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How long to buy a house after foreclosure and Bankruptcy chapter 7?

I field a chapter 7 BK 1 1/2 ago. Its discharge on 3 CR already . How long do I have to wait to buy a house?
  • May 08 2012 - US
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Answers (7)

You would just have to wait 2 years after the discharge. The foreclosure property (if it's a property involved in the BK) may take a year or two to actually transfer to the bank. [self promotion  deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • May 15 2014
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2 Years with us.

 
  • May 15 2014
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Bankruptcy chapter 7 = 2 years with us.

It can be confusing and deflating to consumers who have to wait 2-7 years after the unfortunate incident of a Foreclosure or Short sale or Deed in Lieu. Most of these consumers are now renting from a landlord or are living with family or friends to have a roof over their head. However there is a solution to help these consumers get back the Pride of Homeownership and Not have to wait years to buy their home again. Feel free to contact me so I can share the right path to your new home goals.

  • May 14 2014
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I had to wait just 2 years before I was eligble. [Hotlinks removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  • July 12 2012
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Be careful.  You stated that a foreclosure was included in your BK.  If the foreclosed prior to the BK (meaning the home was sold and is no longer in your name) then you have to wait 3 years from the date of the Foreclosure and 2 years from the date of the BK discharge.

If the house was not foreclosed on and you actually still own the home then the Foreclosure clock has not started ticking yet.  Even though you no longer are responsible for payments on the house due to BK you may still technically be the owner.

Make sure you have the paperwork showing the transfer of the property out of your name.  You should have received a notice from the court stating that the house was up for auction a specific date.  You can then access county records to see the transfer of the property out of your name.  Also make sure you have you full BK filing and the notice of discharge.  Many of the credit bureaus have dated information and your lender may need to have the reports updated.  They can only do this with documentation.

Good luck
  • May 12 2012
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A foreclosure was included in my bankruptcy chapter 7, how long is the real time for FHA 2 or 3 years? Thank you 
  • May 11 2012
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With Chpater 7 Bankrupty typically 2 years for FHA financing and 4 years for conventional.   Sometimes shorter periods are allowed if there were extenuating circumstances.

Foreclosure will be 3 years for FHA financing and 7 years conventional.
  • May 08 2012
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