Q: Is there a stated and specific law on the time frame of purchasing a new home after filing bankruptcy for NC?
A: There is no law in any state that precludes you from purchasing a home after bankruptcy or sets a time limit on the ability to purchase a home. However, find a lender to loan you money for home purchase is another matter. Most long term lenders will not agree to loan money for a home purchase until three years after the discharge was granted in a chapter 7, but FHA guidelines allow the loaning of money for a home purchase two years after the chapter 7 discharge, provided the borrower has rebuilt his/her credit score to the level required to make the loan and the borrower's income to debt payments meet the FHA requirements.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
