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Do I have to file bankruptcy to purchase another home?

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dlm11133 Joined: 10 Mar 2011 Posts: 2 1.49 Dollars($)	Posted: Thu Mar 10, 2011 3:02 pm    Post subject: Do I have to file bankruptcy to purchase another home? Like 0 Dislike 0 We lost our home to foreclosure in 2008 (DE). When we bought it WF gave us a 1st and 2nd mortgage. We still have the 2nd mortgage from the house of $72k in which we get a statement maybe quarterly. We cannot afford to pay it with our current rent and bills. Would it be best for us to file Chapter 7 or 13 and if we do, would we be able to buy a home in the future while in the mean time rebuilding our credit and saving for a down payment?? Hoping you can help.
jameshogg Joined: 20 Dec 2005 Posts: 10443 Location: Nevada 984.98 Dollars($)	Posted: Thu Mar 10, 2011 11:02 pm    Post subject: Like 0 Dislike 0 Hi dlm, If you have various other unsecured debts which you want to get rid off, then it is better to go for Chapter 7. However, in order to file Chapter 7, you'll have to clear the means test. You can contact a bankruptcy attorney and he will help you in this matter. After the Chapter 7 discharge, you'll have to wait for 2-4 years in order to qualify for another loan to buy a new property. Thanks
dlm11133 Joined: 10 Mar 2011 Posts: 2 1.49 Dollars($)	Posted: Fri Mar 11, 2011 8:05 am    Post subject: Like 0 Dislike 0 jameshogg, Thanks for your reponse. Will I be able to get a good rate if I am successful at getting my credit score over 620 after 2 years since the BK will still be shown on my credit report? I know the higher the score the better the rate but would that get me a decent rate?? Thanks.
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Fri Mar 11, 2011 9:08 am    Post subject: Like 0 Dislike 0 Hi dlm11133 With 620 score,you would be in position to secure a FHA loan but it won't assure you the best interest rates.Surely you will get a decent rate.Best part of the FHA Loan is there are no pre-payment charges. But it is not the case that FHA loans are the best loans available in the market,you could still find some good deals which may beat the FHA loan. BK will be shown on the credit report even after 2 yrs from discharge of BK but you could be eligible for the FHA loan after 2 yrs from discharge.Most companies do approve that. Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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