2006-09-15 04:46:04 · 6 answers · asked by jazzy jay 1 in Business & Finance ➔ Personal Finance
1 day! I am a loan officer. You will have loan to value restrictions and many will not lend 100% of the value. If you are looking for the best rates then 2 years with solid re-established credit is your answer.
2006-09-15 05:00:47 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
Almost immediately.
I was offered a loan and several banks offered me a new visa or mastercard before I even received notification that my bankruptcy had been made final. Also received an invitation to buy a new car with my pre-approved loan from a local car dealer.
The thing about going bankrupt is that companies know you can't go bankrupt again for another 7 years. So right after your bankruptcy is approved, that's when you are a real good risk! Since you can't file for bankruptcy within the usual timeframe of a car loan - like 5 years - a car dealer is nearly gauranteed to get every cent back from any car you purchase. But you can also expect a high interest rate to go with it. They know you are over a barrel and have to pay it if you need a new car.
On mortgages, the same rule applies. Even though few home loans are going to be paid off in 5-7 years, the bank that offers you a mortgage knows that for the next 5-7 years, you will be paying only the interest rate on the mortgage rather than on the principle. That's all money that they keep - right off the top. After that, they don't really care if you file for bankruptcy again - because now they have the option of taking your house, along with what they have already collected from you in interest.
It's good business to do business with newly bankrupted individuals. Sharks always go after a bleeding victim. So much less fight involved in getting the next meal.
Not fair, but welcome to reality.
2006-09-15 05:02:28 · answer #2 · answered by north79004487 5 · 0⤊ 0⤋
It will most likely be 7 years before a lender for a mortgage, credit card, or anything else will would approve it. Sorry.
2006-09-15 04:59:43 · answer #3 · answered by Leslie G 2 · 0⤊ 0⤋
I know Lenders who have no season loan programs for people who have filed bankruptcy. Which means it doesn't matter when your brankrupty was discharged.
2006-09-15 04:56:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It usually will takes 3 years, however sometimes it may take as long as 10 years.
2006-09-15 04:55:23 · answer #5 · answered by Johnnie Jack 1 · 0⤊ 0⤋
It varies from lender to lender, but typically there is a least a years wait.
2006-09-15 04:53:45 · answer #6 · answered by Tahavath 5 · 0⤊ 0⤋