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    ladysapphire's Avatar
    ladysapphire Posts: 1, Reputation: 1
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    #1

    Nov 30, 2007, 11:55 AM
    Foreclosure stuff
    My house was sold in foreclosure sale Nov 2
    I know I have 6 months to redem myself. But I just found another house for sale. I was wondering If I file for bankrupty, will I be able to get a government loan on the new house
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Nov 30, 2007, 12:30 PM
    Why would you want to jump from the frying pan into the fire? If you filed bankruptcy I think you can't have a credit card for a certain amount of time, nor a loan. You lost one house due to not being able to pay, so I don't think the gov. or anyone else for a while will give you a loan to buy one. In any event would you not need a down payment, and if you don't have money, then you won't have that, mmmm ?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Nov 30, 2007, 01:38 PM
    First redeem, sorry but I doubt you have any redemption time after it is sold. I have bought several houses over the years and at the fall of the gavel at the sale, I own it, and the previous owner has no right to claim at all after that date.

    I doubt that after a foreclosure alone you will not get a new loan, and a foreclosure and a bankruptcy, for sure there will not be a new loan.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Nov 30, 2007, 01:42 PM
    There was some discussion in another thread about redemptions. But frankly, I don't buy it. Who would bid on a foreclosure if they have to wait 6 months before they can take possession. Its possible you can redeem the property after its foreclosed on up until its sold by the lender, but once sold, I doubt it.

    As for buying a new house. If you had to let your house go in a foreclsure and are comtemplating bankruptcy, where are you going to get the money to buy another house?
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