Foreclosure in Atlanta>Question Details

Sportyj52, Home Buyer in Atlanta, GA

can I buy a home after filing bankrupt last year?

Asked by Sportyj52, Atlanta, GA Fri May 4, 2012

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4
You would need to purchase the property with cash if you are looking to buy a home one year after bankruptcy.

Best Regards,
Adrian Provost
404-910-9924
http://www.Search-Atlanta-Homes.com
2 votes Thank Flag Link Thu May 10, 2012
Good Day Sportyj52!! You will not be able to purchase a home for 2 years after your bankruptcy discharge date. In the meantime, you should be working on re-establishing your credit. Also, make sure you don't have any late payments from your bankruptcy date through the time of purchasing a new home. The lenders really don't like to see that...

Feel free to give me a call if you have any questions or need my assitance (678) 262-7193
0 votes Thank Flag Link Thu Jun 7, 2012
Sporty if you are looking to finance then no. If you have cash then yes. If you had a bankruptcy and a home was involved then it the time you have to wait is three years from the recording of the foreclosure deed and not the discharge of the bankruptcy. I have seen it take as long as 18 months for a foreclosure deed to get recorded.
0 votes Thank Flag Link Fri May 4, 2012
No, not if it was only last year. For an FHA mortgage, HUD requires that at least 24 months must have elapsed from the Discharge Date of a Chapter 7 Bankruptcy. Will you not be able to have any new late payments or derogatory informaiton after the BK.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Fri May 4, 2012
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