? about buying and bankruptcy

Hi everyone, its my first post here and I had a quick question to see if anyone can help. I have a two very good friends who are trying to buy a condo. One has claimed bankruptcy two years ago and has since gotten herself back on track and other other one has decent credit. Do you know how getting a loan would be. TIA

Re: ? about buying and bankruptcy

i think that the person who declaired bankruptcy is going to have an EXTREMELY hard time getting any kind of loan....
In fact i think you had to wait a certain amount of years before getting one!
She should look into that!

Re: ? about buying and bankruptcy

I think it is 7 years before the bankruptcy is cleared from your Credit History

Re: ? about buying and bankruptcy

Not true. I worked for Countrywide as a bank rep. Most lenders will consider you for a loan if you are at least two years out of bankruptcy. Her rate might now be the gtreatest at first but I would say buy first then refi when your BK is a little older.

Re: ? about buying and bankruptcy

It is true that it stays on your credit report for seven years just as with any negative info but banks will still lend

Re: ? about buying and bankruptcy

Thank you guys very much, She has since been able to get a car with a cosigner so I was hoping for her that with the other buyer she will be able to get the loan

Re: ? about buying and bankruptcy

She will get a mortgage but it's not going to be the best rate and she will have to shop around more.

I've known a few people with horrendous credit histories and bankruptcies get mortgages and car loans. It always amazes me but then I find out their interest rate

Re: ? about buying and bankruptcy

I know a little about this.

My MOH and her husband claimed bankruptcy 2 years ago. They got their mortgage exactly 17 months later. Their interest was 9%. It was a $275K mortgage, plus closing costs included in the mortage.

Next is my cousin, she and hubby claimed bankruptcy, started applying for mortgages 7 months later....they got 2 pre approvals but high interest..I think like 16%.
The waited a full year. 14 months after bankruptcy they got a $325K mortgage at 7.5%. Not bad for bankruptcy.

Also you can get a car loan literally months in not weeks after. A friend at work got approved for a car at Atlantic Auto Mall 4 months after claiming bankruptcy.

The law is now tougher but the after period before re establishing credit is very short.

The friend who got the car laon has 2 major credit cards already ( less then 2 years about now since the banruptcy) and I CANT even get approved for what she can!