Posted on: 13th Apr, 2009 07:24 pm
Subject is employed and earns an annual salary of $175,000/year. In 2004 experienced job loss and financial hardship and lost my home to foreclosure (date of sale - April 2006). Paid Chapter 13 payments on time for 3 years. All debts were discharged in December 2008. Currently renting a home and have made on-time rent payments of $1900/month. Pursuing land or home purchase in the next year if at all possible.
Hi almaforte,
It is better to wait for atleast 2 years after a chapter 13 discharge before you apply for a new loan. However, qualifying for a loan after chapter 13 discharge is easier than doing so after a discharge from chapter 7. But you may have to pay a high rate of interest and put down a considerable amount of money as down payment.
It is better to wait for atleast 2 years after a chapter 13 discharge before you apply for a new loan. However, qualifying for a loan after chapter 13 discharge is easier than doing so after a discharge from chapter 7. But you may have to pay a high rate of interest and put down a considerable amount of money as down payment.