Buying A Home After A Chapter 7 Bankruptcy & Foreclosure
I filled bankruptcy and foreclosed on a home 2yrs ago. I am now looking at the possibility of purchasing a home. Will I be able to purchase another home that soon after foreclosure? What can I do to increase my chances of purchasing a home in the future at a decent rate? How long does it take for a foreclosure to be removed from your credit report?
Any information would be appreciated.
Thanks, : :-?
In order to get a loan you will need proof that the house has been taken over by the bank or the new owner two years ago. The rate will be determined on how well you cleaned up your credit after the forBK and the foreclosure. If you left it up to your attorney, well I would say you had better get a copy of you report and check it out. It everything has been taken care of properly you could get a conforming rate. You would be eligle for a fannie mae freddie mac loan.
Lori
[addsig]
Thank you Lori.
Your information has been very helpful.
I filed a Chapter 13 Wage Earners plan where all collateral debt (house & cars) were paid in full, remaining dept at 10% in 1991. It was completed/discharge in October of 1994 after paying everyone. My wife & I actually purchased our home in August of 94. I was told 7 years and it's off the record. Found out later it's actually 10 years. So it won't be off completely until October. However, since starting REI last June I have two SFH rentals and in the process of buying a duplex. Rates slightly higher then those whose records are clean but I have been working hard to keep all other debt in line and up to date. There are no magic tricks to cleaning up your credit report (see other posts), just consistent on-time payments.
Good luck!
Thanks
Quote:
There are no magic tricks to cleaning up your credit report (see other posts), just consistent on-time payments.Actually, there are plenty. :-D
Check
www.creditinfocenter.com
www.crediboards.com
www.artofcredit.com
www.creditnet.com
8-)
http://www.mix6.com/credit/index.html
is a good source of credit information as well. Good other sources listed in this thread.
be prepaired to pay a higher rate, the banker will be rubbing his palms together as he sees you coming. its amazing what they can get away with on just looking at a score
