2006-09-07 18:10:52 · 4 answers · asked by Jerami R 1 in Business & Finance ➔ Renting & Real Estate
Definitely... but don't get me wrong, it will be tough.
I get the 2 mixed up a little, even though I'm in the lending business, but believe with the chapter 7, you will be able to get a mortgage right after discharge.
It won't be the prettiest of rates, but you can.
Most lenders though, want to see a 2 year history after chapter 7 and would like you to re-establish 3 credit tradelines during that time.
I'd recommend keeping 1 or 2 cards/loans open with lower balances if you can, pay them off after the 7 but keep them open. They will be graded for your mortgage if you go the 2 year route... a rental history or current mortgage history can be used for your 3rd tradeline.
Also, after bankruptcy, don't pay anything late. That's a big no-no.
Hope this helped.
2006-09-07 18:37:44 · answer #1 · answered by starke222 4 · 0⤊ 0⤋
You can only get a mortgage if you are in 13. If you are in 13 you can get a refi. The 13 must be paid off before a new loan can be made on real estate. The answer is NO if the client is already in 7. He will have to wait till it's discharged. Then even 1 day after discharge is ok as long as he has reestablished himself with at least 2 credit scores over 500 and a couple of open tradelines. You cannot apply for or get new credit open while in the filing stages of chapter 7.
2006-09-07 21:06:08 · answer #2 · answered by Debbie P 2 · 0⤊ 0⤋
sure. many lenders will do it. the rates are, obviously, high, but it will get you back on track.
2006-09-07 20:20:19 · answer #3 · answered by le_longgunr 3 · 0⤊ 0⤋
What are you talking about? makes no sense
2006-09-07 18:17:15 · answer #4 · answered by mjdp 4 · 0⤊ 1⤋