I filed a Chapter 7 bankruptcy and it has been discharged for over 2yrs. How long do i have to wait before purchasing another property?

Asked by Carolann Confused, Memphis, TN Fri Jun 10, 2011

I was caught in one of those ARM mortages. I filed Chapter 7 Bankruptcy before the house went into foreclosure . However , it was labeled as Pre-foreclosure.

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Scott Godzyk, Agent, Manchester, NH
Fri Jun 10, 2011
BEST ANSWER
With an arm you should have simply had them modify the loan into the current fixed rate back then which wouild have lowered your payments, it would have been easier than a bankruptcy. Bankruptcy now stays on for up to 10 years, while in the past 2 years was they to get new credit, the mortgage industry has tightened up so much, people without bankruptcy are being declined.

The only true way to know what you can or can not do is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage programs that you may quailify for.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_i…

Please see my blog for tips and advice on getting a mortgage
Web Reference:  http://www.ScottSellsNH.com
0 votes
Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sat Jun 29, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
0 votes
Gail Starnes, Agent, Memphis, TN
Sat Jun 11, 2011
Normally you have to wait two years after bankruptcy, but you do have to establish credit and make positively sure that your bills have been paid in a timely manner after bankruptcy. You can open a bank credit card, and pay the balance every 30 days when due, and this will help to establish credit, but it is very important to have a record of credit. Most lenders will assist you in making application for a mortgage loan
and advise you when you will be able to buy another house.
0 votes
Stephen Ande…, Agent, Memphis, TN
Fri Jun 10, 2011
Two years is good! Call/email me & I will email you a free list of foreclosures!

Stephen Anderson
Keller williams Realty
901-338-9043
Email: stephenanderson@kw.com
0 votes
Albert Lee, Agent, Germantown, TN
Fri Jun 10, 2011
Have you worked on your credit cautiously since then?
0 votes
RE/MAX On Po…, Agent, Memphis, TN
Fri Jun 10, 2011
2 years to do an FHA loan. You will need 3.5% down payment. Call me and I can get you set up with a lender.

Jason Wallace
KellerWilliamsRealty
901-690-1885
0 votes
Phil Rotondo, Agent, Melbourne, FL
Fri Jun 10, 2011
To be sure, contact your bank or a local lending institution and have them run your credit and your financials. You'll then know for sure.
Web Reference:  http://www.321property.com
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