Foreclosure in Lake Villa>Question Details

Sharon Hardy, Home Buyer in Lake Villa, IL

how long is the period of time after filing bankruptsy with house included can i try to buy another house?

Asked by Sharon Hardy, Lake Villa, IL Sat Feb 4, 2012

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FHA guidelines state that it is 1 year for Chapter 13, 2 years for Chapter 7, and 3 years for foreclosure / short sale. You must also reestablish good credit. Please let me know if I can help you become pre-approved.
0 votes Thank Flag Link Sun Feb 19, 2012
Sharon.
It is usually 2 years before you can get a loan after bankruptcy. However more importantly is building up your credit score so your credit score will qualify you. I recommend using prepaid credit cards for every day needs like gas or groceries. and of course keeping current accounts is everything. also some small installment loans can't help but only for things that you would buy normally for example furniture or other small installment loans can be created so that you can provide positive trade linesto build your credit. wells fargo has new programs for both of these as well is a secured loan which allows you to put money in account each month and it will report positively to the 3 credit bureaus.
0 votes Thank Flag Link Sun Feb 5, 2012
Sharon,

I included a link for some answers and information to your question. If I can be of service, just let me know.

http://wiki.answers.com/Q/How_long_does_a_bankruptcy_stay_on…

Thank you,
Al Aronow
RE/MAX Suburban
847-217-9545
0 votes Thank Flag Link Sun Feb 5, 2012
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