How soon after Chapter 7 bankruptcy can you buy a new house?

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Below are the perspectives of some Wiki s contributors about buying a house after bankruptcy:
  • First, any bankruptcy must be "discharged" by the court. You also cannot be in any "Credit Counseling" or other programs that take over your finances. It is actually easier to buy a house than a used car. The "lender" is looking to meet several criteria. Debt to Income ratio, Stability and time on the job. Money in the Bank and bounced check history.Any Retirement or 401 K assets. In America money solves all problems. A big down payment means business.
  • I am a Mortgage Lender and with a 15% down-payment plus closing costs, you can almost always find mortgage financing 1 day after the bankruptcy is discharged and filed at the courthouse.
  • Many times if you have a home already and enough equity you can refinance right out of bankruptcy altogether, or refinance out of filing. You will need a broker who is willing to do a lot of work for you and a Bank is not the place to go for you until you have rebuilt your credit rating.
  • 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 sooner, 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.
  • I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for Fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 12 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. Depending on your income, credit score, and trustee rating (if in a chp 13), you can qualify for upwards of 100% financing. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of.
  • It is not a question of time. If you qualify, you could buy a house the day after your discharge. If you qualify by having a large down payment, you may find yourself trying to explain to the bankruptcy judge where you got a 15% down payment (around $30,000 for the average house) when your Chapter 7 documents showed a lot less. Beware of mortgage lenders. There are still unreconstructed scam artists out there who will take your money and give you nothing but grief. There are some special programs for first time home buyers, but those usually require a history of good credit, a steady job and often some money in savings. Again, unlikely in a near post-Chapter 7 period. Pay your bills on time, save some money, keep the same job for a while. The more down-payment you can make, the better your chances - as long as you were not hiding assets in the Chapter 7.
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How soon can you purchase a new home after filing chapter 7 bankruptcy?

That depends on how high an interest rate you are willing to pay. How much cash you can put down, issues of that nature. The general rule 18-24 months after your bankruptcy has been discharged. Some lenders will see you as a better risk, because you will be more or less "debt free." There are many ( Full Answer )

How long after filing chapter 7 bankruptcy can you purchase a house?

Typically, mortgage companies are willing to lend to a consumer 12 months after a bankruptcy is DISCHARGED. Make sure that the disposition is recorded on all three credit bureaus. Also, follow up and make sure that all credit accounts that were included are notated as "included in bankruptcy" and cl ( Full Answer )

How soon are you able to sell our house after filing chapter 7?

One can normally sell a house as soon as they want after the Order of No Asset is issued by the Court, but most people wait until after the Discharge is entered and the case is closed to be safe. One word of caution though: I had a potential client come in to my office once (a couple of years ago) a ( Full Answer )

How soon after a foreclosure covered by bankruptcy can you buy another house?

The Short Answer is 3 years before you can obtain an FHA insured mortgage and 5 years before you can obtain a "conforming" mortgage. Conforming simply meaning that it conforms to Fannie Mae guidelines. These time constraints are dictated by the FORECLOSURE not the Bankruptcy. Guidelines for Bankrup ( Full Answer )

Can you buy a house while in Chapter 13 bankruptcy?

Yes, you can buy a house while in a chapter 13, you can buy anything you want but You need the courts permision. The most difficult part is finding a lender who understands that you can not add post filing credit to your bankruptcy. Most creditors believe that you can and won't give you the time of ( Full Answer )

How soon can you sell a house after filing chapter 13 bankruptcy?

Answer . All major financial transactions such as selling or refinancing property must be cleared by the trustee in charge of the chapter 13 bankruptcy. Failure to follow prescribed procedures can result in the dismissal of the BK and perhaps other penalties.

What can you do if you just recently had a chapter 7 bankruptcy then soon after had your car repossessed?

Answer . Usually a car you are still driving cannot be included in a chapter 7 unless it is turned back into the finance company because it is considered an asset that, if sold, could help pay off your other debts. If you do not include it in the bankruptcy, you are under the same obligation to ( Full Answer )

How soon after Chapter 13 bankruptcy can you buy a new house?

There is no real limit as to when you can begin considering buying a home after a bankruptcy, though it is much more favorable to wait at least two years, while you build your credit back up. Chapter 13 bankruptcy can remain on your credit report for up to ten years from the date it was filed. Ho ( Full Answer )

How soon after bankruptcy can youy buy a house?

answer to your question is about five years. Ans . This and many similar questions have been asked and fully discused several times before. Please refer to them.. Nothing prevents you from buying a house. Getting a loan may be a different story. That is a choice each lender makes, and certainly h ( Full Answer )

How soon can you file for chapter 13 bankruptcy if you had a chapter 7 bankruptcy in 2007?

Please try and use/follow the system here ...you get the result quicker too...this has been asked and answered here at least 100 times: . Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy m ( Full Answer )

Can I Buy a home after foreclosure and chapter 7 bankruptcy?

Buy something? Sure...pay cash though. (One would have hoped that by now you would have learned you don't really buy something until you pay for it). I don't believe there is any legal or business problem with you having any asset. Getting a mortgage, especially in the world of todays crack down ( Full Answer )

How long can you stay in your house after chapter 7 bankruptcy?

