What you should know about the market…
Homeowners who lose their homes to foreclosure should wait three to five years before trying to qualify for a home mortgage insured by the government, depending on the borrower’s circumstances, and assuming they have re-established a record of paying bills on time. Foreclosures can remain on credit reports for up to seven years, likely increasing the interest rates the consumer pays, and making it more difficult to receive approval on a new mortgage loan.