A recent article on CNNMoney.com talked about the phenomenon of “Strategic Default” and how soon a homeowner who has been through foreclosure can expect to wait before qualifying for another mortgage.

An economist with the Mortgage Bankers Association (MBA) told Les Christie for the CNNMoney.com piece that when economic hardships are involved in the foreclosure, such as divorce, job loss or medical issues, someone can normally buy another home in two to five years.

Underwriters, who decide if you are a good risk for a mortgage, will take into consideration any precipitating factors that led to a foreclosure. In cases where the homeowner simply walked away because they owed more than the home was worth, would be borrowers may be faced with higher down-payment requirements and higher interest rates.

Most predict that banks fighting for market share will not deny all strategic defaulters a chance at another home, but they will make it extremely difficult for them.