In My Neighborhood in 24530>Question Details

Shelby Wilmo…, Both Buyer and Seller in South Boston, VA

we have just been freshly discharged from our debit , Chapter 7 . Is it impossible to be able to purchase a home now?

Asked by Shelby Wilmoth, South Boston, VA Mon Nov 5, 2012

Help the community by answering this question:


My experience is that you will have to wait a few years 2 - 3 is the general expertise. But yes talk to
a lender in your area and sit down and figure out exactly what you need to do and also what you
absolutely should not do until you get to the point where the lender will be willing to grant you a new
loan, until then be frugal, save money for a future down payment, do not buy a car before you want
to buy a new property and until then rent a nice comfortable property....

At this point you should be glad you are done with the Ch 7 and you should consider it a fresh new
start for you, which will lead to better times, but just be a little patient, and heed the recommendations you are receiving from the lender or lenders.....

Good Luck to you, I wish you all the BEST....
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- or Check out my website at htttp://
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Wed Nov 7, 2012
I agree with Misty's response about talking directly to a lender. However, it has been my experience that my clients had to wait 2-3 years. Talk with a lender you trust, then take the action steps that they recommend to prepare you to be able to purchase.

Good luck.
0 votes Thank Flag Link Tue Nov 6, 2012
Congratulations on being done with that!! Your best bet is to go directly to a lender and talk to them. He or she can tell you if you are ready and if not, what needs to be done so you can buy again. Every lender is different. You will most likely have a higher interest rate due to the history. Good luck
0 votes Thank Flag Link Tue Nov 6, 2012
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