QUESTION
How long after bankruptcy do I have to wait to buy a home?
Asked on Feb 22nd, 2013 on Bankruptcy - Michigan
11 ANSWERS
It depends on how quickly you rehabilitate your credit. I have heard that some lenders will consider new loans after 2 or 3 years.
Answered on Apr 01st, 2013 at 2:48 AM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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I think you can qualify in as little as 2 years.
Answered on Feb 26th, 2013 at 1:15 PM
Well that depends a lot on how hard you are willing to work to get a mortgage. I had one client purchase a home 6 months after his Chapter 7 discharge.
Answered on Feb 26th, 2013 at 1:15 PM
Construction Litigation Attorney serving Mission Viejo, CA
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Law Office of Christian F. Paul
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You don't have to wait at all. I am assuming you filed a Chapter 7 case. If you filed a bankruptcy petition, only the debts you had as of the date of filing are affected by the bankruptcy, and only the assets you had then are considered by the trustee. If you now want to buy a house, and someone is willing to sell one to you, and some lender is willing to lend you the money to buy it, you are not restrained just because you filed a bankruptcy case.
Answered on Feb 26th, 2013 at 2:28 AM
Deborah F. Bowinski
As long as it takes to find someone willing to finance you. Usually about two years from discharge assuming there are no new late payments and you have sufficient income to qualify for the loan you want.
Answered on Feb 25th, 2013 at 6:09 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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You can buy one after you receive your Chapter 7 or 13 discharge. If you need a mortgage from a bank, they will almost never consider you until at least one year after you receive your discharge and some are now requiring that you wait two years.
Answered on Feb 25th, 2013 at 6:08 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Today if a Chapter 13 about 3-4 years. For a chapter 7 it may be a little longer.
Answered on Feb 25th, 2013 at 1:31 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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There is no waiting period. It is really just up to each lender based on how fast your credit scores rebound.
Answered on Feb 25th, 2013 at 1:31 PM
Bankruptcy law does not impose any minimum amount of time that someone must wait to buy a home. However, since for most people, buying a home requires that a mortgage lender be willing to finance the purchase, the underlying consideration is being eligible to qualify to purchase. In some instances, an individual can qualify for new financing in as little as one year, but the amount of time is largely based on the debtor's current income and market conditions. If money was withdrawn from a protected source, such as a retirement account, or from a gift, the debtor could immediately purchase a home after filing bankruptcy.
Answered on Feb 25th, 2013 at 1:31 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on when a lender will work with you. Ask several about their policies. Good luck.
Answered on Feb 25th, 2013 at 1:30 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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You can buy anything after you file bankruptcy. Whether you can receive a loan to buy it is a question for a lender and is not a legal question.
Answered on Feb 25th, 2013 at 1:29 PM