Will I be able to purshase a home again. how will bankruptcy affect me
2006-11-16 15:28:47 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It all depends on your credit score. I've done loans for people a day out of bankruptcy and foreclosure.
The key is to keep a good account or two through the bankruptcy, so that you are immediately re-establishing your credit.
You won't be able to get this loan by walking into your local bank, you'll need to talk to an experience mortgage broker who has many programs available.
2006-11-17 03:51:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
My bankruptcy is almost finalized. This sucks doesn't it? I dont know how the bankruptcy laws are everywhere but I'm pretty sure the whole US had a law change on filing not to long ago September of last year I believe. Anyway if you live in the US this probably applies to you. In order to file chapter 7 bankruptcy on A 3 person house hold which is what I just did your taxes from the previous year have to show that you made under 40,000. If you made more than that you are forced to file chapter 13. Which means you have to pay back. And the money stipulations change depending on how may dependent you have. So the amount would be lower if it is just you and higher if you have other dependence. You absolutely can buy a home after bankruptcy. My aunt bought one 1 year after filing and my mother filed on 125,000 last year and is about to close on her home. My lawyer told me it takes about a year before you can purchase a home. (assuming you are trying to repair you credit and not be in the same boat you just got out of). I do know that you also have the option of keeping your home you just have to continue making mortgage payments and not file on the house. Bankruptcy can be a good thing people really make it out to be horrible it just needs to be a last resort. And if you are in debt it cant possibly effect you negatively it gives you the chance to start over. Anyway I could go on forever you just need to call a lawyer and talk with them about all your options. Good luck to you.
Dont let these 7-10 year answers scare you I JUST DID THIS. YOU DONOT have to wait that long to buy a home!
2006-11-16 15:50:14 · answer #2 · answered by Kari 3 · 0⤊ 0⤋
Dear
Freind,
My Seacrch for these question is over.
Becuase iam found a answer That is mention Below.
It usually takes 7-10 years to repair your credit after filing. You have many other options that you probably have not thought of. There are probably many investors in your area that can offer some good advice. Not all are out to take your money. Most can help you and still make a little profit for themselves. It will save your credit and allow you to purchase in the future. Good luck.
You really should avoid bankruptcy if at all possible. Talk with your creditors and pay according to your agreements. Get EVERYTHING in writing
2006-11-16 16:00:18 · answer #3 · answered by jayesh tk from, Valappikadavu__c 1 · 0⤊ 1⤋
It usually takes 7-10 years to repair your credit after filing. You have many other options that you probably have not thought of. There are probably many investors in your area that can offer some good advice. Not all are out to take your money. Most can help you and still make a little profit for themselves. It will save your credit and allow you to purchase in the future. Good luck.
2006-11-16 15:34:42 · answer #4 · answered by Robbyz3 2 · 0⤊ 0⤋
Usually 7 to 10 years after the bankruptcy start. Pay all bills on-time during that period.
You really should avoid bankruptcy if at all possible. Talk with your creditors and pay according to your agreements. Get EVERYTHING in writing.
2006-11-16 15:34:59 · answer #5 · answered by Joe S 6 · 0⤊ 0⤋
I make this straightforward: This united states of america helps non-electorate to own sources and actual sources interior our borders. This united states of america has made it unlawful to stay right here completely as a alien without the right application and documentation. I help the above statements. If which ability a unlawful alien owns sources yet faces deportation then he could (and is) waiting to nonetheless own his US sources. He additionally should have the prospect to pay any own loan or own loan money from the country he grew to become into deported to. The regulation is the regulation. Now, i'm no longer chilly-hearted. i've got not got a project with consistent with threat speedy monitoring unlawful extraterrestrial beings who've actual benefited the community and the country (and a great form of particularly do). yet, like I reported, the regulation is the regulation. unlawful immigrants are conscious of the negative aspects of defying the regulation.
2016-10-22 05:47:58 · answer #6 · answered by janski 4 · 0⤊ 0⤋
There are lenders out there that will loan you money the day after discharge! (with the right amount down)...However around here (typical) is 1 year after discharge for a conventional loan and 2 years after discharge for a FHA loan...If you wait 3 years and keep your credit GOOD you can even qualify as a first time home buyer all over again and perhaps get bond money to help you in......Good Luck.....
2006-11-17 06:43:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
7yrs here in Ct & once U file you'll have 2 keep your bills up 2 date.In 7-10yrs you'll be able 2 otherwise no not for awhile.Good Luck
2006-11-16 15:36:47 · answer #8 · answered by sugarbdp1 6 · 0⤊ 0⤋