Going Home
How do you get back into the market of buying a home after going into bankruptcy due to a year of unemployment?
Going bankrupt for the first time after my husband became unemployed due to the corporate down turn, we believe we may go back into the market of buying a home however I suspect our recent credit failure (after always having great credit) may now not allow us to do so. After 25 yrs of marriage and building our credit, I can say the system is broke and does not work. We lost a lot of money last year when our home was foreclosed on due his income going away.
He will not be able to get a mortgage for 2 years after his final discharge. You can still qualify. The question now is income. Do you have income to qualify. After a chapter 7 it is wise to make whatever payments you have on time to try and rebuild your credit. After about two years of doing so you can get FHA type financing. If the foreclosure happened before bankruptcy it is a another mortgage killer. If the house was in both of your names, you both have a foreclosure on record. Foreclosures and short sales hurt your credit more than bankruptcy. With a foreclosure you may not be able to get a mortgage for 4 years or so. In the current environment you are going to need a credit score in the 700 range to even qualify for a mortgage. Just don’t go out and get a 12 percent mortgage that you can’t pay.
Tim Cook
www.timcooklaw.com
Libera Going Home
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