QUESTION
When can we buy a home after ch7 bankruptcy?
Asked on Jun 06th, 2012 on Bankruptcy - California
More details to this question:
we filed for ch7 bankruptcy about 2 years ago and we included our home mortgage in it, we didn't reaffirm our mortgage, the bankruptcy case was discharged by the court 2 years ago.. The house is going through the foreclosure process by the bank now and the title has not been transferred yet.My question is, how soon can we buy another home again using FHA mortgage financing? Does the FHA waiting period begins at the discharge date or the trustee sale date (title transfer date)?Thanks for your help.
3 ANSWERS
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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Unfortunately, filing for bankruptcy has a negative effect on your credit score. So, when you will be able to buy a house again will depend on your credit score and your lenders willingness to extend credit to you.
Answered on Jun 29th, 2012 at 11:08 PM
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Steven J. Alpers, A Professional Corporation
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You need to talk to a mortgage company.
Answered on Jun 29th, 2012 at 10:19 PM
The current FHA rule is 2 years from the bankruptcy discharge. For the foreclosure information, you would have to ask them. Of course, you need to meet all the other requirements, too, and the requirements are a lot stiffer than they used to be. Your best bet for this is to ask folks in the business. Go to your local bank or credit union that does home loans and ask questions. Find a mortgage broker in your town and ask him or her. It is not just whether you have a bankruptcy or whether you can get a loan, it is also how much down you will need, how much income you will need and what has happened credit-wise since your bankruptcy.
Answered on Jun 29th, 2012 at 7:54 PM