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How long do I wait to buy home after chapter 13 dismissal?

Posted on: 24th Mar, 2007 04:11 pm
My Chapter 13 was dismissed in 2003. How long does it take after a dismiss will I be able to optain a home loan. My credit was pulled, since I have not optained any credit I do not have a credit score at this time. I had to supply other credit refer stating that in the last 12 months I have not been over 30 days late. EX. Rent, insurence, cell phone, etc... Then the lender saw that the 13 was dismissed not discharged she said I would not be approved for a home loan.

How long will the 13 haunt me??? So far it has been 4 years????

Hi Gonzkat,

Welcome to the forum.

Being dismissed in bankruptcy is no doubt frustrating. But try to come out of it. Life has to move on. In several cases, a dismissed bankruptcy debtor may have the same options as a debtor who hasn't filed one. But there are several lenders who may not be willing to provide any financing option.

There may be a number of subprime lenders offering you loan at a high interest arte in account of your dismissal. But I shall suggest that you stay away from such lenders currently.

It's true that it has been 4 long years but then it will be better if you can re-establish your credit to some extent. At least a decent score will help you qualify for a loan at more or less affordable interest rate.

You may start of with a credit card and try to make regular payments in time. From time to time, you can fetch a free credit report from the bureau and find out whether your score is going up.

Hope this helps..

God bless you.

Posted on: 25th Mar, 2007 09:31 pm
You can also try out the secured cards, those will help you slowly re build you credit profile. Making payments on time is the key and if you can do it then you will start to see improvements in score within a few months itself.
Posted on: 26th Mar, 2007 02:22 pm
'How long will the 13 haunt me??? So far it has been 4 years???? "

A dismissed chapter 13 will remain on your credit report for 10 years from the date it was filed Gonzkat.
Posted on: 14th Apr, 2007 05:10 pm
edited per forum rules
Posted on: 24th Apr, 2007 06:04 pm
Hi JKleiser

why is it easy to get home loans after getting bankruptcy discharge? Why do lenders not offer loans after dismissal?How long after a dismissal will I be able to get a home loan. pls advise
Posted on: 24th Apr, 2007 11:46 pm
Welcome Jessica.P

It varies from one lender to another as when you will be offered home loans after dismissal from bankruptcy.
Posted on: 25th Apr, 2007 05:38 am
The reason for the difference in a dismissal and a discharge is simply the IMPLICATION that you didn't complete the plan as it was agreed to. In a discharge, the court affirms that you completed the terms of the bankruptcy as directed by the court. In a dismissal, for one reason or another, you decided to cancel, walk away, flake out or just disappear on the process.

Still, 4 years would be enough time for several loan programs I can think of off the top of my head, so why not start talking to lenders to get more information?
Posted on: 26th Apr, 2007 12:16 pm
How long does it take a dismissed chapter seven if it takes seven years for a chapter 13? Who do you appeal to to have it removed from your credit profile?
Posted on: 25th Jan, 2008 05:58 pm
It might be worth disputing it with the credit reporting agencies. I have seen them take a dismissed bankruptcy off the credit report before. It just may be worth it since it is free to do this. Don't pay anyone else to do it for you since you can put the request in yourself.
Posted on: 26th Jan, 2008 11:24 pm
I am so glad I found this site. My husband and I are in a similar situation. Our 13 was filed in 2005 and dismissed in 2006. My husbands scores are 645-656, and we are still being denied! Please, please advise. Do you know of any lenders who would be willing to take a look at our file?
Posted on: 08th May, 2009 07:54 pm
hi dd,

you will be able to get fha loan after 1 year of discharge of chapter 13 bankruptcy. but to get a conventional mortgage, you'll have to wait for 2 years after the discharge.

with a credit score of 645-656, you will be able to get a fha loan, but for conventional loans you would require a credit score of 700-720. did the lender give you any specific reason as to why you loan request has been rejected?

Posted on: 08th May, 2009 11:14 pm
with a dismissal of the bankruptcy, you ought to be able to find someone with enough sense to grant you a loan. those credit scores are perfectly okay for fha loans, and for conventional loans as well, depending on your down payment.

there are a lot of nervous underwriters out there, but if you can provide a reasonable explanation for what occurred in 2005/2006, i'd have to think you could settle a few nerves and get approved.
Posted on: 09th May, 2009 06:32 am
I am a current homeowner,and I am looking to buy a larger home. My credit score is 680 and I have never paid my mortgage late. How hard do you think it would be for me to be approved for a loan for a larger house?
Posted on: 10th Jul, 2009 09:36 pm
I am sorry, and my chapter 13 was discharged 6 months ago.
Posted on: 10th Jul, 2009 09:40 pm
with a bankruptcy on your record at all, it's not easy. with one that has just been discharged, that'll make it more difficult. however, having completed your chapter 13, you ought to be able to find someone to assist you.
Posted on: 11th Jul, 2009 04:26 am
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