Getting a Mortgage After a Home Foreclosure

My husband and I completed our Bankruptcy = 9/09. We bought our home in August '07. In April of '08, we had our daughter and we planned that I would leave my dental assisting job and stay home = by choice. All was going well, mortgage, car notes, credit cards and all other bills were being paid until Dec. '08 when my husband had to take a 50% paycut due to "reorganization" of his company due to the economic conditions.

We had his paycut documented through e-mail correspondance between him and Human Resources and took that info. to a Bankruptcy lawyer. We stopped making mortgage payments = filed, processed and completed the bankruptcy. We have immediately begun to re-build our credit. We have no doubt we will be able to obtain a new mortgage within 3-5 years. How?

1. We had great credit before the paycut and paid all of our bills on time. Our credit report was at a good number prior to a job loss.

2. We have a documented circumstance with which we can prove that the reason for filing bankruptcy was due to a loss of income and wasn't due to our own negligence, overspending, or poor choice of mortgage terms, etc.

3. We are prepared to live well below our means and save, save, save for the next several years until we have at least a 20% downpayment in the bank before we begin a new search. (We already anticipate that the downpayment of 20% or higher will probably be a requirement).

In addition, there are just too many honest, hardworking people who are finding themselves unable to meet their mortgage obligations due to job loss or medical crisis. There are so many that the banks will not be able to just ignore them after this whole mess has been ended. Houses are going to be sold to someone...and we might just fit and fill the real estate need of the future.

When we filed for Bankruptcy,

of 7:03PM September 21, 2009