Profile picture for shorty 2

i filed chpt 7 how long should i wait to buy a home ? can my wife be the first on the loan?

  • August 25 2009 - West Palm Beach
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Best Answer

As someone who has gone through this already I can tell you that after 2 years it is unlikely that you will be able to purchase a home. My advice, get a secured credit card, or store card, charge about $100 per month and pay it off EVRY month, this will help establish credit. Once youve done that for a while get an unsecured card and repeat the same thing.  It took me about 4 years before I was able to get a pre-approval for a mortgage after my chapter 7 filing.
  • August 26 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Two years from the charge off date but you as Sherri has stated - you need to start working on credit now.  You can't be on the loan at all even with wife 1st.  And she can only be first if she has more income.
  • August 26 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

shorty 2, The minimum length of time before applying for a mortgage after a chapter 7 is 2 years from the date of discharge.  You will also need to start now in re-establishing your credit.  Even after the 2 years have elapsed, if you have not re-established good credit, you most likely will not be approved for a loan.  Yes, your wife can be first on the loan, but it will not help at all if you have not rebuilt your credit.  The representative credit score used in obtaining a mortgage is the middle score, of the lowest scoring borrower.  In other words, if your wife's middle score is 750, but your middle score is 600, the 600 score will be used for qualifying purposes.  Best wishes.
  • August 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A Chapter 7 bankruptcy stays on your credit report for 10 years from the date the bankruptcy is discharged.  This will negatively impact your credit and reduce you chances of obtaining a mortgage. 

Linda Bassitt, P.A.
[self-promotional post, removed by moderator]
  • August 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.