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Answers (2)

- Patrick Nolan, "Bucks County Banker"
- Contributions:239
The minimum time period after the discharge (not the filing) of a Chapter 7 BK to obtain an FHA mortgage is 2-years and a conventional mortgage is 4-years.
You will not find financing until you meet those time periods.
You will not find financing until you meet those time periods.

- Joseph Moore, "Joseph F Moore"
- Contributions:71
I'm sorry to hear about your situation. I want to start out by stating I am not an attorney so take what I say with a grain of salt.
Obviously anything is possible, but I don't think you'll have an opportunity to take out a loan anytime soon. Your bankruptcy hasn't been completely discharged yet as there is a closing out after 3 years. FHA won't touch a bankruptcy until 3 years have gone by. Conventional lenders are 2 - 4 years.
You could certainly sell your home assuming you have equity. If you have a mortgage on the home more than likely that was also a discharged debt which means you have no legal obligation to pay, but you better double check with an attorney.
If you sell your home and there is equity you better check with your attorney as well. Most bankruptcy trustees will only allow a certain amount of cash to be kept. If you sell your house and get $50K you may owe that to the trustee.
You can get a mortgage on a limited income as long as you meet the ratio's and have the credit score. I would recommend speaking with an agent familiar with bankruptcy in your area for more clarification.
I doubt you'd get another mortgage in the next 4 years, but anything is possible! Maybe consider a contract for deed if you have the cash to put down.
Best of Luck!
Joe

Is it possible to sell and get another mortgage after a chapter 7 bankruptcy on a limited income?
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