Friday, November 20, 2009

Family Credit Issues

Posted by: Laura Reginelli

Might your family be shunning a federal tax credit of up to $8,000 to buy a home because of a prior bankruptcy or foreclosure?

It's true that a bankruptcy may remain on your credit report for up to 10 years, in many cases. But a lender will give you a mortgage four years after the date of filing of Chapter 7, 11 or 12 bankruptcy, reports Dale Robyn Siegel in her book, "The New Rules for Mortgages." In some cases, with extenuating circumstances, you may even qualify after two years.


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