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Comments (7)

1. Women's Underwear says:

   March 30, 2009 at 3:19 am

   You won’t even be considered for a mortgage for 2yrs after your discharge. I would just wait. If you need to move consider renting out your old house rather than selling. This way you still get the tax breaks.
2. Rent Car says:

   March 30, 2009 at 3:56 pm

   I disagree. I work in the credit recovery area of a very large bank. We accept secured loan applications (cars, mortagages,ect) on many many many people who just filed bankruptcy for a few reasons. 1) they cannot file again for 7 years. and 2) they just liquidated all of their debt. and 3) if they don’t pay we take the house/car.

   It is actually ideal for a creditor to extend credit as quickly as possible after someone files banko.
3. Salwater Fish says:

   April 1, 2009 at 2:34 am

   You may want to purchase another house but your credit has been adversely impacted by the bankruptcy and will be so for several years. Perhaps the best solution would be to work on restoring your credit.

   Another alternative would be to find a lease purchase opportunity. In this situation a portion of your “rent” would actually be used to purchase the home. Contact some local real estate agents to see if they have any listings thatmight entertain this alternative.
4. Salwater Fish says:

   April 3, 2009 at 12:44 am

   No guarantee on the rates but, they seem to drop right before an election which will occur next November and the number is usually 2 years after a bankruptcy. Now with that said-you had better have learned the lesson of NO LATES or you will still have an issue. Sometimes the Bankruptcy is a good thing it does clear the name and all of a sudden you have people who want you to take credit all over again almost immediately. Try to resist! Make the rent payments on time or early! After all you are trying to convince someone that you will be reliable! trustworthy and responsible. It takes effort to build trust, think of every mortgage payment that you make on time or early as an investment in you future! It is proving that you can and you have and you will! One late kills the impression so do what it takes to build the reputation and keep it there. it will feel good when your credit is re-established and you come out of the fog that bankruptcy can be, as new people!
5. Last Minutes Gift Ideas says:

   April 4, 2009 at 12:59 pm

   You should wait till you have the money to stick with the house you pick.
6. Health & Wellness says:

   April 6, 2009 at 2:45 am

   At this point you may have to wait 2 years from the discharge which would be in May 2009. All lenders have tightened up the guidelines In the future is could be longer currently for conforming loans you need to be 2 years after the discharge of BK/FC.

   If you have a significant amount down you may be able to do it in a shorter time period.
7. Freshwater Fish says:

   April 7, 2009 at 11:12 pm

   Another house? Was yours foreclosed on? If there’s an outstanding judgment against you, you’ll NEVER be able to buy a home or take out a personal loan until you pay it off.
   You’ll have to wait between 1 and 4 years to purchase again, depending on the lender. NOBODY will talk to you with a score of less than 500 either.
   You should also plan on having a hefty down payment.
   If 7 months ago you couldn’t pay your bills and you lost everything you had, what makes you think a bank is going to hand you hundreds of thousands of dollars? Not gonna happen.