Akron, OH asked in Bankruptcy for Ohio

Q: Is it ever possible to take out a mortgage if you've already filed for a bankruptcy?

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2 Lawyer Answers
James Jeffrey Jackson
James Jeffrey Jackson
Answered
  • Bankruptcy Lawyer
  • Delaware, OH
  • Licensed in Ohio

A: Just because you have filed for bankruptcy does not mean you will forever be prevented from obtaining a mortgage. Mortgage lenders do have policies, that change from time to time, that require a period of time to pass after the bankruptcy (4 years for most) before they will consider you. But time is not the only thing you need to focus on. You need to improve your financial position by saving money so you can make at least a 10% down payment and smartly improve your credit rating. Research smart ways to improve your credit, Liz Weston's books and articles are very good.

Dean Paolucci agrees with this answer

Dean Paolucci
Dean Paolucci
Answered
  • Bankruptcy Lawyer
  • Akron, OH
  • Licensed in Ohio

A: I agree with the answer above; and just wanted to add that some banks have programs for veterans that allow financing after bankruptcy within two years of your bankruptcy filing.

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