Mike Litton Real Estate: Can I Buy Again? After a Bankruptcy? When?

Can I Buy Again? After a Bankruptcy? When?

Can I Buy Again? After a Bankruptcy? When?

Can I Buy Again? After a Bankruptcy? When?

I have received this question so many times lately that I've decided to answer it here as well. Having been the real estate for over 20 years now, I understand the passion that many of us have for homeownership. In our recent history here in San Diego County, we've experienced a large number of bankruptcies, foreclosures and short sales. I have personally worked with dozens of homeowners after they have either filed for bankruptcy, had a property foreclosed on or have closed a short sale. You cannot help but see in their eyes the desire and passion that they have to own a home again. Because of that passion that these homeowners have I felt it was important to bring this information to them and to you. Owning a home is supposed to be the American dream. Unfortunately, it has been more like well, let's just say less than a dream for many. With recent economic reports coming out and many of them pointing to positive economic growth, the housing sector in the United States and specifically here in San Diego County will eventually pick back up. Meaning, that demand will increase and at some point should either equal or exceed inventory, thus putting upward pressure on housing prices. This is were the real opportunity of the American dream comes in the play.


Believe it or not, you'll see this below, it is easier today to qualify to buy a home again after a bankruptcy that it has been in quite some time. Because FHA is such a large part of the financing of real estate today and because they have eased their guidelines recently, it is simply easier to buy today after a bankruptcy. As you will note below, with FHA financing, you can qualify for a new home loan in just 12 months after the beginning of a chapter 13 bankruptcy. With chapter 7 it actually takes three years, but with extenuating circumstances or those that are beyond your control that timeframe can be reduced, sometimes significantly.


You will need to consult with your home loan professional for the specifics because everybody's case is different. If you don't have, or don't prefer to consult with your home loan professional we can certainly give you the contact information for a number of home loan professionals in our area.


I have made it my mission to promote homeownership. I understand the joys and the challenges that come with owning a home. And I truly do believe that owning your own home is still and will be again be the American dream.


As always, thanks for listening.

Sell your home!

Buy a home!

Finance your home puchase!

Refinance your home!

About Bankruptcy, Foreclosure and Short Sales

Please make sure to tune into The Mike Litton Show airing every weeknight at 7pm on AM1170 KCBQ Intelligent Talk!

As heard on


Mike Litton Real Estate Expert On Mr. Credit

 Mike Litton Real Expert On Mr. Credit

Real Estate Expert

760 KFMB

 Real Estate Expert


Mike Litton Real Estate Expert On Mr. Credit


Real Estate Expert

As seen on

The Real Estate Zone!

Real Estate Expert


Mike Litton, SFR, CDPE, FSP, PSC


Keller Williams Realty North County San Diego




DRE License #01129886


Follow littonrealty on Twitter








Comment balloon 2 commentsMike Litton • January 06 2012 03:31PM


Hi Mike,

Thanks for the great chart.  I am going to bookmark the blog, so that I can refer to the chart when necessary.

Posted by Susan Jackson (America's Network Realty Group, Inc) almost 7 years ago

Hi Susan,


Happy New Year!


Sounds great!


I am glad this will help!

Posted by Mike Litton, Realtor - 760-802-9500 - Homes For Sale Escondido (Keller Williams Realty North County San Diego) almost 7 years ago

This blog does not allow anonymous comments