Foreclosure Lawyers In Las Vegas
February 22nd, 2010
Foreclosure Lawyers In Las Vegas
Question: Buying a house after filling for chapter 7?
At the moment I live in Las Vegas.I just filled chapter 7 about 2 years ago, the lawyer told me that I would have to wait 1 year after I filed before I would be able to buy a new house, since I lost mine due to foreclosure. I called my broker to buy a new house under 40k puting a downpayment of about 5k and was told that I would not be able to buy any house for another 2yrs on my credit. I know that chapter 7 will be on my record for another 7 yrs after has been filed, but how can I get another house on my own? Any help will be great......thanks
>
Answer: Your lawyer might have been right two years ago. I don't know if you ever watch TV or read a newspaper, but the predominant story over the past year anyway has been the bursting of the housing bubble.
Then came the financial meltdown (you know the one, where the banks and financial institutions had to borrow billions from the government or go bankrupt!)
Now lenders make decisions very, very differently than they did 2 years ago. Now waiting only a year after a bankruptcy will not be enough. You will be lucky to get any mortgage loan in the next 3 years.
good luck!
PS - you will need a credit score of ~700 to get a mortgage these days.
Las Vegas Bankruptcy Attorney
>
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Related posts
Posted in 
Tags: Leave a Reply
 |
 |
 |
||
 |
 |
|
 |
||