Posted on: 26th Jun, 2010 08:09 am
I filed for Chapter 13 in Nov 2008. I have gotten a raise since then and am about to get another significant raise in a month. I've considered dismissing my case and paying my creditors directly so i can buy a house until i found out that it negatively affects your credit. I would be a 1st time home buyer. When I filed, I moved my large family into a small apartment in a questionable neighborhood (home has been robbed 3x, kids beat up, etc.) to save money . We need more space and I want my kids in a safe place but it costs more to rent a house than to buy one. If I'm paying inflated rent, I can't save for a house but I can in this apartment. My bankruptcy payments are only 150 a month. 2 years after discharge (Dec 2013) is too long to spend with my kids in this environment. Can I get a mortgage a few months before discharge if I bring my score up high enough (around 600 now)? Any advice?
You will have to wait atleast 1 year after a Chapter 13 BK and raise your score to 620.