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Question: After a foreclosure, is it possible to own a home again? How much red tape is involved? How long?

Bankruptcy involved. Lawyer suggested letting the house go so we did b/c we were "essentially" paying $1200/mo for 960 sq. ft. (so not worth it for a family of 4)

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Answer: Yes, you can own a home again, and it want take that long. To get a standard conventional and/or FHA loan you need to wait two years and prove that you are over the problems that caused you to lose the first house. In other words you have re-established your credit and are stable in your employment and also have proven that you ar saving some money. You can also put money down of a house immediately, by using a lease option and lock in the price of the house for two or three years and when the time is up you can use the value of that home, presently, and not what your purchase price is under the lease option and treat the new loan transaction as a refinance, which will mean you have an equity position immediately and that will enable you to get a better loan and interest rate. If you are really going to lose the house, stay in it as long as you can and save as much money as you can so you position yourself to do this. Bankruptcy generally requires that you have to wait three years after discharge, unless it was an extreme situation that caused the bankruptcy such as a death of an immediate family member, then you may be able to buy a home with a mortgage within say two years. If a chapter 13, instead of a 7, you can buy a house after paying in your bankruptcy for 12 months, with the trustee's permission via FHA, again, you will have demostrate that you are managing your finances in good order and saving some money and making sure that you have not been late on anything else outside the chapter 13. If after a 7, you definitely need to make sure that you aren't late again duting the time that you are waiting to re apply for a loan. Additional lates on other credit is a deal killer. You have to prove that the credit issues are behind you.

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