buying a house after bankruptie?

[spinner]

Hey everyone,
Someone know when you can buy a house after you filed for bankruptie?
I know interests will be high but is there like a delay that you can't legaly buy house or you will need to pay bankruptie, ... things like that ?

[StPaulieGirl]

Good question.  I'm not sure, but I've heard that it takes 4 years.  Maybe someone here knows more about that.  Have you talked to a real estate agent?  

[hisliltulip]

Call a mortgage company and ask a loan officer.  

Note:  Do not call a bank, as they are extremely conservative.
Mortgage companies normally have many investors to choose from, therefore are more competitive by a long shot!

I used to be in the mortgage business, but it's been five years, and I'm sure the rules have changed significantly since then.

Sorry I couldn't be more help, good luck!

BETH

[jilly]

You can't apply for new credit while you are in bankruptcy.  I'm not sure, but I think you have to wait until the bankruptcy court has issued a final decree dicharging you from bankruptcy.  Also, it may vary depending on whether it was a Chapter 7 (personal bankruptcy) or Chapter 13 (business bankruptcy).  I would check out the statutes on bankruptcy or talk to your bankruptcy attorney...if you have one.

[impressivedjq]

A few years ago my brother,filed a chapter 7 bankruptcy.  Two years after getting his discharge papers he bought a house.  His interest rate was 1 point higher than the going rate at the time,but still he's in a home.   As I understand, as long as you show a good standing after getting discharged you should not have a problem qualifing for a mortgage.  This is for a chapter 7.  I hope I answered your question.  Good Luck!!!                Q.