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Buying a House after Bankruptcy
Below are the perspectives of some WikiAnswers contributors:
* First, any bankruptcy must be "discharged" by the court. You also cannot be in any "Credit Counseling" or other programs that take over your finances. It is actually easier to buy a house than a used car. The "lender" is looking to meet several criteria. Debt to Income ratio, Stability and time on the job. Money in the Bank and bounced check history.Any Retirement or 401 K assets. In America money solves all problems. A big down payment means business.
* I am a Mortgage Lender and with a 15% downpayment plus closing costs, you can almost always find mortgage financing 1 day after the bankruptcy is discharged and filed at the courthouse.
* Many times if you have a home already and enough equity you can refinance right out of bankruptcy altogether, or refinance out of filing. You will need a broker who is willing to do a lot of work for you and a Bank is not the place to go for you until you have rebuilt your credit rating.
* I have spoken to several mortgage lenders, and almost all of the lenders agree that two years is the amount of time after your bankruptcy discharge that it takes to be able to get a decent mortgage. Granted, you may be able to get a mortgage sooner, but your terms (i.e. interest rate, etc.) will not be as attractive as it would be if you can wait 2 years. Considering that you'll be paying that interest for up to 30 years, it definitely saves you a lot of money if you can wait long enough after the discharge to get a good interest rate. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
* I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for Fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 12 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. Depending on your income, credit score, and trustee rating (if in a chp 13), you can qualify for upwards of 100% financing. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of.
* It is not a question of time. If you qualify, you could buy a house the day after your discharge. If you qualify by having a large down payment, you may find yourself trying to explain to the bankruptcy judge where you got a 15% down payment (around $30,000 for the average house) when your Chapter 7 documents my penus showed a lot less. Beware of mortgage lenders. There are still unreconstructed scam artists out there who will take your money and give you nothing but grief. There are some special programs for first time home buyers, but those usually require a history of good credit, a steady job and often some money in savings. Again, unlikely in a near post-Chapter 7 period. Pay your bills on time, save some money, keep the same job for a while. The more down-payment you can make, the better your chances - as long as you were not hiding assets in the Chapter 7.
Read the full article here: http://wiki.answers.com/Q/How_soon_after_Chapter_7_bankruptcy_can_you_buy_a_new_house
"A lobbyist group has taken up the fight against exorbitant HOA collection fees that illegally threaten homeowners with foreclosure and negatively impact Nevada consumers, coalition leaders said Tuesday..."
48 properties for sale in Green Valley and Silverado Ranch with pools, 3bd, ranging from $104k to $1 Million
-These are NOT Short Sales.
-48 properties for sale in Green Valley and Silverado Ranch with pools, 3bd, ranging from $104k to $1 Million:
If you are interested in any of these homes, please fil out the contact form on the "Buying Real Estate" tab above and send us the ML #'s of the homes you like. We will schedule a showing and take you to see these homes.
Here are some reasons why to choose property investment.
# The power of "Leverage"
To invest in our properties have the option to not use 100% of our money, but by using other people's money (OPM). One of the most common source is the money the bank loans.
# Relatively low risk
In general, investment in property is not like investing in the stock market where prices in one day can go down and up quite significantly. Only in certain situations where the economy was bad, property investments may be affected slightly.
# Two sources of income: rental and capital gains
Property investment offers a combination of rental income and capital gains. Investing in property is not only going to give us a positive cash flow but also the potential capital gains depends on property price increment
# Full control to increase the value of property
If you have a property, you have full control of how you will increase the value of the property. There are many ways that can be done to increase the value of property, ranging from very simple things like painting the property.
# Safe and sure investment in the long term
Property prices usually will not fluctuate so much. In general, it may take some time for property prices change over time. This is different from the stock market for example where prices can change dramatically in the evening.
# Protection against inflation
Unlike a savings or deposits where interest is given is usually much lower than the rate of inflation, property prices usually follow at least the inflation rate. In this case, investing in property is still a better option to protect them from inflation.
Website Face Lift
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