SPARC Forums
Main Forums => General Issues => Topic started by: spinner on Feb 23, 2004, 09:17:19 AM
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 ?
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?
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
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.
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.