How long after bankruptcy will I be able to buy a house?

Asked about 2 years ago - Tucson, AZ

We lost our house in bankruptcy, and I would really like to be able to buy again. Will it be at all possible to buy one before the 10 years are up? Are there any groups or companies who will work with people after bankruptcy to buy a house?

Attorney answers (3)

  1. Alan D. Walton

    Pro

    Contributor Level 19

    3

    Lawyers agree

    Answered . You can buy a house immediately. If you do not have cash, then you will have to wait two to three years for conventional financing (this time frame is established by the lenders and changes on occasion). Or, if you can find a seller willing to do "owner financing" then it is up to the seller how it will treat your bankruptcy/foreclosure. You are a fairly good credit risk, since you have no debt and cannot file another bankruptcy for years.

  2. James Portman Webster

    Pro

    Contributor Level 15

    1

    Lawyer agrees

    Answered . The only reason you are not able to buy a house is due to not finding the right situation.

    The only reason bankruptcy comes up is that lenders ask and discriminate against for filing.

    If you can find a person who will do a carry back, you could buy today.

    Good luck.

    Jim Webster
    www.jpwlegal.com

    1845 S. Dobson Rd. Ste 201
    Mesa, AZ 85202

    (480) 464-4667
    Jim@jpwlegal.com

    We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

    Please contact me directly with document for a free 30 minute consultation to get more concrete advice. This is... more
  3. Marc Gregory Wagman

    Contributor Level 17

    1

    Lawyer agrees

    Answered . Before the credit crisis after doing a Chapter 7 most people could purchase a home after about 2 years after the bankruptcy discharge. Due to the credit crisis it is much harder to get a loan even if you have money to put down. If the credit markets open up and you have money to put down on a home then you should be fine in a few years.

    The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The... more

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