Profile picture for alry69as

When can I buy a property after Bankruptcy/Foreclousure and what type of loans can I qualify?

I filed for bankruptcy in 7/2007 due to the loss of my income,  at the time I was living in Hagerstown, Maryland and I had two properties, which I filed too. I was discharge on 12/01/2007 and I know the properties got sold in 8/2008 and the other one in 11/2008 I moved to Columbus OH on 6/2008 Please let me know the date when I can apply for a mortgage loan. Thank you for your time.   


Respectfully;

Jorge Cordova
  • June 01 2010 - Columbus
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Answers (9)

Profile picture for SteadyState
The tax payers of Maryland than you for your service to the nation. Maryland is rejoicing in the fact that you are now an Ohio resident.
  • January 12 2011
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You were eligible to purchase a primary residence property on December 1st 2010.  Assuming your credit is over 600 and you have a strong two year work history you should contact a Zillow lender to be pre-qualified.

Hope this helps.

Paul
  • January 11 2011
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Profile picture for Ask JENNIFER
You can apply right now!  Most lenders require a bankruptcy to be discharged for at least 2 years.
I'll be glad to help
Jennifer
[contact info removed by moderator]
  • January 11 2011
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i would think you are fine to apply now ...it really depends on what you have done with your credit since the bk
  • January 10 2011
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Profile picture for Bob18781
Everything is on a case by case basis based on a number of variables. Discharge date certainly will play into things. You would would want to check with a qualified lender... At this point it may certainly be worth looking into - if you would like to have any suggestions on lenders or mortgage brokers please feel free to conatct me :)
  • July 14 2010
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Profile picture for OhioPrettyHomes
Hi, the general guideline is that you are eligible to apply for an FHA loan as eearly as 2 yrs after your BK discharge. If the properties were part of your BK then that would take of those, of they got foreclosed on then you would have to wait 3 yrs. I suggest you consult with a capable loan officer.
  • July 05 2010
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I would say the most important thing is that you get your credit score back up. Thats what they'll be looking at when your applying for a loan.
  • June 07 2010
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Profile picture for Mr Caveat
unless one of them was on a VA loan, its not when the property sells but when bankruptcy was discharged. the correct answer is at leas 2 years, but the practical answer is probably longer unless you can get your credit score back up in a hurry...

oh and please dont call troy because his blatant self promotion irritates me and because if he cant follow zillow's ToS then he probably cant follow his code of ethics either... just saying
  • June 07 2010
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Jorge,
I would be happy to help you out with your situation.  You are right on the cusp of being able to purchase again no matter what as long as you intend to occupy the property as your primary residence.  It is all going to depend on how the properties were reported to the credit bureau's.  When you get an opportunity give me a call directly at [contact info removed by moderator] nd I would be happy to talk over your specifics with you and get you in touch with a local lender that could help determine for sure whether you qualify or not.  I look forward to hearing from you. 
Regards,

Troy Marsh
Keller Williams Capital Partners
[link removed by moderator]
  • June 07 2010
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