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Recreational Land Purchase after Chapter 7

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    Recreational Land Purchase after Chapter 7

    Hello all,

    DH and I are thinking about purchasing some land for recreational use. It is listed for 27K. Our CH 7 discharge date was 12/28/10. I called our CU and they won't do land mortgages for less than 40K, plus they said they would need to wait 4 years post discharge. I know that all lenders will vary but I had thought it would only be 2 years, so I was kind of surprised.

    Does anyone here have experience buying land post bk? I think I will try a few other lenders to feel them out. Any insight would be appreciated.

    Thanks!
    Filed Ch 7 Sept '10, 341 Meeting Oct '10, Discharged Dec '10, Case Closed Jan '11

    EQ 2/8/11 - 584, 6/2/11 - 677

    #2
    I don't have any direct experience with buying land post BK (I am still in a CH13 myself)...
    But here is something to look into, it seems that often with land sales like that that the seller is willing to carry the loan (at least for a period of time).
    Something to look into at least as if they are willing to carry they have a vested interest in giving you the loan (as it gets their property sold)

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