Buying a home after BK?

[coolmom04]

This may belong somewhere else and if so, I apologize

We bought our home almost a year ago and are current on it. We have planned all along to move within the next 5-7 years b/c it's a 4 bedroom 2.5 bath home and we have four children that will be sharing one bathroom and two of them obviously share a bedroom. It's a livable situation, but if I could get a bigger home in the same area for around the same monthly price, I'd love to!

I was just tossing around the idea of letting the house go and finding a bigger rental for around the same price (and I did find some available).

But, I know my husband will absolutely freak if I suggest we let our house go. Will it be extremely difficult to buy another home in 5-7 years or should we go ahead and look at rental options now?

[jdcat]

My hubby and I were discharged with a chapter 7 in 2002 and bought the house we're in now in 2007, no money down and no PMI. Of course it helped that we had instant equity when we bought it and hubbies hours at work had been way up for an extended period of time so that may have helped us qualify. Paid $80K and it appraised at $102K or $107K, can't remember. I think we could have done it sooner if it had been something we had wanted to do sooner.

I think it's something that can def be done. Especially if you wait a few years first and have enough income with little debt.

[jdcat]

Forgot to mention an important fact. We surrendered our house in our chapter 7, just walked away.

[coolmom04]

My hubby and I were discharged with a chapter 7 in 2002 and bought the house we're in now in 2007, no money down and no PMI. Of course it helped that we had instant equity when we bought it and hubbies hours at work had been way up for an extended period of time so that may have helped us qualify. Paid $80K and it appraised at $102K or $107K, can't remember. I think we could have done it sooner if it had been something we had wanted to do sooner.

I think it's something that can def be done. Especially if you wait a few years first and have enough income with little debt.

Thank you for that info. Definitely good to know!! Thank you

[coolmom04]

Forgot to mention an important fact. We surrendered our house in our chapter 7, just walked away.

Okay.. Maybe I'll get lucky and our current home will actually have some equity and we'll make enough to put down on a new home when we sell/buy in 5-7 years. But... who knows with today's economy.

[jdcat]

The reason I included the comment about us giving up our home in 2002 is because we thought that would for sure be a huge problem for us even 5 years after discharge trying to buy a home but it wasn't. So whether you keep your current home or walk away from it you should be able to buy later on.

[coolmom04]

The reason I included the comment about us giving up our home in 2002 is because we thought that would for sure be a huge problem for us even 5 years after discharge trying to buy a home but it wasn't. So whether you keep your current home or walk away from it you should be able to buy later on.

Oh.. that didn't even occur to me Thank you for telling me why you mentioned it.