Did you know that over 65% of bankruptcies and foreclosures in the USA are due to medical conditions. That’s right … the major reason people go broke are because they can’t afford to be healthy. And only in this country can you lose your house because you got sick. It’s ridiculous.

Going through a bankruptcy (or foreclosure for that matter) is one of the hardest things a person has to go through in life. It affects many people not only on a deep financial level but also a personal one. While on one hand it is getting a fresh start, on the other hand it makes the person feel like a complete and utter failure.

And while it’s true that a bankruptcy can stay on your credit report for 7+ years, most people assume this means they can’t by a house for 7+ years as well. Well … I’m going to tell you flat out that is NOT true.

In reality, most lenders only have a 2 year wait period before they can get you another mortgage to buy a house. And depending on the circumstances, sometimes as little as a year. And even then with a little creativity you can find real estate deals where the seller may finance until your credit is cleared up.

So if you find yourself between a rock and a hard place, don’t give up hope! There is a light at the end of the tunnel. You can and will be a home owner again in the near future, you just need to find the right person to make it happen. After all …

It’s not WHAT you know but WHO you know. And you should get to know the Realty Guy.

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.