QUESTION
Can we purchase a home now after 19 months if we filed bankruptcy in 2007?
Asked on Oct 06th, 2012 on Bankruptcy - South Carolina
More details to this question:
We have established our credit and have no late payments. Just want to buy a home now. Discharged in March 2008. Can we purchase a home now after 19 months?
11 ANSWERS
Appellate Practice Attorney serving Cheyenne, WY
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Lynn Boak Attorney at Law
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Nothing in the bankruptcy code prevents you from purchasing a home at this point. The issue might be whether you can obtain credit for a mortgage and what the interest rate might be.
Answered on Oct 10th, 2012 at 11:31 AM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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You can buy one as soon as a lender will give you a loan.
Answered on Oct 09th, 2012 at 9:09 PM
Bankruptcy Attorney serving Oakdale, CA
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Law Office of Todd Whiteley
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To my knowledge there is no prohibition on buying a home after filing bankruptcy. The difficult part is in getting financing. Best of luck with that. Note: As this is 2012, it seems more than 19 months have passed since your discharge issued in 2008. This will likely help.
Answered on Oct 09th, 2012 at 8:40 PM
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Nothing in the law will stop you from buying a home. You should contact lenders to see how much of a mortgage you could qualify for.
Answered on Oct 09th, 2012 at 1:00 PM
Bankruptcy Attorney serving Buford, GA
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Kenneth A. Parker, PC
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The answer is best asked and answered at a bank or mortgage company. Having a bankruptcy on your record will most likely mean that you will not qualify for the best interest rate, but there is nothing preventing you from applying for a loan since your case was discharged in 2008. In my experience, most banks like to see at least 2 years of good credit history after a bankruptcy.
Answered on Oct 09th, 2012 at 12:57 PM
General Practice Attorney serving Crystal Lake, IL
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Bruning & Associates, P.C.
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If you got discharged in March of 2008, that is longer than 19 months. You can apply for credit to purchase a home. You probably will have to shop around more than people who have not previously filed for bankruptcy. However, many people are able to get credit within a few years of filing for bankruptcy.
Answered on Oct 08th, 2012 at 8:09 PM
I was a mortgage broker before becoming an attorney. The lending criteria has changed substantially since 2009. The pre-meltdown criteria is that someone usually had a two year wait before one could obtain financing again. There may be some programs available.
Answered on Oct 08th, 2012 at 8:09 PM
Every lender has different criteria as to when you you can obtain financing to purchase real estate. If you previously went through a foreclosure, it is the foreclosure, not the bankruptcy, that could stop you from getting many types of real estate financing. While there are programs to help people who have been out of bankruptcy for more than 2 years, you may be able to qualify to buy a home using creative financing options if you aren't able to qualify to finance real estate right now.
Answered on Oct 08th, 2012 at 8:09 PM
If you can find someone to loan you the money, you can buy a home. I have had clients come out of bankruptcy and purchase a home in less than 6 months. Its up to you and how hard you are willing to try to get a mortgage.
Answered on Oct 08th, 2012 at 8:08 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Yes if you have full payment. To borrow the money to buy is not a bankruptcy question as it is a mortgage broker's question.
Answered on Oct 08th, 2012 at 8:07 PM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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If you can qualify for a mortgage, then yes, you should be able to purchase a home. However, there may be specific facts that I'm not aware of in your particular case that could change the answer, but in general, yes.
Answered on Oct 08th, 2012 at 1:17 PM