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I think it stays on your credit for 7 years, but you may be able to do an assumable mortgage with minimal money down

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โˆ™ 2005-10-28 23:17:54
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Q: How long do you have to wait in Canada before purchasing a house after bankruptcy?
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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.


Why do we have bankruptcy mortgages in Canada?

Bankruptcy mortgages in Canada have been set up because having a house demonstrates some sort of equity on your part. The banks would prefer you to keep making payments on the house and therefore they will make more money then if they were to foreclose on it and sell the house at a discounted price.


When you file for bankruptcy how long before you can buy a house?

When you file for bankrupt, you can wait for 2 years before u can buy a house.


If I filed for bankruptcy months before my house was going to go into forclosure & the bankruptcy was complete,then my house was just about to go into forclosure can I still apply for the Obama mrtge relief plan even though I listed my house in the bnkrpc?

Yes, you can still apply for Mortgage Relief after filing bankruptcy.


Can you request that a bankruptcy be dismissed before the confimation hearing so that you can sell your house?

Yes.


Can you declare bankruptcy and still keep your house?

It depends. If you declare bankruptcy on another house while you are living in your formal house, no you don't lose your formal house. If you declare bankruptcy on your formal house, you get your house foreclosed, or taken away by the bank. ----


Can you sell your house before the confirmation hearing?

Are you referring to a Chapter 13 bankruptcy confirmation hearing?


Can you buy Canada computers in the United States?

If you want a computer manufactured in Canada while buying from the United States, the only way to do this is by purchasing the computer online. THat way it will be shipped out of Canada to your house.


Can I keep my house and car out of a bankruptcy?

You are normally allowed to keep the house you are living in and one car in 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.


Is it possible to declare bankruptcy while purchasing a home in order to reduce credit card debt without it affecting the loan approval?

No. The bankruptcy will for certain be dismissed with prejudice. The premise being, if the consumer had the money to purchase a house, they had the money to pay previous debts.


Can you file Chapter 7 bankruptcy and still keep your house?

yes, just keep your house exempt from the bankruptcy


How do you keep your house in a bankruptcy?

I have a reverse mortgage on my home, can it be taken from me in a bankruptcy?


Can you fiance a house after bankruptcy?

Yes, 3 years after discharge of the Bankruptcy.


How do you buy a house that is going to sheriff sale from the creditor before the sale?

Not possible if it is coming from bankruptcy court (it probably is)


Can you rent your house out after bankruptcy?

Yes


Can you file for bankruptcy on a foreclosed house?

NO


Can you buy a house if you have filed bankruptcy?

No.


Can you sell a house that is in Chapter 13 bankruptcy?

With permission of the administatror. You agreed to involv then first before maiking ny financial changes


If you are in chapter 13 bankruptcy can you file for a voluntary dismissal to refinance your house?

I f that was the main reason for filing the c. 13, you can. Make sure the lender knows about the bankruptcy and you have a refi commitment before you move to dismiss.


If your bankruptcy was discharged a few months ago can you sell your house to a real estate broker before the trustee sale?

If the house was forfeited in the BK, instead of a reaffirmation agreement with the lender..NO!


If you had a lien placed on your house 2 months before you filed bankruptcy and you filed bankruptcy on that creditor is the lien still valid?

All liens survive bankruptcy. You can get rid of the lien by "avoiding" it. Look up "Avoiding Liens" in google or findlaw.com for more info.


Can you keep your house if bankruptcy is dismissed for non-payment?

That decision is made by the lender not the bankruptcy court.


Will bankruptcy payment be lowered when house payment is out of default?

Yes. in support with your bankruptcy lawyers experts.


If you filed bankruptcy and have decided to sell your house Do you have to let the realtor know about the bankruptcy?

If you filed for bankruptcy and the title company knows about it, then you cannot sell your house. Your title is not free and clear so a buyer could not purchase. It also depends on the bankruptcy, you should talk to your lawyer.