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Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys

Get The Fresh Start You Deserve

Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys
GET THE FRESH START YOU DESERVE

PLEASE NOTE: To protect your safety in response to the threats of COVID-19, we are offering our clients the ability to meet with us virtually. Please call our office to discuss your options.

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Bankruptcy &
Debt Relief For
Individuals and
Businesses

Chapters 7, 11
and 13

FIND OUT MORE

Foreclosure
Defense &
Mortgage
Litigation

Saving Homes
Fighting Banks

FIND OUT MORE

Loan
Modifications

Preventing
Foreclosure

FIND OUT MORE

Commercial and 
Bankruptcy
Litigation

State Federal &
Bankruptcy Court

FIND OUT MORE

Bankruptcy & Debt Relief For
Individuals and Businesses

Chapters 7, 11 and 13

Find Out
More

Foreclosure Defense &
Mortgage Litigation

Saving Homes Fighting Banks

Find Out
More

Loan Modifications

Preventing Foreclosure

Find Out
More

Commercial and Bankruptcy
Litigation

State Federal &
Bankruptcy Court

Find Out
More

Buying a Home Post-Bankruptcy

| Nov 7, 2014 | Life After Bankruptcy |

One of the most common questions we get from our clients is whether they can buy a home after filing for bankruptcy, and if so, how long they must wait to be eligible to do so.

The short answer to the first question is “yes,” you will be able to buy a new home after-bankruptcy. The more difficult question is how long it will take for you to build up enough credit to qualify for a mortgage loan. The answer is different for everyone, but with patience and hard work, you will likely be able to buy a home quicker than you might think.

Mortgage lenders look at a variety of factors in deciding whether you qualify for a mortgage, including:

  • Credit score. It is true that a Chapter 7 or Chapter 13 filing will negatively impact your credit score. It is therefore important to start working to rebuild your credit as soon as possible. You want to show your creditors that you are taking your fresh start seriously. One of the easiest ways to do this is to get a secured credit card and make your payments on time.
  • Income. Your income is important, but so is the amount of time you have been at your job. Lenders want to see stability in your employment record.
  • Down payment. The larger your down payment amount, the more likely a lender is to give you a mortgage loan. Start saving for your down payment as soon as possible.

Many lenders require you to wait at least two years after you obtain your bankruptcy discharge to qualify for a mortgage loan. Use this time to get your finances back on track and to save money for your down payment.

If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, P.C., at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.

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