It depends. If the house is surrendered and the mortgage debt discharged, you may be required to move out fairly soon. With the lag in scheduling auctions, you may wind up being able to stay for a year or longer. Some mortgage holders will require rent to be paid. Check with a local bankruptcy ( Full Answer )

How soon can you buy a house after filing chapter 13 bankruptcy?

First...you probably mean get a loan to buy a house. Part of the BK processs is to start to understand that it isn't yours if you don't pay for it. Your a bankrupt...it will be a fairly long time until you can get credit again, and in todays credit environment....a mortgage won't be possible until ( Full Answer )

You had a house foreclosure can you buy another house after chapter 7?

I had a house for 8 years and the when my husband got sick, I was the sole person paying the bills by my self. I was on chapter 13 at first to pay the bills right by paying each pay period. But the end of the 5 years i was not caught up with the bills. So i went to chapter 7. I was out of so much mo ( Full Answer )

When can you keep house when claiming chapter 7 bankruptcy?

If a house is your primary residence then, in most cases, you should be able to keep it. This is because assets necessary to basic survival like a house, food, clothes, and thing necessary to your job such as tools, are protected. These are called exemptions, but they differ from state to state and ( Full Answer )

How soon after Chapter 7 bankruptcy can you buy?

Some institutions require 2 years, while others require 3 years from the discharge date. Some local banks and credit unions have created special programs allowing only 12 months if certain criteria is met, but often the credit requirements make nearly all applicants with a recent BK ineligible.

How soon after filing chapter 7 bankruptcy can you start rebuilding your credit?

You can make steps to help your credit even before you file! And certainly, each and every action afterward is vital. How long it will take to get to where you have some level of actually functional credit depends...along with, credit depends not only on your history of paying exactly as agreed, of ( Full Answer )

Can you buy house with cash after file bankruptcy chapter 7?

Yes, you can buy a house for cash after filing for bankruptcy. The only issue is as to where those funds came from. If they were part of your estate at the time of filing and not disclosed, then you will have a problem.

How soon after bankruptcy in Mississippi can you buy a house?

You can make new purchases and create new debt as soon as the day of the discharge of your bankruptcy action. However, if the cash your using was not disclosed in your bankruptcy, or was temporarily diverted to a friend or family member to avoid disclosure, then you may face federal problems if disc ( Full Answer )

What companies are willing to refinance a house after a chapter 7 bankruptcy?

Not many companies, but there are a few lease or rent to own - legitimate companies - that will rent to recently discharged bankrupt or people that have taken out "proposals" with less than stellar credit ratings - that will rent you a home for 3 - 5 years and then pledge a percentage of the rent to ( Full Answer )

Can you file bankruptcy on your house after chapter 7 discharge?

Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.

How soon can you buy a house after a short sale and bankruptcy?

This question is slightly more complicated than one may think. The answer depends on many things involved in both the bankruptcy and short-sale. Currently most lenders consider a short-sale the same way they consider a foreclosure, so you're stuck waiting 3, 4, or even 7 years before you can buy aga ( Full Answer )

How soon can a car be repoed after filing chapter 7 bankruptcy?

Because of the "automatic stay", which goes into affect as soon as a Bankruptcy is filed, your car cannot be re-possessed while the Bankruptcy is in progress (unless the creditor files a motion with the court asking for relief from the automatic stay). However, as soon as the Bankruptcy is discharge ( Full Answer )

How soon after a chapter 7 bankruptcy and a foreclosure can you purchase a home?

IT usally depends on the size of your business,and the laws you broke to actually get bancrupt.I hope I hope I have succesfully captured your question.If it is a small businnes it will only take1 to two years,but if it is a big bussines then it will take two to three years. ans This question ( Full Answer )

Can you buy a vehicle if you are in chapter 7 bankruptcy in GA?

yes go on autodealer u get £100 cars = ans = No. You are a bankrupt. You are reprehensible and irresponsible. You did not pay your prior debts and promises. You are, essentially a piece of crap. You have sworn to the world, in writing as you BEGGED the Court to absolve you of your ( Full Answer )

Can you buy a home while in chapter 7 bankruptcy?

No. When you file bankrutpcy you are making a declaration about your financial situation. If you were to put in an actual application for financing a home the problem would be finding a lender willing to touch it. You would be a bad financial risk to any type of lender at this time. Once you are dis ( Full Answer )

Can you keep a new car and file chapter 7 bankruptcy?

Maybe, it depends on whether or not the debt is secured and the secured amount. If you own it free and clear, and is very valuable, it will be seized and sold by the trustee. If there is a secured creditor, but the claim is small and the car value is great, it can still be seized, with the secured c ( Full Answer )

How soon can a house foreclose and a car repossessed when converting your chapter 13 to a chapter 7?

Conversion from a 13 to a 7 does not lift the automatic stay, so no foreclosure or repossession can occur just because of the conversion. The mortgagee and the car lender have to file motions to remove the automatic stay if they want to move on the foreclosure and repo. The debtor should have filed ( Full Answer )

How soon after filing bankruptcy ch 7 can you buy a house?

If the chapter 7 is still open, you cannot buy a house. If you have received your discharge and the case is closed (usually 6 months from the filing date), you should not have the cash to buy a house unless you lied on your bankruptcy documents about your assets. That can lead you to prison. If you ( Full Answer )

How do you buy a house after chapter 7?

you simple go to the first page or look around the page your on and get the 1800,678,770, or 404# you see on that page and then your good. (please ask more questions ill be glad to anwser!)