Financing in 60290>Question Details

lavitaharper, Home Buyer in Alsip, IL

what if you filed bankruptcy and your discharge papers come in next month. How does that work?

Asked by lavitaharper, Alsip, IL Mon May 20, 2013

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Are you looking to make a purchase soon? If so, Mary Kay's response was excellent. Good luck! Hilary
0 votes Thank Flag Link Wed May 22, 2013
What is the question ? Please elaborate
0 votes Thank Flag Link Wed May 22, 2013
email me at jmichaels@remax.net and I will get you in touch with a good source for your answer
0 votes Thank Flag Link Tue May 21, 2013
Hello Lavita, Not sure what you are asking for, however your discharge date if very important If you are looking to purchase a property.

You have to go by the timeframe for Conventional (Freddie and Fannie) and FHA mortgages from discharge date.

If you filed Chapter 13, it 2 years from the discharge date for a conventional mortgage (Fannie and Freddie), and 1 year of satisfactory payment performance for FHA

If you filed Chapter 7, it is 4 years from the discharge date for Conventional mortgages and 2 years for FHA.

During these waiting periods, you have to have very strong credit, in other words, paying every bill, credit card, rent and installments on time, never a day late.

Save your money for as large of a down payment as possible. 20% or more down payment will help you also.

Good luck!
0 votes Thank Flag Link Mon May 20, 2013
Is it a Chapter 7 or Chapter 13? Big difference.
Nick Radakovich Home Sales Realty nick rxhc@yahoo.com
0 votes Thank Flag Link Mon May 20, 2013
Please elaborate more on your question?
0 votes Thank Flag Link Mon May 20, 2013
No sure what's the question .....
0 votes Thank Flag Link Mon May 20, 2013
If you are thinking of purchasing, spend the next 2-3 years saving your money for a down payment and improving your credit. In the meantime rent or live with family.
0 votes Thank Flag Link Mon May 20, 2013
Are you asking a question about Purchasing a property? I am not sure what your question is.
0 votes Thank Flag Link Mon May 20, 2013
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