I'm totally afraid to ask her how she bought her new home. She told me that she filed for bankruptcy six months ago.
2007-06-17 16:40:49 · 4 answers · asked by tjkaplan24 2 in Business & Finance ➔ Renting & Real Estate
Land contract and lease options are two very feasible ways to buy a home soon after a bankruptcy. There are also many lenders out there who will finance a home for a buyer who has a recent bankruptcy, however they will normally require at least a 10% down payment, if not more. Your best bet would be to work with a mortgage broker in this situation. For the best rates out there your bankruptcy needs to have been discharged for at least 2 years. Check out the webpages for information on buying a home after bankruptcy.
2007-06-17 16:54:43 · answer #1 · answered by dzwreck 4 · 0⤊ 0⤋
I know a couple of people who did that. I don't understand the bankruptcy laws, but if any of a bankrupt person's debt has been erased, then technically, they have more money to spend on their housing because they aren't paying the discharged bills. They may get a horrible interest rate from the house lender, though.
2007-06-17 23:47:39 · answer #2 · answered by callmeplayfair 3 · 0⤊ 0⤋
Since you can't file for a bancrupcy again for ten years - many credit lenders feel protected by the fact they can't negate the debt if they default - so they will lend credit to someone that has a fresh bancruptcy.
There are several unscrupulous agencies out there that will take advantage of people that can't help their debt habits - or control them.
2007-06-17 23:45:11 · answer #3 · answered by Mike Frisbee 6 · 0⤊ 0⤋
Land contract? Lease option.
2007-06-17 23:44:39 · answer #4 · answered by mefrancis 2 · 0⤊ 0⤋