Selling and buying a house after bankruptcy?

[BrokeN'Down]

We filed Chapter 7 and have our meeting with the trustee tomorrow. How long after Bankruptcy can we sell our home and buy a different one, we just bought this one two years ago so not much equity and I doubt it will have gone up in value. So we won't be making a profit. But we need to move soon.

[Minnymouth]

You have to be discharged to buy or sell anything. You can needs to say "closed" on it.
Its very hard to buy a home right out of BK - the interest rates are high....
By selling you present home, you might have enough to satisfy the downpayment, but you will still be in that "area rightout of bankupcy"..... and there needs to be a 2 year time frame there.

Nothing lost if you don't try.....check you options before buying.



Minny

[BrokeN'Down]

Thanks, I called a lender today and he told me the same that you did, after discharge but I kind of thought of that anyway. He said we should try to come up with at least 5% down and the interest rates will be higher but we could refinance in two years since we can't wait two years to buy a new home to get the lower rates so that wouldn't be too bad anyway. Now I need to talk to our lawyer about what would happen if we sold the house and made a profit, will that get taken by the trustee or not?

[Lightning]

Interest rates are going up, not down. Depending on what rate you're offered now and what the Federal Reserve raises the rates to when you refinance, you may not refinance at a lower rate.

[sunshine08]

Take your crystal ball, your snide remarks, and bounce your crystal ball in the street and play in the traffic.
Now I feel better, hope I didn't offend anyone else, sorry.

[BrokeN'Down]

I know interest rates could go up, they already have somewhat. But since there is no way to know what will happen we will look for the least expensive home we can and hope for the best. So we are taking it into consideration that we may not be able to refinance at a lower rate.