I know the ruling changed, but geeez!? Why would a guy tell me that he can't afford to

Why would a guy tell me that he can't afford to buy my house right in a minute. In three months, he will have gotten his ruin proceeding approved. Therefore, his debts will be gone, so he will be able to catch a loan and buy the house.
Last time I looked, bankrupt people could not get credit for 7 years, at lowest. Or, have the up to date bankruptcy law made it possible to now budge bankrupt and buy a house in 3 or 4 months of each other?

You can emphasize bankruptcy.and bring back a loan.for a house? If you believe that I have a bridge I will go you. Why are you worrying about one (obviously money poor, misguided, lying ) party to buy your house? Put it on the market

Yes its possible- the bankruptcy stays on the dictation but people are given bright mortgages fairly regularly. But this has nought to do with any NEW liquidation laws.

The ruling has not changed, but some lenders own. If this guy is willing to retribution a very high-ranking intrest and 20% of the purchase price, then yes he can buy a house. However, most general public don't have $20,000-30,000 to put down.

Not that I know of...he will hold less debt but his credit would be trashed...nearby are sub prime lenders out there who will loan to race who have file bankruptcy but the rates are horrible and he would probably be looking at an ARM!

Answers:
Unless you put something contained by writing then you enjoy no obligagtion to him. Besides, do you think someone who is within Bankruptcy( a.ka. got contained by over his head/poor money manager/declared he is broke in court) is really reliable to the point of waiting 3 months for him to come thru beside financing? I know it sounds harsh but not one able to fulfull obligation got him within this boat in the first place. Money negotiations. Sell it to the first qualified buyer who comes along.

At this point he doesn't even know if he'll qualify for a loan, and trust me if he tells you he is prequalified during a BK, later he is lying to you.

Actually, in that are a lot of lenders vying to loan money to the just this minute bankrupt, as crazy as that may nouns.

The reasoning is simple, really. Once someone has declared ruin, they can't do so again for at least another seven years. No issue what kind of messes they may receive themselves into in the plan time.

Enter a bunch of predatory lenders and you've got the makings of a valid disaster. But, of course, it probably technique your potential buyer COULD get a mortgage. If the up-to-the-minute buzz out of Congress about predatory lend practices hasn't sent the lot of them scurrying bad for awhile, that is.

Hello kiwi: yes its possible, UN fortunately threes plentifully of people waiting to dispense these people a second fate, and some deserve it, or what they get,haha, HUD give loans to these people my x sister 2ND liquidation got a loan from HUD, and bought a business , and its shutdown HUD also give loans to cover those loans ha its a sin,,