QUESTION
Can I sell my home, pay off mortgage balance and buy another home?
Asked on Jan 05th, 2017 on Bankruptcy - Nevada
More details to this question:
I did not reaffirm my mortgage. I filed chapter 7 (credit cards). It was discharged on September 2015. I am current on mortgage.
9 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You'll have to check your credit scores.
Answered on Mar 06th, 2017 at 5:17 AM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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Make sure that the case has been closed before you do anything. You may have received your discharge but the case may still be open for administration. Two different things.
Answered on Mar 03rd, 2017 at 5:32 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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I cannot see why there should be any purely legal obstacle to your doing so. The problem is that some mortgage lenders may be reluctant to lend when only 18 months or so have passed since your discharge. But in your favour is that you made all the mortgage payments. It's worth a try. You may find that you have to pay a higher-than-standard interest rate for a couple of years, but you should then be able to refinance at a standard rate.
Answered on Mar 03rd, 2017 at 5:31 AM
Bankruptcy Attorney serving Buford, GA
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Kenneth A. Parker, PC
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If you are current on your mortgage and the sale price will be enough to pay off the mortgage, then you should be able to sell it. You might want to check with several banks before trying to buy a new house. Mortgage lenders generally have some period of time that you have to be out of your chapter 7 before they will finance a mortgage for you.
Answered on Mar 03rd, 2017 at 5:31 AM
Yes, nothing prevents you from selling your home and buying another home.
Answered on Mar 02nd, 2017 at 5:24 PM
Well you can certainly sell your home and pay off your mortgage. Whether you can buy another home will depend on whether you can get financing, so I recommend looking into that.
Answered on Mar 02nd, 2017 at 5:24 PM