buy house after bankruptcy

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Buying a house after bankruptcy might seem like an impossible task at times. Even though it is going to be difficult, it is very possible for you to purchase a house.

A lot of people are struggling with debt they cannot pay off and they refrain from filing for bankruptcy because they are afraid how the bankruptcy will affect their lives. One of the most important things younger people worry about is buying a house after a bankruptcy. Most assume that it is highly improbable, down [.]

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It is a misconception that by filing bankruptcy, you are compromising your ability to get a mortgage to buy a house in the future. Rebuilding credit is an important aspect to gaining your future back after bankruptcy. Read our article to learn more.

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Buying a house is a daunting task and for people who have lost everything, to rise from scratch and even think of any other expense is quixotic. However, you can still nurture your dream of buying a house after bankruptcy by following some essential tips.

Understand the type of bankruptcy you filed. While there are actually six different types of bankruptcy cases, chances are you filed either under chapter 7 of the federal code or chapter 13. How you filed your case may affect your ability to buy a house after bankruptcy.

One of the most common bankruptcy myths that we hear from clients is that if they file bankruptcy they will never own a home again. For some reason, misinformation has circulated making people believe that seeking relief through the bankruptcy court prevents them from buying a house after bankruptcy.

This type of bankruptcy does not disqualify you from obtaining an FHA mortgage. You can get an FHA loan in as little two years after filling a chapter 13 bankruptcy. Here are the requirements: It must be at least two years since your chapter 7 bankruptcy case number was assigned.

These days, that dream to buy a house after bankruptcy in Phoenix is more achievable than it used to be. The average waiting period to qualify for a mortgage has been reduced to two years following the bankruptcy discharge in many cases.

You'll be over the bankrupt hump in a few years. Learn how soon you can buy a house after filing bankruptcy at HowStuffWorks.

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