Posted on: 05th Apr, 2008 07:15 pm
I recently filed Bankupty, It has been dismissed. I live in a 2 bedroom townhouse paying 550.00 a month. I have for about 3 yrs now. I am married and have 2 kids. We need a bigger place. so what am my option. stay here-condo-house.
A bankuptcy usually stays on your records for a longer period of time, I believe it is 7 or 10 years, so I think that you will have a hard time getting financed right now until more time has passed. Usually the bankruptcy question will come up and they won't even consider you if it has only been a few years.
Welcome to Mortgagefit Ddaltaun,
There are two types of bankruptcy (Chapter 7 and 13). Chapter 7 stays on your credit for 10 years and chapter 13 stays on your record for 7 years. After two years of filing your chapter 7 you would be in a good position to purchase a home. After four years of filing chapter 13 then you will be in a good position to purchase a home. This depends on if you have been making consecutive on time payments for 12 months. You must also show that your income is 2-3 times more than your housing expenses. All these are key elements to the lender. To build up your credit you must purchase a credit card and pay on time for 12 months straight.
Thanks and good luck,
Jeanette Smith
Mortgage Planner
Union Mortgage Group
There are two types of bankruptcy (Chapter 7 and 13). Chapter 7 stays on your credit for 10 years and chapter 13 stays on your record for 7 years. After two years of filing your chapter 7 you would be in a good position to purchase a home. After four years of filing chapter 13 then you will be in a good position to purchase a home. This depends on if you have been making consecutive on time payments for 12 months. You must also show that your income is 2-3 times more than your housing expenses. All these are key elements to the lender. To build up your credit you must purchase a credit card and pay on time for 12 months straight.
Thanks and good luck,
Jeanette Smith
Mortgage Planner
Union Mortgage Group
