How long after bankruptcy should you wait to try to...

[catsaver001]

...buy another house? We filed bankruptcy back in October of 2006 and it was finally closed or I guess I should say discharged, in May of 2007. We really want to buy another house but I was told we have to wait 7 months to a year to try to get another mortgage. What is the normal wait time and will the interest rates be better the longer we wait?

[Diane A]

You won't even be considered for a mortgage for 2yrs after your discharge. I would just wait. If you need to move consider renting out your old house rather than selling. This way you still get the tax breaks.

[Super Jay]

I disagree. I work in the credit recovery area of a very large bank. We accept secured loan applications (cars, mortagages,ect) on many many many people who just filed bankruptcy for a few reasons. 1) they cannot file again for 7 years. and 2) they just liquidated all of their debt. and 3) if they don't pay we take the house/car.It is actually ideal for a creditor to extend credit as quickly as possible after someone files banko.

[caboosepainter]

You should wait till you have the money to stick with the house you pick.