0
How long do you wait after filing bankruptcy to try to purchase a home?
Wiki User
∙ 8y ago
Bankruptcy will knock your credit score down by 75 to 150 points, depending on the case. However, it usually only affects your ability to get credit for 12 to 36 months.
I have spoken to several mortgage lenders, and almost all of the lenders agree that two years is the amount of time after your bankruptcy discharge that it takes to be able to get a decent mortgage. Granted, you may be able to get a mortgage much sooner (some people say as quickly as a few days after the Discharge), but your terms (i.e. interest rate, etc.) will not be as attractive as it would be if you can wait 2 years. Considering that you'll be paying that interest for up to 30 years, it definitely saves you a lot of money if you can wait long enough after the discharge to get a good interest rate.
Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
How soon after filing chapter 13 can you hope to buy a home?
The best time to purchase a new home after filing for Chapter 13 bankruptcy depends on how long your bankruptcy will be. If you have your payments on a five year plan, then you may have to wait a little longer.
How long do you have to wait to file bankruptcy after last bankruptcy?
You have to wait eight years after filing for Chapter 7 and 4 after filing for Chapter 13.
Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
How long will a bankruptcy stay on credit report in Illinois?
Bankruptcy can stay on your credit report for 10 years. For more information about debt and bankruptcy, it is best to consult with an attorney. They can provide a complete picture of the benefits and negatives of filing for bankruptcy.
How long after your bankruptcy has been discharged can you purchase a home?
my brother filed then got married she has good credit but no job. they bought one a year after he filed but had to have a large down payment.
How soon after filing chapter 13 can you hope to buy a home?
The best time to purchase a new home after filing for Chapter 13 bankruptcy depends on how long your bankruptcy will be. If you have your payments on a five year plan, then you may have to wait a little longer.
How long after filing bankruptcy are you able to receive credit cards purchase a house or a car?
2 years
How long do you have to wait to file bankruptcy after last bankruptcy?
You have to wait eight years after filing for Chapter 7 and 4 after filing for Chapter 13.
Your husband is co-owner of a lake home in MN with his sister She lives in FL and her husband is filing bankruptcy Chapter 7 Is the lake home safe from his creditors?
As long as the land is owned solely by your husband and his sister then it will not be affected by her husband's bankruptcy.
How long do you have to wait to marry after filing a chapter 7 bankruptcy?
A bankruptcy has nothing to do with your ability to marry. You can marry at any time.
How long do i have to wait to marry after filing chapter 7 bankruptcy?
You don't. It's not an issue.
How long does it take to see an improvement in credit score after filing bankruptcy?
About 4 to 5 years
Filing a Chapter 7 with 2 payments owing on your car how long do you have in getting it current before the creditor can take it if you plan on curing the default 30 days after filing?
When you file a Chapter 7 bankruptcy, you have the option to keep your home and 1 vehicle. If you are able to make the last 2 payments on the car, you can keep it and not include it in the bankruptcy.
What are the Florida limits on home exemption in bankruptcy?
I believe you home is safe as long as it is your homestead in a bankruptcy. You should consult a bankruptcy attorney to be safe.
Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
How long will a bankruptcy stay on credit report in Illinois?
Bankruptcy can stay on your credit report for 10 years. For more information about debt and bankruptcy, it is best to consult with an attorney. They can provide a complete picture of the benefits and negatives of filing for bankruptcy.
How long does it take for a house to be settled when filing bankruptcy for it to become available for sale?
Your question is somewhat complex, and there may be variations in the process due to laws of the state of jurisdiction for the bankruptcy filing. An excellent primer about either chapter 7 or 13 bankruptcy is "The New Bankruptcy, will it work for You?" 3rd edition by Stephen Elias, published in 2009 by Nolo; 346.078 E42N Dewey decimal. Also you might contact a paralegal or lawyer specializing in filing bankruptcy in the state of jurisdiction.
