Dear Dogster reader,
Almost two years ago, we invested numerous resources and rebuilt the Dogster community. With new hardware, software and personnel, we did our best to satisfy the many users who shared their thoughts, pictures, questions, and love for and of their pets with us and friends. It was a thriving community with many users. We hoped, however, there would be more like you.
Times and habits have changed and we are sad to announce that the Dogster community will be closing down on July 20, 2019.
Dogster magazine, www.dogster.com and the associated social media sites are NOT shutting down. We encourage you to continue reading the content found in the pages of the magazine and the web sites, commenting through the mechanisms provided and sharing your ideas and comments with us and your fellow readers.
Instructions for accessing pet profiles were shared with everyone in 2017. The instructions can be found within the forum. AFTER JULY 20TH, YOU WILL NOT BE ABLE TO ACCESS THIS CONTENT. And, effective immediately, we are no longer able to answer questions about the community.
Thank you for your support and we look forward to serving you through our magazine and website.
After foreclosure: When can I buy again?
If you've recently gone through foreclosure, you're probably got questions about your living situation. You might be with a family member for a time or you may have found a place to rent while you rebuild your credit and save up money. But chances are you're also anxious to have a place you can call your own again. You're probably wondering, how soon after foreclosure can I think about purchasing another home. The answer: it depends.
The short answer
An easy answer to this question is that there is no minimum waiting period between foreclosure and purchasing a new property. If you are foreclosed on one day and suddenly come into a lot of money the next, nothing is stopping you from going out and purchasing a house if you're paying cash.
Unfortunately, most people who've recently been foreclosed on don't exactly have hundreds of thousands of dollars of cash lying around. In order for most people to purchase a home again, they're going to need to finance it. And that's where the long answer comes in.
The long answer
Assuming you'll be borrowing from the bank to purchase your next home, the time you will need to wait after foreclosure to be approved for a new mortgage depends on the circumstances of your foreclosure. If you chose to simply walk away from your home, the waiting period could be as long as 7 years before you can be considered for a new mortgage.
If however your foreclosure was the result of extenuating circumstances such as the sudden loss of a job or unexpected medical expenses, the waiting period could be much shorter, as low as 3 years for loans backed by Fannie Mae or Freddie Mac.
If you qualify for the Federal Housing Administration's â€œBack to Workâ€ program, you may even be able to buy again just a year after foreclosure. To qualify however you need to prove that an â€œeconomic eventâ€ outside your control caused a decrease in income of at least 20% for at least 6 months.
Ultimately, no matter the circumstances of your foreclosure, your best bet to buy a home again is to work now at reestablishing your credit. Because foreclosure has lowered your credit score you need to work at getting your credit score back up again by borrowing money and using it responsibly. Make sure you're paying off your credit cards on time each month and the waiting period will be much shorter than if you hadn't.
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