Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
Otilia63

0 Contributions
0 People Helped
If I would do bankrupty in how many years could I buy a home financed?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7370 Contributions
3810 People Helped

At least 10 years, or longer.

Often mortgage lenders can go back further than the normal 7 years of reports shown on a credit report and a bankruptcy shouts a warning to them.  So you would not get a really good rate of interest if you were even considered for a loan.  Try to avoid bankruptcy at all costs.  Most people who file do so because of things like credit card debt instead of learning how to properly manage their money to avoid overwhelming debt.

Please take advantage of Credit Karma's articles and financial tools so you can better understand credit and how to use it properly. That is the purpose of this site so people can manage their moiney to avoid things like bankruptcy and foreclosure which are bad marks on credit reports.

Top Contributor
3051 Contributions
2791 People Helped

Actually, most mortgage companies don't mind a bankruptcy if it is at least 3-4 years old, so a bit sooner than 10 years.  However, I agree with jwsister, filing bankruptcy is the very, very last resort.  Try finding a legitimate non-profit debt counseling group first.  Just Google that and make sure they are a true non-proft and don't charge you anything.  Best of luck!

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.