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Answers (5)
- La Shonda Solomon, "lashondasolomon"
- Contributions:10
Yes! Bankruptcy is not a death sentence; it's a restructuring plan. But the key is re-establishing your credit and making timely payments so that you can achieve an acceptable score. You usually have to wait about 2 years once the bankruptcy has been dismissed. Best of luck to you!
- Kristin Bolinske, "Kristin Bolinske"
- Contributions:11
Hello Lookingtothefuture,
Although bankruptcy is definitely a difficult chapter many people experience remember to keep a positive outlook on things. Just because you had to file bankruptcy and foreclose does not mean you will never be able to buy another house.
There are alternative options for you other than traditional financing such as rent to own, contract for deed, etc. Without discussing your needs and knowing more background, it's hard to provide any sound advice via zillow/email. If you have the time, I would be more than happy to discuss other options with you and try to find you another place to call home sooner rather than later.
Kristin Bolinske,
[content removed by moderator for being self promotional]
Although bankruptcy is definitely a difficult chapter many people experience remember to keep a positive outlook on things. Just because you had to file bankruptcy and foreclose does not mean you will never be able to buy another house.
There are alternative options for you other than traditional financing such as rent to own, contract for deed, etc. Without discussing your needs and knowing more background, it's hard to provide any sound advice via zillow/email. If you have the time, I would be more than happy to discuss other options with you and try to find you another place to call home sooner rather than later.
Kristin Bolinske,
[content removed by moderator for being self promotional]
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
- wetdawgs
- Contributions:26854
Sorry to hear of these difficulties.
Yes, bankruptcy and foreclosure do affect your ability to buy a house. Both have a few years where it is next to impossible to qualify for a mortgage, but it is only a few years.
Spend the next few years building up great credit, a hefty down payment and then when the years are up you may be ready to be a home owner again.
Yes, bankruptcy and foreclosure do affect your ability to buy a house. Both have a few years where it is next to impossible to qualify for a mortgage, but it is only a few years.
Spend the next few years building up great credit, a hefty down payment and then when the years are up you may be ready to be a home owner again.
- Randy Hooker, "GoingForIt"
- Contributions:395
Yes, you should be able to build up your credit scores to qualify for buying a home. But... it will not happen quickly. Depending on the type of loan you seek, it will most likely be 4-5 years. Best of luck!
Will I still be able to qualify for a home loan after filing bankruptcy and foreclosure?
We had our own business and unfortunately had to close the business and file bankruptcy which then forced us to foreclose on our home. Will we ever be able to qualify for a home loan in the future.
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