Home buying after #7 Bankruptcy

Asked by Rose Delatorre, Tulare, CA Sun Apr 5, 2009

Due to a head injury I couldn't work and my wife had to stay home and care for me so we lost everything. We had great credit before the accident and have had since, can we buy a home again or must we rent?

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Stew Keene, Agent, Scottsdale, AZ
Mon Apr 6, 2009
Rose,

Have your Realtor look for homes that a seller will carry back a mortgage. Consult with a lender that can qualify you for the mortgage for the home if you have good credit before writing the offer.

You will need a down payment and the mortgage purchase should be handled through an escrow company.

While you are purchasing your home, start re-establishing your credit. If you do this, are employed and are saving money while maintaining the home you should be able to pay off the original seller and have your own mortgage in place with the seller removed.

Best of Luck!

Stew Keene
Inspire Realty Group
Scottsdale, AZ
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Donald Keys, Agent, Phoenix, AZ
Sun Apr 5, 2009
Disclosure: Consult your legal counsel and tax professional when considering a home purchase

Rose, in general you can purchase a home 2 years after Bankruptcy. You would want to talk to a mortgage professional who can give you more specific requirements.

If you need a recommendation for a mortgage professional, a list of homes in Avondale or have a real estate question, feel free to contact me at my website below.
Web Reference:  http://www.TheKeysTeam.com
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