A personal bankruptcy does not have to bar an Oregon consumer from home purchase for very long. Oregon bankruptcy filers that went through a Chapter 7 bankruptcy must wait four years from the date of discharge before applying for a conventional loan.
The waiting period, according to Fannie Mae, is just two years from discharge for Chapter 13 bankruptcies. Moreover, the wait for an FHA loan is only two years for Chapter 7 bankruptcy, and one year for Chapter 13 bankruptcy, provided the individual has kept up with payments in the Chapter 13 and has permission from the court. Permission from the Bankruptcy Court in a Chapter 13 is normally fairly easy to obtain. If extenuating circumstances such as job loss of medical disaster the above guidelines can be shortened.
Are you considering filing for bankruptcy in Oregon? Then, you probably have questions. Please give us a call or use this form to tell us about your situation. We’ll take the time to answer your questions and discuss your options.
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PORTLAND OFFICE: Liberty Centre, 650 NE Holladay St, Portland (503) 487-8973
NW Debt Relief Law Firm is a Debt Relief Agency. Where appropriate we file petitions for relief under the Bankruptcy Code solely for consumers in the District of Oregon. We represent both Oregon and Washington consumers in collections law suits in Oregon and Washington state courts.