Home Buying in Rochester>Question Details

Laura, Other/Just Looking in 14612

We filed for Chapter 13 onFebruary 2007. I have read that after one year after, having a good record on our

Asked by Laura, 14612 Sat Aug 2, 2008

payment plan it could be possible to buy a house. Would the status of the property we want to buy make it any easier in our case (foreclosed property vs. owner property) or the only bottom line issue it's the property price?

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There is no time element after a bankruptcy (any bankruptcy) .. only a sequence of events, some good, some bad.

The very first thing you should do is go to MyFico.com & Equifax.com and pull your credit history and see what it says ... our credit reporting system is less than accurate, especially after a bankruptcy .. so you need to look at every single account and see what it shows.

The sequence of events could be anything from paid loans now showing as delinquent
or creditors showing showing credit lines that were never opened and "just now" going into default or a bad student loan you never had .. or a paid creditor showing an R9 status -- it's common, very common.

Good luck.

1 vote Thank Flag Link Sun Aug 3, 2008
You need to talk to a lender in your area.
0 votes Thank Flag Link Sat Aug 2, 2008
Laura, As Laura said contact your attorney and a mortgage broker; the mortgage broker would be able to assist you in what you would need to do and how much you could afford. If you need a mortgage person feel free to contact me.
Thanks for the question, Ray
0 votes Thank Flag Link Sat Aug 2, 2008
Please seek the advice of 1) your attorney and 2) a mortgage broker. If you need a mortgage broker to speak with who has extensive experience in credit repair, contact me off line at Gail@GailGladstone.com for a recommenation.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sat Aug 2, 2008
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