is it possible to buy a home if you have filed bankruptcy and lost a home to foreclosure?

Back in 2007 I lost my home to foreclosure and have been struggling since paying high rent. I just recently filed bankruptcy. My landlord has the property that I rent for sale. Would there ever be a chance that I could purchase it? I know the payments would be lower than what I pay in rent.

By | 2013-08-27T03:21:11+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|10 Comments

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  1. Abel August 27, 2013 at 8:55 AM - Reply

    Yes its very possible.

  2. Albama August 27, 2013 at 7:58 AM - Reply

    If you’ve lost your home to foreclosure after filing for bankruptcy, then my dear friend you may be facing a long road to recovery. Once you enter a bankruptcy petition, your credit rating typically plummets and remains depressed for years. Unfortunately, you may be disqualified from securing an insured loan for as long as it takes to restore your credit score to an acceptable level. Depending upon the state of your personal finances, the exact length of this restrictive period may vary considerably.

  3. StephenWeinstein August 27, 2013 at 7:17 AM - Reply

    Yes, it is possible to “buy” it.

    Getting a mortgage, or some other financing, getting the home, and then making payments on it is not possible.

    The way that it is possible to buy it is to put down 100% of the price of the home, so that you can buy it without any more payments.

  4. Zarg222 August 27, 2013 at 6:49 AM - Reply

    RECENTLY filed bankruptcy? No way for at least 2 yrs and if you have been struggling paying rent, where are you going to come up with down payment and closing costs? then you’ll have to pay for ALL utilities – including water, sewer and trash – add that to a mortgage and property taxes and it probably won’t be much less than the rent

  5. acermill August 27, 2013 at 5:52 AM - Reply

    No, you will not qualify for any type of mortgage loan with a recent bankruptcy. The foreclosure is long enough in the past to not be an issue, but that doesn’t apply to the bankruptcy.

  6. Pascal the Gambler August 27, 2013 at 5:09 AM - Reply

    At absolute best 2-3 years after the BK filing if your credit is repaired by then.

  7. real estate guy August 27, 2013 at 4:55 AM - Reply

    at this point the answer is no. On the BK, the clock starts once the BK has been discharged (not when you file). Then its 3 years after that.

  8. magicbird August 27, 2013 at 4:39 AM - Reply

    It may depend on the particular landlord involved, and whether or not the property would be easy or hard to sell. He may be desperate for a buyer, or he may like you a lot and want to sell his home to you. However, if it comes down to ‘Would I be able to get a loan from a bank for a mortgage?’ [And let’s face it–it doesn’t sound like you have the cash-in-hand needed to purchase a home outright] then you would probably have to wait an additional 2 years or more, as the other answerers said, before any lender would consider giving you a loan.

    If you are in a very depressed area of the country, then the landlord might be willing to arrange a ‘rent to own’ situation. This happened to my brother-in-law, who owned a home in a depressed-growing-worse area of the country–he made a ‘rent-to-own’ arrangement. But this is very rare, and usually only happens when the seller is desperate to sell.

  9. reenzz August 27, 2013 at 3:43 AM - Reply

    No. You would need to wait at 3-5 years due to the bankruptcy.

  10. Landlord August 27, 2013 at 3:26 AM - Reply

    You can try 2 years after the bankruptcy. The foreclosure no longer matters.

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