Real Estate Blog – Condotron

Condos – Properties – Real Estate – Mortgages

07 Aug

Buying a House After Bankruptcy: The Steps!

Posted in Bankruptcy, Real Estate on 07.08.09

BankruptcyBuying a home after filing for Bankruptcy is something that many people have no idea how to do.  Filing for Bankruptcy is a serious thing and it truly does mess with your credit score – your credit score is the thing that will allow lenders to trust you enough to lend you enough money to purchase a brand new house.  Your credit score will go down immensely when you file for Bankruptcy, but that does not mean that there is no way to recover from it.

Bankruptcy is not the end of the world, however – it will mess you credit up for quite a while and the first thing that you need to do, is make sure that you make all of your payments on time.  Showing the lenders that your payments are on time every month will help your credit get back in the green instead of the red.

Also, when you file for Bankruptcy, it depends which chapter you file for, but you might have to wait anywhere from one to three years in order to purchase a brand new house.

tags: , , ,

No Comments »