2007-03-09 09:36:29 · 12 answers · asked by christina j 1 in Business & Finance ➔ Personal Finance
Has the bankruptcy been discharged yet? You can't really do much of anything until its discharged.
Generally, about 2 years after everything is completed, you may be able to get a mortgage loan. That's MAYBE. During that two years, you'll need to build up some credit rating. Get a secured credit card - that's one where you have money on deposit with the credit card company, like $1000. They give you a credit card with $1000 limit. If you pay it off every month, on time, you'll start building up your score.
The bankruptcy stays on your credit report for 10 years however so any mortgage you get is going to have a high interest rate.
2007-03-09 09:51:19 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
How to buy a home with bankruptcy Explained:
Filing bankruptcy and purchasing a home today are not mutually exclusive events. Both traditional and online lenders offer a good interest rate and payments that you can easily pay. If you have filed Chapter 11 or Chapter 7 bankruptcy and are not sure whether you can get a home loan, talk to a lender immediately who deals exclusively in offering mortgages after bankruptcy. Interest rates today are at the lowest than they have been in decades. Even though you have filed for bankruptcy, you can easily procure new home loan and get a better interest rate. Online lenders and mortgage companies are vying to get your business. Do not let your old bankruptcy stop you from getting the home of your choice.
2007-03-11 11:30:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The lender will consider the circumstances that caused the bankruptcy, were they outside your control such as medical costs. They will consider you post bankruptcy financial position, such as employment record. If they are satisfied that you are a reasonable credit risk, then they will finance a home mortgage. Try and hang on for 2 years before trying for the home mortgage if possible so as to build a record of financial responsibility.
2007-03-09 17:56:17 · answer #3 · answered by lare 7 · 0⤊ 0⤋
The next day. It's called the Chinese pay plan. "One lump sum".
No really, I went through this myself 6-years ago and after 3-years I was able to buy a house with a great interest rate and no money down. You just need to concentrate on rebuilding your credit. Try Orchard bank. I used them and within 18-months I had raised my score over 150 points.
2007-03-09 18:05:11 · answer #4 · answered by ? 7 · 0⤊ 0⤋
You filed bankruptcy I think a bank would be very wary of lending you money.
2007-03-09 17:44:09 · answer #5 · answered by Chad K 7 · 0⤊ 0⤋
welll. . . . . . . depends on the situation. how bankruptcy was you? i ate a cheese burger earlier today. it tasted kind of bad. but yeah, go file, and then go buy a house. but it might take you a while.
2007-03-09 17:39:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
A minimum of 7 years but good luck getting a good priced loan...
2007-03-09 17:44:59 · answer #7 · answered by Love always, Kortnei 6 · 0⤊ 0⤋
in india with in 1 year
2007-03-09 21:26:52 · answer #8 · answered by sudi p 2 · 0⤊ 0⤋
usually within two years but the interest will be much higher than if you waited 7 years
2007-03-09 17:40:25 · answer #9 · answered by Anonymous · 0⤊ 0⤋
At least, 7 years. But, don't do it. Work it out.
2007-03-09 17:45:37 · answer #10 · answered by Dumbo 3 · 0⤊ 0⤋