extenuating circumstances\" that led to the deed-in-lieu of foreclosure?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q7. Are deed-in-lieu of foreclosure actions identified on a credit report?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q8. What are the requirements to re-establish a credit history after a deed-in-lieu of foreclosure?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q9. How long is the time period after a \"pre foreclosure sale\" before a consumer can be eligible to obtain credit to purchase a property?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q10. What is a \"pre foreclosure sale\" mentioned in Question 9 and is that the same as a short sale?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q11. Does a shorter time period apply if the borrower has \"extenuating circumstances\" that led to the pre foreclosure (short) sale?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q12. If a borrower sold his or her property as a short sale but was never delinquent on that mortgage and is now attempting to purchase a new primary residence, will Fannie mae purchase the loan?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q13. Are pre foreclosure sales (short sales) identified on a credit report?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q14. How long is the time period after a Chapter 7 or Chapter 11 bankruptcy before a consumer can be eligible to obtain credit to purchase a property?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q15. How long is the time period after a Chapter 13 bankruptcy before a consumer can be eligible to obtain credit to purchase a property?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q16. Does a shorter time period apply if the borrower has \"extenuating circumstances: that led to the bankruptcy (all actions)?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q17. How long is the time period after multiple bankruptcy filings before a consumer can be eligible to obtain credit to purchase a property?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q18. What are \"multiple bankruptcy filings\"?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q19. Does a shorter time period apply if the borrower has \"extenuating circumstances\" that led to the multiple bankruptcies?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q20. What is the difference between a Chapter 13 and a Chapter 7 bankruptcy?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q21. What is the difference between a Chapter 13 dismissal and a Chapter 13 discharge?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q22. What are the requirements to re-establish a credit history?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q23. What is a FICO Score?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q24. What factors go into determining a FICO score?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q25. How does a mortgage modification affect my FICO score?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q26. How does a bankruptcy affect my FICO score?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q27. How does a shore sale, deed-in-lieu-of foreclosures or a foreclosure affect my FICO score?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q28. What won't affect my FICO score?<\/span>\r\n\r\n<span style=\"color: #000000;\">Q29. Where can I get more information?<\/span>\r\n\r\n<span style=\"color: #000000;\">SOURCE: CALIFORNIA ASSOCIATION OF REALTORS\u00ae Member Legal Services 525 South Virgil Avenue Los Angeles, CA 90020 The information contained herein is believed accurate as of August 4, 2010. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney. Revised by Sonia M. Younglove, Esq.<\/span>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-2393","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/exclusive-realestate.net\/index.php?rest_route=\/wp\/v2\/pages\/2393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exclusive-realestate.net\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/exclusive-realestate.net\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/exclusive-realestate.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exclusive-realestate.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2393"}],"version-history":[{"count":3,"href":"https:\/\/exclusive-realestate.net\/index.php?rest_route=\/wp\/v2\/pages\/2393\/revisions"}],"predecessor-version":[{"id":2405,"href":"https:\/\/exclusive-realestate.net\/index.php?rest_route=\/wp\/v2\/pages\/2393\/revisions\/2405"}],"wp:attachment":[{"href":"https:\/\/exclusive-realestate.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}