We are bankruptcy attorneys located in Eastgate, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.


The most important question for people who file bankruptcy because they can no longer make their house payments is how long do I have to wait before I can purchase another home.  Since the housing crisis there have been two waiting periods:  two years after the bankruptcy but three years after the foreclosure. The three years after foreclosure was a real stumbling block for a lot of debtors.  In many circumstances the home did not foreclose until well after the discharge (this is one of the reasons we suggest to our clients to stay in their home and live rent free as long as possible), in some cases making the waiting period to purchase a new home as long as three to five years!

On July 29, 2014 Fannie Mae announced a new policy.  From now on the two year after discharge rule will only apply.  You do not have to wait the full three years after foreclosure to purchase a new home.  This is good news for hundreds of thousands of people nationally and good for our country too because more houses will be built and sold!


Below is a cut directly from the Fannie Mae newsletter.

Waiting Period for Mortgage Debt Discharged through Bankruptcy

The Selling Guide has been updated to indicate that if a mortgage debt has been discharged through bankruptcy, even if a foreclosure action is subsequently completed to reclaim the property in satisfaction of the debt, the borrower is held to the bankruptcy waiting periods and not the foreclosure waiting period. Lenders must obtain documentation to verify that the mortgage debt in question was in fact discharged as part of the bankruptcy.

This is good news for everybody!

If you are struggling with your mortgage for any reason, job loss, increase in real estate taxes or some other reason, there is no real reason to fret if you will have to give up your home.  In two years time you will be able to purchase a new home and really get the fresh start people are looking for through a bankruptcy filing.


If you are struggling with your mortgage or any other type of debt we may be able to help you to get a fresh financial start.  Check out our website at Keegan


We know you are struggling, that is why we offer you a free consultation at our Eastgate, Ohio location.  Call today for your free consultation, we offer fair fees and monthly payment plans.