Home Buying in 60639>Question Details

Gerar3030, Renter in Chicago, IL

I file bk 6 months a go can i still get a foreclosure place looking for a 4 bed 2 bads betwen 40 to 160 thowsand if posible.

Asked by Gerar3030, Chicago, IL Tue Jan 14, 2014

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Trying to buy a home should not be your priority at this point. Demonstrating that you're credit worthy is of utmost importance. Rebuild your credit and save for a downpayment. Best to build a relationship with a trusted lender partner now, so that you can do everything necessary to qualify for a loan.
1 vote Thank Flag Link Tue Jan 14, 2014
Hello,

The standard wait period for a bankruptcy discharge is 24 months. However, epending on the details and reasons for the bankruptcy you may qualify for a mortgage within 12 months of discharge, or if you are making payments on a chapter 13, after you have made 12 payments.

All of this requires that you manage your credit properly before the 12 or 24 months comes around so you are best off speaking with an experienced lender right now to put you on the track for ownership sooner rather than later.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage. Everyone likes to raise their score!

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
1 vote Thank Flag Link Tue Jan 14, 2014
If you have cash you can, otherwise no.

Contact a lender and ask them to help you establish a game plan to work towards eventually being able to qualify for a loan.

Good luck!
0 votes Thank Flag Link Tue Jan 14, 2014
You wont be able to get a loan yet because of the foreclosure.
0 votes Thank Flag Link Tue Jan 14, 2014
I thought they were saying they planned on buying a foreclosure..... but I could be wrong..... ?
Flag Tue Jan 14, 2014
The best thing that you can do now is to rebuild your credit. There are a lot of Credit Repair companies out there that offer a credit repair service, most can not remove a Bankruptcy and keep it off.
We have a program that can remove bankruptcy, foreclosure, judgements, student loans and any other negative item on from your credit report within 30 to 60 days.
Its like getting a fresh start. And its Guaranteed.
hlear@us-attorneynetwork.com
858-945-1047
0 votes Thank Flag Link Tue Jan 14, 2014
Unless you are a cash borrower, you cannot buy now.
Work on fixing your credit and getting systems in place so you manage your money and don't get into that kind of trouble again.
The sooner you do, the sooner you can buy again and build wealth with real estate.
0 votes Thank Flag Link Tue Jan 14, 2014
If you have the cash, you can purchase immediately. If you need financing, you will have to wait several years after the BK. During that period you will have to maintain good credit as well.
0 votes Thank Flag Link Tue Jan 14, 2014
Yes, if you have cash then you can purchase. Banks will not lend to you with bankruptcy that recent.

Warm regards,

Ivan Sagel
312.515.7823
ivan@atproperties.com
0 votes Thank Flag Link Tue Jan 14, 2014
cash or possibly hard money lenders are your most likely your only options. Speak with a lender however to find out what you need to do to get on your feet and qualify as soon as possible.
0 votes Thank Flag Link Tue Jan 14, 2014
Talk with your attorney and ask him for the condition of the bk
0 votes Thank Flag Link Tue Jan 14, 2014
If you have cash to pay outright then you can do whatever you like. However, if you require a mortgage then you must wait at least 2 years to apply for a new FHA loan, or 4 years to apply for Conventional financing. In addition, you will need to have re-established good credit during that time.
0 votes Thank Flag Link Tue Jan 14, 2014
Hi,

It would be best to speak to your lender.

Mike
0 votes Thank Flag Link Tue Jan 14, 2014
Hello,

If you are looking to pay cash then it's not going to stop you from buying. If you are looking for a financed deal then you will run into problems since most lenders require a 2 year wait period. Good luck!
0 votes Thank Flag Link Tue Jan 14, 2014
Dear Home Buyer,

Looks like Robert answered your question. You may want to contact him directly so he can better understand your situation and give you an exact time line.
0 votes Thank Flag Link Tue Jan 14, 2014
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