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With a Credit score of 530 and a foreclosure 2 years old and a Bankruptcy discharged 6 years ago Can you buy a house?
Overwelmed007
Sorry for being the bearer of bad tidings, but with the credit history described procuring a loan would not be likely. It is possible you could contract to rent or lease with an "own option". It would probably take adequate personal financing and a co-signer, however. JMHO
Wiki User
∙ 18y ago
Wiki User
∙ 7y agoWhat is different now since your foreclosure? If you are able to pay rent and your bills are caught up, that is a good way to build your credit score. While you are waiting, start saving so that you have enough to put down 20% on a house. This will help you get the best rates and avoid paying mortgage insurance. The house price should not be more than 3 times your income, making the payments reasonable. Otherwise, you risk backsliding into financial ruin. It sounds like renting is the best for you right now since the landlord will have to manage unexpected repairs, which there are always some in a house. In addition, if you need a co-signer to buy, then you cannot afford the house. Wait and save.
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How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Can you file bankruptcy on your house if already in foreclosure?
Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.
Will keeping your house and car after bankruptcy help improve your credit score?
yes and no. If you don't' keep them; they will show up on your credit report as foreclosure and repo. However, if you keep them and keep paying; they won't keep updating your credit report with positive info- because, the debt was discharged. It's a double edge sword.
Can you buy a house with a 630 credit score a foreclosure and a bankruptcy 2 years ago?
It depends on who you're asking for a loan. But, maybe.
Can you buy a house if you have a foreclosure on your credit?
you must restore your credit.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
If your house was included in your bankruptcy can they also mark a foreclosure on your credit it you let the house go?
Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.
Can you file bankruptcy on your house if already in foreclosure?
Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.
Will keeping your house and car after bankruptcy help improve your credit score?
yes and no. If you don't' keep them; they will show up on your credit report as foreclosure and repo. However, if you keep them and keep paying; they won't keep updating your credit report with positive info- because, the debt was discharged. It's a double edge sword.
Bankrupty or foreclosure which is best?
bankruptcy is better. If you have to decide foreclose or banko, put your house in bankruptcy. When you have a foreclosure, they can sue you for the balance
Can you buy a house with a 630 credit score a foreclosure and a bankruptcy 2 years ago?
It depends on who you're asking for a loan. But, maybe.
If your bankruptcy has been discharged but your house is still in your name do you still have to pay back taxes?
A bankruptcy is not discharged. Debts are discharged. Real estate taxes are a lien on the real estate and would not usually be discharged. Talk to your bankruptcy layer.
How long will bankruptcy prevent a foreclosure?
Bankruptcy will prevent a foreclosure but you still have to reaffirm the loan and begin paying or the bank will repossess your house regardless of bankruptcy. Bankruptcy temporarily halts the process for up to a couple months.
Can you buy a house if you have a foreclosure on your credit?
you must restore your credit.
If you include your house in a bankruptcy chapter 7 how will this show on your credit report Will it show included in bankruptcy or as a separate foreclosure?
If your home loan is included in your bankruptcy, the code describing your repayment behavior on your credit report for this loan will change. If the bank forecloses on your home, the code describing your repayment behavior on your credit report for this loan will change. The loan will have one coded description of your repayment behavior. Credit Agencies only care about your repayment habits, not which mechanism cost you your home. There is no separate report. Your credit is going to be BAD for many years. Whether the house was part of the bankruptcy or whether it was taken in a foreclosure action will not matter (it's not like one is better than the other).
How long does it take for your credit to get better after you are discharged from Chapter 13 bankruptcy?
Your credit score starts going up the minute the bankruptcy is filed. Debts incurred after the filing (even the day after), are exempt from the bankruptcy. If you make house and/or car payments on time, your score goes up Legally, they can hold it for up to 10 years.
Is it 5 years after bankruptcy and foreclosure that you can buy a house?
2 years for an FHA loan
