Bk 7 discharged sept 2012/ house foreclosed 12/2012. I need to purchase a car but don't want it to effect the future house

Asked about 1 year ago - Lilburn, GA

1st priority is buying a house when I can, when will that be and can I purchase a car before that and still be able to buy a house after 2 or 3 year after bk7. Just need help knowing when I can or should do this.

Attorney answers (3)

  1. Robert M. Gardner Jr.

    Pro

    Contributor Level 18

    Answered . The bankruptcy itself will not cause you to be unable to purchase either, although it may take a while for your credit to rebound. I do know that many mortgage lenders will not lend until at least one year after the foreclosure, but there is no rule set in stone. As to whether or not a car would affect this, lenders for mortgages look primarily at income and debt ratio. Incurring debt on a car would affect the latter. I suggest speaking to a mortgage company to have them look at you for prequalification purposes before you finance a vehicle to see where you stand.

    The above information is general in nature. In order to obtain more specific and legal advice upon which to base... more
  2. Scott Benjamin Riddle

    Pro

    Contributor Level 20

    Answered . Those are questions for lenders, not lawyers, and are based on your other circumstances.

  3. Glen Edward Ashman

    Pro

    Contributor Level 20

    Answered . None of your question is a legal one, as car and house lenders all make their own lending decisions.

    Your 2012 house foreclosure will stop some lenders from loaning on a house for one to three years. And all lenders for the next ten years will know about the bankruptcy, and that may or may not affect borrowing and rates.

    ATTORNEY GLEN ASHMAN 404-768-3509 www.glenashman.com . If you find this answer helpful, please mark it here... more

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