bankrupcy and purchasing a home

Guest 0.10 Dollars($)

I am currently filing bankrupcy with my spouse I have a home in NJ and we would like to move to VA soon, with the bankrupcy can I move to a diffrent state, would I be able to get a new mortgage for a home if I sell the NJ home. How long after filing for bankrupcy would it take to purchase a new home. My spouse went through foreclosure of his home 2 years ago and is concern about the second morgage company comming after him. We tried getting in touch with them but to no help. Our bankrupcy lawyer says even though they do not report it in his credit report he is still responsible for the debt. Other than this debt our credit card debt is($35,000) we could pay this out in years to come. Do we file bankrupcy to cover the 2nd morgage how do we find out what is best.

adonis · Posted: Sun Aug 31, 2008 11:24 pm Post subject:

Welcome guest,

What type of bankruptcy are you filing? It doesn't matter as to which state you move in. Buying a home after bankruptcy depends more upon the Chapter you file.

Regarding the second mortgage, I suppose the lender has charged-off the debt which implies that he considers the debt to be uncollectible. Just check your credit report as to whether it mentions anything such as charge-off.

Caron

Hi guest,

If you have filed chapter 7, then you'll have to wait for 4 years after the discharge in order to get a conventional loan at a favorable rate of interest. For FHA loans, one needs ot wait for a period of 2 years after the discharge. Know more on FHA loans after bankruptcy .

Good luck

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