can u purchase a home while in bankrupcy?

Barbara
Other/Just Looking
Flint, MI

Answers (2)
Bill Polack
Mortgage Broker
or Lender

Atlanta, GA

Mr. McClure is right. However, make sure that it is a BK 13. Chapter 7 requires you to wait 3 years from the date you filed (unless that's changed recently). You have to have been in the 13 for at least 18 months before moving forward. You'll have to write a lot of letters of explanation and bring at least 5% as down payment to have anyone look at you. The hardest obstacle for people in bankruptcy is that unless they re-affirmed with a few creditors to keep the scores over 620, you may have a hard time getting a loan. Gone are the days of 520 scores in BK13 to buy a house. You'll need a zero score (with non-traditional credit like electric, gas etc) or 620.

Fri Jul 10 2009, 11:48
Bob McClure- Mo...
Mortgage Broker
or Lender

48170
FIRST ANSWER

good morning.......the correct answer is yes..assuming you can receive approval from the bankruptcy trustee..since all bk's are public record, it will show on the title committment....it doesn't sound ethical, but it can be done....the biggest problem you face is finding the financing....best regrads.....bob mcclure- success mortgage partners- plymouth, michigan......

Fri Jul 10 2009, 08:37

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