One of the realities that came from the global financial crisis is that tens of thousands of Americans, including Bend Oregon Residents, who were homeowners, had to choose between foreclosure, short sale or bankruptcy to get out from their underwater mortgages.

No homeowner likes the prospect of choosing any of those options, especially after they worked so hard to build their credit and buy a home, but, now that a few years have passed, many people who chose bankruptcy, short sale or foreclosure are wondering when they will be able to own a home once again.


For those Bend Oregon Residents and people across the United States who formally owned homes, but had to choose Foreclosure to get out from an underwater mortgage, the speed that someone can be qualified again to buy a home all depends on how long their former home was in foreclosure, if they were able to quickly rebuild their credit score and the type of mortgage loan that they are applying for.

The speed that someone can buy a home again after a foreclosure also depends on the lender that they previously had as well and the average turnaround time after a foreclosure is three to seven years until the former homeowner can purchase a home once again.

Short Sale

Buying a home after a short sale is a little bit different compared to buying a home after a foreclosure because, credit bureaus like to see on a consumers credit file that their mortgage loan was “settled” instead of ending up in default like it would with foreclosure and it’s possible for many consumers to have the ability to purchase a home after going through a short sale in as little as four years, depending on who their lender was at time of short sale.

Before anyone applies for a mortgage loan, after they’ve gone through a short sale, they should always do the following:

  • Establish at least one year of good credit.
  • Pay off credit card debt and eliminate any unused credit cards.
  • Live on a budget.


Yes, there is hope after declaring bankruptcy, the common waiting period for Bend Oregon Residents or former homeowners across the United States who declared bankruptcy and are interested in buying a home is seven years.

To learn more about what it takes to buy a home, especially after choosing one of the options in this article or to view the latest Bend Oregon homes for sale, contact Jason Boone at Duke Warner Realty today by calling me at: (541) 362-1031.