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Has anyone done it? How many years tilyou qualify for a house or car loan?


Asked by maggiebella25 at 5:26 PM on Jul. 27, 2010 in Parenting Debate

Level 16 (2,868 Credits)
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Answers (4)
  • I had to foreclose on my house due to bankruptcy after financial issues due to divorce and it was 2 years. I was able to buy a new car and qualified for a loan through my credit union. My son sells homes, and he said it is 3 years after brankruptcy to buy a new house. All this depends also on maintaining good credit after the bankruptcy or foreclosure.

    Answer by RobinMcMom at 5:34 PM on Jul. 27, 2010

  • At least 7 but I will say more like 10. I have not but know a lot of people who have and their lives have been completely destroyed by it...

    Answer by ABusyBee at 5:29 PM on Jul. 27, 2010

  • Good luck, with the new restrictions and wary banks. Bankruptcy and foreclosure are two totally different things. Little hint, you bail out on your mortgage, your credit and credit score are totally destroyed. You will be living on a cash existence for a long time. But hey, you never know...

    Answer by WoodWitch at 6:11 PM on Jul. 27, 2010

  • Can you file chapter 13...this will stop a foreclosure?

    Answer by salexander at 10:12 AM on Jul. 29, 2010