I moved from Florida and would like to purchase again.. http://www.nolo.com/ legal-encyclopedia/when-can-i-mortgage-after-bankruptcy.html. In most case after your bankruptcy is discharged, you will have to wait about 2.
can u buy a house after filing chapter 7 bankruptcy? Find answers to this and many other questions on Trulia Voices, a community for you to find and . Get answers, and share your insights and experience.
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In a Chapter 7 situation, you will need to wait 2 years after the discharge if the bankruptcy was beyond your control or 48 months if it was due to financial mismanagement. In a Chapter 13, you’ll need to wait for 24 months after receiving your discharge or 48 months if the case was dismissed by the court.
Buying a house after bankruptcy might seem like an impossible task at times. Even though it is going to be difficult, it is very possible for you to purchase a house.
What if you don’t have that "economic event"-the loss of 20% or more of your income. You still have the same question. How soon after bankruptcy can I buy a house. That rule is two years after the bankruptcy discharge, two years after s shortsale or deed in lieu, three years after a foreclosure.
You must wait 2 years after Chapter 7 bankruptcy discharge for a to qualify for FHA, and 4 years after a Chapter 7 discharge to qualify for a conventional loan. Buying a Car. You can buy a car while still in Chapter 13, but you need to get the trustee’s approval. After discharge, your approval will really depend on your credit score.
If you have received a Chapter 7 discharge you may be able to get a mortgage loan within 2 years. Perhaps even less if you qualify for certain.
The Day After. It’s possible to apply for a loan the day after the bankruptcy is discharged — not filed, but discharged. Chapter 7 bankruptcy takes a few months for the process to be completed. Chapter 13 takes 36 to 60 months to reach the discharge, but you can buy a home within that time period.
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example of letter of explanation for mortgage Letter of Explanation Sample – Lender411.com – How to Write a Letter of Explanation for a Mortgage Lender. For example, if a borrower’s income is lower in the recent year compared to years previous in the same position, a mortgage underwriter may request a letter of explanation to clarify the discrepancy. It may be that the borrower has an even that required a period of absence,