Can you buy a home after filing bankruptcy if the current mortgage was not included in the bankruptcy?

Bankruptcy A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs.An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner.

Additionally, the lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e. , all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction ans You can buy anything you want.

But getting a loan is a different story. You should understand the differnce. All things, including your mortgage HAD to BE included in you BK or you commited fraud and lied to the court Criminal acts.

Also not god for getting anyone to loan you money In todays and any reasonable expection of the futures lending environment...where even excellent credit and history requires scruitniny and more...you, a bankrupt that hasn' t paid prior obligations nor apparently even understand that you don't actually buy and own something until you pay for it...have little chance of finding someone to lend you money for sometime. Well maybe at much more of a cost than those that understand these basic concepts would agree to pay and know they could afford. You now become a good mark for preditory lenders ans The 2nd answer above seems to be more of a moral answer than a legit answer.

The reality is that you CAN file bankrutpcy and keep the mortgage outside of the bankruptcy. We help clients every single month that have had the misfortune of filing either a chapter 7 or chapter 13 bankrtupcy obtain a mortgage financing. These are FHA-insured mortgage's that are 30 year FIXED rates with low closing costs!

After all the costs are regulated by HUD.

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