2007-05-07 04:22:35 · 9 answers · asked by david h 1 in Business & Finance ➔ Renting & Real Estate
You don't = you can't get a Mortgage, because a Bankrupt is not legally allowed to borrow money, and you can't pay Cash because any Cash you might come into has to go towards paying your Creditors off first.
On the other hand there is nothing to stop your mother / father / wife / husband / partner / son / daughter applying for a Mortgage in their own name and then inviting you to live with them ... (or renting you a room)
2007-05-07 04:37:41 · answer #1 · answered by Steve B 7 · 2⤊ 0⤋
You can purchase a home 1 day out of bankrupcy (discharged) You will get a very unfavorable rate, but it is possible.
I just got someone a home 2 months out of bankrupcy. They were able to put down 10% and got a rate of 9% on the first and 11% on the 2nd.
You need to make sure your bankrupcy is discharged before you can buy. I would not suggest doing this, if you can hold off for about 6 months to a year and build your credit up to about 650, you will then get a decent rate.
Good luck
2007-05-07 04:50:37 · answer #2 · answered by shaneshomes 2 · 0⤊ 0⤋
What?????
The point of bankruptcy is to start over. What do you mean any money you come into has to be used to pay creditors? What is the point of bankruptcy if you still have to pay your creditors?
Many people find that after bankruptcy they may have money to save and pay bills. The bankruptcy may have been brought about by one large expense such as medical. Get rid of the medical and you are fine.
The bankruptcy will be on your record for 10 years.
One way to purchase a house is to save 30% for the down payment and then get a no documentation loan. There are other creative financing techniques also.
2007-05-07 04:55:54 · answer #3 · answered by edwardogden2000 3 · 0⤊ 0⤋
You have to wait 7-10 years and have PERFECT credit between then and now.
You have proven that you will not pay your debts, and you need to accept the fact that no one wants to just give you more money, they would be bankrupt themselves from dealing with people like you.
2007-05-07 04:45:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
In financial disaster all your sources develop into financial disaster sources - this consists of your proportion of any fairness interior the abode. The respected Receiver will pick that fairness. the two by using merchandising the abode or by using you merchandising your proportion of the abode to somebody else - a relative to illustrate. So that's achievable which you will stay interior the abode yet you will no longer very own it - your relative will. as quickly as you're discharged that's as much as you as to in case you purchase it lower back
2016-12-17 06:26:31 · answer #5 · answered by bustamante 4 · 0⤊ 0⤋
Well i doubt any banks would give you a mortgage, so best thing i would recommend is buy it in someone elses name, such as a wife, or your parents, anyone who has a good credit history, and then they will give you a mortgage hopefully!
2007-05-07 04:40:56 · answer #6 · answered by vex 4 · 0⤊ 0⤋
Rent-to-Own. I do this with buyers all the time. You may also find someone willing to owner-finance who is more interested in you ability to pay than you credit rating.
2007-05-07 20:03:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I would say that you don't. Personally, I would spend some years getting my financial life (and otherwise) in order. I would start rebuilding credit slowly and methodically. Good luck.
2007-05-07 04:39:04 · answer #8 · answered by Nancy 4 · 0⤊ 0⤋
Dont make us laugh. If you cant afford to pay your debts, you cant afford to fund a house.
2007-05-07 04:39:30 · answer #9 · answered by Anonymous · 0⤊ 0⤋