Posted on: 25th Mar, 2010 09:00 am
I am in a similiar situation with a Dismissed chapter 13. I filed for bankrupty in November 2007 and it was dismissed Feb 2009.
I voluntarily asked for the dismissal because I sold my home and the bankruptcy was filed because I was going to lose my home because of hundreds of thousands in medical bills, threatened with liens and so forth.
I didn't have insurance at the time. Since the house sold the only thing left was medical bills. I set up my own plans with discounts from the medical facilities after the dismissal of the bankruptcy. Many are paid off now, some I am still paying on monthly payments. They are however bad on my credit report.
But I recently tried to get a mortgage. I have money saved. Have re established credit and have been paying for over 15 months on the new credit with no latenesses. I hate renting so thought this would be the perfect time to buy.
I am told I have to wait 4 years before I can apply for a mortgage after a bankruptcy dismissal. That is not what I was told when I asked for the dismissal. Had I known dismissing the bankruptcy would have caused this effect I would have continued. But there was really no need after the sale of the house.
Is this true am I really _________ up now.
Thanks
I voluntarily asked for the dismissal because I sold my home and the bankruptcy was filed because I was going to lose my home because of hundreds of thousands in medical bills, threatened with liens and so forth.
I didn't have insurance at the time. Since the house sold the only thing left was medical bills. I set up my own plans with discounts from the medical facilities after the dismissal of the bankruptcy. Many are paid off now, some I am still paying on monthly payments. They are however bad on my credit report.
But I recently tried to get a mortgage. I have money saved. Have re established credit and have been paying for over 15 months on the new credit with no latenesses. I hate renting so thought this would be the perfect time to buy.
I am told I have to wait 4 years before I can apply for a mortgage after a bankruptcy dismissal. That is not what I was told when I asked for the dismissal. Had I known dismissing the bankruptcy would have caused this effect I would have continued. But there was really no need after the sale of the house.
Is this true am I really _________ up now.
Thanks
Hi,
As far as I know, you can qualify for a loan after two years of your bankruptcy dismissal. It is considered as a negative item and will stay in your credit report for 7 years. Thus, you won't be able to qualify for a loan immediately after your bankruptcy has been dismissed.
Thanks
As far as I know, you can qualify for a loan after two years of your bankruptcy dismissal. It is considered as a negative item and will stay in your credit report for 7 years. Thus, you won't be able to qualify for a loan immediately after your bankruptcy has been dismissed.
Thanks
I read your response that I have to wait two years, but every lender is telling me the waiting period after a "dismissal" is different then a "discharge" and that the waiting period is actually 4 years from the date it was dismissed.
do you know anything about that?
Thanks
do you know anything about that?
Thanks
Hi Bonnie!
Welcome to forums!
I haven't heard that you'll have to wait for 4 years after the dismissal in order to get a loan. As far as I know, you will have to wait for 2 years. However, you may speak to an attorney and take his opinion. He'll be able to let you know the time period you need to wait in order to get a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I haven't heard that you'll have to wait for 4 years after the dismissal in order to get a loan. As far as I know, you will have to wait for 2 years. However, you may speak to an attorney and take his opinion. He'll be able to let you know the time period you need to wait in order to get a loan.
Feel free to ask if you've further queries.
Sussane