After Bankruptcy When Can I Buy a Home?
Making a comeback from a foreclosure or bankruptcy is easier said than done. It takes time. Plus, it also leaves a negative impact on your credit report for at least seven to ten years. A lot will depend on the type of bankruptcy case you have filed. Filing a case of bankruptcy can help you obtain relief from the burden of debt but it also prevents you from getting loans for various purposes such as buying a house. Can you secure a loan for a mortgage after getting rid of debt? The answer is “yes”. Filing bankruptcy or foreclosure restricts you from obtaining loans for a certain period, not for the entire lifetime. You may not qualify to apply for a loan immediately as to most debtors, granting a loan to you under such circumstances would be akin to taking a risk. However, you can get a loan for buying a house within a couple of years from the day of your discharge from bankruptcy. But for this to happen, you need to adopt the right approach to make it happen. Reaching out to a q...