Financing in 75069>Question Details

Wendy, Home Seller in Texas Ave, Round Rock,...

We did not reaffirm home in the chapter 7, but have made payments and are selling the property. Can we purchase without selling?

Asked by Wendy, Texas Ave, Round Rock, TX Mon Mar 24, 2014

Buying after a chapter 7

0 votes Share Flag Financing in 75069

Help the community by answering this question:



if you are still searching for an answer I have a lender who may be able to help or give you advice.

Good luck,

Susie Kay, RealtorĀ®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240

Servicing your real estate need is my priority!
0 votes Thank Flag Link Sat May 17, 2014
Probably not, but contact any lender of your choice for real, hard answers.
0 votes Thank Flag Link Thu Mar 27, 2014
I would highly recommend that you speak with a mortgage professional regarding your specific situation. Most loan officers will not only ask about your bankruptcy, but also want to know about your income, other assets, other debts, etc. They will look at your credit score and any other judgments against you. All of these items will be reviewed together to determine if you can qualify for a mortgage.

Good luck!

Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
0 votes Thank Flag Link Tue Mar 25, 2014
Your information conflicts, why would you pay on a home you are not re-affirming? This usually happens when you are giving the home back as part of chapter 7. You should check with you bankruptcy attorney as to what you should be doing especially if selling the home. As far as buying, you may be very limited as to who will give you a mortgage after chapter 7 and how much time is needed to wait after discharge. They may require 20 to 30% down if you can find a program. Check with your loan officer for this.
0 votes Thank Flag Link Tue Mar 25, 2014
Sorry, Wendy that you are not getting answers from the lending community. Contact a Realtor in your area and find out what local lenders they use - I don't mean the big name banks, I am guessing this is why you are not getting answers. Lenders based here in Texas are far superior in their knowledge and they may have some resources big banks don't . I know a lender here that can do loans after one year out of bankruptcy, so don't lose hope. Good luck to you.
0 votes Thank Flag Link Tue Mar 25, 2014
Hi Wendy,
It depends on many factors. How long has it been since your chapter 7? If it's been long enough, I believe it's 2-5 years, can you afford your current mortgage and your projected new one along with other debt you may have. Have you reestablished credit since the bankruptcy?
Rather then air all your details here, pick up the phone and speak with a local mortgage lender and discuss your situation. If they potential exists, you can apply and make sure.
0 votes Thank Flag Link Mon Mar 24, 2014
It isn't as easy as an answer even for mortgage banks and the underwriters. Thus the last resort to ask on-line. Not having much luck with the pros. in the banking side.
Flag Mon Mar 24, 2014
Yes, I have contacted, but they can't seem to tell me if I need to sell, they freak out when it isn't on the credit report. All I need to know is to get loan approval, do I need it on my report, thus should I refinance, and even if I sell, will it still be an issue since I do not rent, would I prove our credit worthiness by copies of statement by mortgage paid each month.
Flag Mon Mar 24, 2014
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