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    #1

    Timing

    My story is too long and complicated but...
    Filed chap 7 on 10/13/2005.
    341 meeting on 12/06/2005.
    Chap 7 discharged on 11/16/2006 (the trustee literally dropped the ball and "lost" our "paperwork" and got his A^$ kicked by the US Trustee and the BK judge).
    In the meantime I got divorced.(drug addict wife).
    I have a six figure income.
    I have read many posts about waiting 1.5 or 2 years post BK before looking for a lender for a mortgage.
    My question is : Is it 1.5/2 years from discharge or from filing? Obviously it COULD make a difference.
    Thanks for any input.
    Tags: None
    #2
    It is from your date of discharge.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

    Comment

      #3
      Here's a recent thread you should read:

      http://www.bankruptcyforum.com/showthread.php?t=12271

      We have a new Member, Avega, who knows about mortgages. Avega works in the biz.
      Filed Ch 7 - 09/06
      Discharged - 12/2006
      Officially Declared No Asset - 03/2007
      Closed - 04/2007

      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

      Comment

        #4
        Originally posted by Nyfhpy View Post
        My story is too long and complicated but...
        Filed chap 7 on 10/13/2005.
        341 meeting on 12/06/2005.
        Chap 7 discharged on 11/16/2006 (the trustee literally dropped the ball and "lost" our "paperwork" and got his A^$ kicked by the US Trustee and the BK judge).
        In the meantime I got divorced.(drug addict wife).
        I have a six figure income.
        I have read many posts about waiting 1.5 or 2 years post BK before looking for a lender for a mortgage.
        My question is : Is it 1.5/2 years from discharge or from filing? Obviously it COULD make a difference.
        Thanks for any input.
        To get better rates you are going to be best to wait for 2 years out of discharge, if you are looking to buy now you need a score of 580 and can do zero down but the rates do not get much better until you have over a 620. It depends on what you want to do and what works out best for you.
        Nick Kusan

        Comment

          #5
          Like Nick said, it's all about your score at this point. Get a copy of your credit report from a broker or lender and start working on disputes and building new lines. Your scores will be up there before you know it.

          Comment

            #6
            Also depend on your income/salary too. If you make make more than other (> 100K) and your job is very stable (government/federal) & with no mtg default/late during BK ... then maybe your rate will be offered better than others.

            Comment

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