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Bankruptcy & Foreclosure

Posted on: 15th Jun, 2009 07:48 am
We had to file bankruptcy and include our home :cry:
We have moved from the home and the bank is now starting the foreclosure process. The bank has asked me if I want to sell the house. I am being told that if I can sell the house, then I may have a better chance to get a mortgage in the future. So my question is:

Are the chances slim to none that we will not be able to get another mortgage loan in the future? And if we will be able to how long should we wait?

Thank you
Need some advice

Welcoem to the forum

I think you want to ask this question to your Banruptcy attorney, just to eb on the safer side

but in general it may 3 -4 years before you can really buy a house

good luck
Posted on: 16th Jun, 2009 12:12 pm
I think it would be more than 3 to 4 yrs..it depends upon the situation.
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Posted on: 22nd Jun, 2009 11:06 pm
If you can sell the home and pay back the amout to the bank then it won't be considered a big issue and you will be able to get the new mortgage loan.So in my opinion you should sell the property and pay the amount to lender.

this will be also good for your credit .you can get the fresh mortgage in coming 3 yrs.

:arrow: :arrow: :arrow:

keep in touch.........
Posted on: 24th Jun, 2009 04:18 am
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