This really isn’t a yes or no question. It depends on the type of bankruptcy and the type of financing you are applying for in the purchase.
Here is a quick overview that gives you the length of time you must wait before making that next purchase.
FHA financing requires 2 year after discharge on Chapter 7 bankruptcy, 12 months of payment and trustee approval on a Chapter 13, 3 years on a foreclosure, short sale or deed in lieu of foreclosure. … (11 comments)
bankruptcy: Applying for a mortgage with a bankruptcy or foreclosure
- 08/30/11 08:11 AM
The last few years have been difficult and many have had to face very difficult financial decisions. Once you realize that money is going out faster than it is coming in, you know you are in trouble. Many individuals have been left with a decision of either filing a bankruptcy or letting their home go into foreclosure. These are life changing events and not for the better, at least initially.
Just because there was difficulty in the past, it doesn't mean these individuals will never be able to purchase again. It just means that they will have to take time … (4 comments)
bankruptcy: Bankruptcy and buying a home
- 04/20/11 02:05 PM
Bankruptcy has certainly been the last choice for many Americans. The question has been asked of me twice in the last week, so I thought perhaps it would be a good topic for my next blog. For an individual, there are two types of bankruptcy, Chapter 7 and Chapter 13. In a Chapter 7, all of your debt is wiped out when the bankruptcy is discharged. In a Chapter 13, you will be making payment to the bankruptcy court for the trustee to repay your creditors. In order to qualify for an FHA mortgage, you must wait 2 years from the … (4 comments)
FAQ # 10 Can I buy a home after a bankruptcy, foreclosure or short sale?
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