Home foreclosure?
Question:
Please no smart *** answers here thanks.
Answer:
Well, per the current guidelines yes. However, what will be permissible in 2 years...who knows? It usually takes 7 years to get a BK off your credit. The lenders also pay close attention to how you've handled your credit during those two years. I think it funny a BK lawyer is giving you mortgage advise.hmmm. He makes it sound easy, but it won't be.
Usually a bankruptcy filing stops all foreclosure procedures. I would talk to your attorney about that, especially if you are filing a chapter 7 - you may not lose the home you are buying now. Most of the time you just enter a repayment agreement with your mortgage lender.
Good Luck!
I assume you mean in two years with bank financing. Probably, but at a higher rate.
Nothing stops you from lease with an option, paying cash, making payments to the seller. You can do those the day after bankruptcy.
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