pamelabe Posted October 5, 2004 Report Share Posted October 5, 2004 I am considering filing for BK but would like to buy a house soon. The card companies seem to be uninterested in settling (huge jerks) and I want to end this lingering debachel. One card has sued and won but with the wrong account number. My question is how long would it be for me to buy a house with a resonable score? Can I buy a house with a bankruptcy on my credit within a year of filing or even a month. Im not planning on buying a car and dont need anymore credit cards as I still have one I pay down. Does anyone know this? Link to comment Share on other sites More sharing options...
willingtocope Posted October 5, 2004 Report Share Posted October 5, 2004 Go over to the "Mortgages" forum and leave a message with "Charles -HELP!" in the subject. He'll answer your questions better than anyone... Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted October 5, 2004 Report Share Posted October 5, 2004 I filed in 1/04 and got a full discharge 4/04. Since then, my score has been salvageable, but you run into a problem with things related to mortgages (for example an FHA loan). You cannot get an FHA (no exceptions) until 2 years after the discharge. There are other restrictions. Other people know better than me here I am sure, but I can tell you my wife and Î have decided to wait another year to get the BK behind us so FHA will be an option. There is also the question of monies spent in interest rate hikes etc.Depending on what you owe, I would say the best option is to deal with the CC people and settle in return for an agreement they will report to all bureaus "PAYS AS AGREED." For us, that was totally impossible-- but if it was I would have rather done that.Good luck!-D Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted October 5, 2004 Report Share Posted October 5, 2004 I filed in 1/04 and got a full discharge 4/04. Since then, my score has been salvageable, but you run into a problem with things related to mortgages (for example an FHA loan). You cannot get an FHA (no exceptions) until 2 years after the discharge. There are other restrictions. Other people know better than me here I am sure, but I can tell you my wife and Î have decided to wait another year to get the BK behind us so FHA will be an option. There is also the question of monies spent in interest rate hikes etc.Depending on what you owe, I would say the best option is to deal with the CC people and settle in return for an agreement they will report to all bureaus "PAYS AS AGREED." For us, that was totally impossible-- but if it was I would have rather done that.Good luck!-D Link to comment Share on other sites More sharing options...
LadynRed Posted October 6, 2004 Report Share Posted October 6, 2004 FHA loan at a reasonable rate is obtainable 2 years post-discharge, but you have to engage in aggressive credit repair afterwards too. These creditors do NOT report BK's accurately and you have to go after them to fix it. Then you must also work on a slow and careful rebuild of your credit with secured cards and whatever other options may be open to you. If you keep squeaky clean credit for 2 years post-discharge, the FHA will be reachable. Link to comment Share on other sites More sharing options...
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