Could I buy a house after my bankruptcy is discharge?

Asked by Juanman911, Chicago, IL Mon Oct 22, 2012

I just had my meeting with the trustee for my bankruptcy. And now have to wait 2 months for the discharge letter. I'm trying to buy a house that is either foreclosure or short sale.. Seen couple of houses on different site in the Chicagoland area. I make about 30k yr but make extra 2k each weekend cash for security. My thing is, is there lenders that could help out in a way or do I have to wait 2 yrs.

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Victoria Coc…, Home Owner, Chrisney, IN
Wed Oct 24, 2012
you will have to wait two years before you can borrow and only then if your credit scores are high enough.
It will take forever to get financing after BK
It has been four years for us and still no one will lend to us.
If you have the cash for the home great that is the only way you will get it or try land contract with the seller.
1 vote
Have you been able to begin to establish credit after the BK? I have a couple of suggestions for you. Joanna 773-327-3580.
Flag Mon Oct 29, 2012
Bill J Delig…, Agent, Naperville, IL
Mon Oct 22, 2012
If you want traditional financing you must wait a few years.

If you have the cash, then you can purchase whenever you want.

Else borrow money from the friends and family network.
1 vote
Jorge Vega, Agent, Chicago, IL
Mon Oct 22, 2012
I would suggest you speak with a lender. Some banking institutions require you have at least three years of good and active credit since the day of your discharge. Best way to find out is to speak with three loan officers one from a major blockbuster bank and the others from small community banks. Good luck!
1 vote
Charles D Va…, , Columbus, OH
Fri Jun 28, 2013
Chapter 7 is 2 years from discharge date with on time payments. Chapter 13 is one year from discharge with ontime payments. Shortsale or Foreclosure is 3 years from completion date. Call me if you need to fix credit and get qualified. I am good at that. 614-458-1903
0 votes
, ,
Thu Jun 27, 2013
Hello Juan,

Depending on the bankruptcy, (Chapert 13 or Chapter 7) you will have to wait at least 2 years with stellar payments in your credit report - in order to purchase a property.…

This is a timeframe matrix that shows waiting periods not only for Bankruptcy, but also shortsales, foreclosures etc. for all the different mortgage types- conventional, FHA, VA, Jumbo etc.
0 votes
Patti Kane, Home Buyer, Boulder, CO
Sat Jun 22, 2013
I had a short sale last year and my Realtor recommend for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes
Joanna Weiss, , Chicago, IL
Mon Oct 29, 2012
You will need to wait for 2 years after the BK discharge. Now you will be able to start working to improve your credit. I have some suggestions for you. Joanna 773-237-3580.
0 votes
Peter Kedzior, Agent, Elk Grove Village, IL
Fri Oct 26, 2012
FHA mortgage is your only chance of getting financing. If your credit score is at least 620, you should be able to obtain an FHA mortgage as soon as 2 years after your bankruptcy.
0 votes
Juanman911, Home Buyer, Chicago, IL
Tue Oct 23, 2012
Thanks Bill, I do have the cash for it.
0 votes
Juanman911, Home Buyer, Chicago, IL
Mon Oct 22, 2012
Any mortgage lender I should ask?
0 votes
Matt Laricy, Agent, Chicago, IL
Mon Oct 22, 2012
I would say no you can not. But I would call a lender to check on it.
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Mon Oct 22, 2012
Hi Juan,

First, speak to an attorney, that's the best resource.

That said, yes you will have to wait out the 2 years (or more) AND maintain your credit in good standing, meaning pay according to the plan in a timely manner.

Good luck!
0 votes
, ,
Mon Oct 22, 2012
You will need to wait 2 years from your discharge date as far as conventional lenders go
You may be able to do something with a large down payment and a hard money lender
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes
Gemini Tamon…, Agent, Morton Grove, IL
Mon Oct 22, 2012
You should check with a lender to see if they will qualify you. Also, seek legal advice to make sure.
0 votes
Allan Erps, Agent, Pearl River, NY
Mon Oct 22, 2012
Am not certain you can. In my area the waiting period is generally 3-7 years but seek legal advice.
0 votes
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