Mortgage after chapter 7 collapse?
I filed chapter 7 bankruptcy approximately 18 months ago. My credit report contained by the past 18 months has no negative - car payment, one credit card and utilities enjoy been paid in good time. My credit score is 635 - not great but not terrible. I'm interested within purchasing the home that I have been renting as the owners own decided to sell. The home is a small 3 bedroom within good shape. They are only asking $51,000. I would enjoy 10% down, but just barely. My current rent gift is more than what my monthly mortgage payment with insurance and taxes would be. I am a single woman beside a fairly good income (60k). My ask is - where would I be able to capture a loan? With the economy the way it is, my local merchant banker is unable to help me. The loan officer have stated that two years ago, my credit score and past liquidation would have been OK, but very soon they have tightened their loan requirements. Any information would be greatly appreciated. Thank you.
Answers:
A bankruptcy doesn't "lock" loans, and contained by the past it hasn't been extraordinary for folks to get loans even a few months after bankruptcy -- obverse it, they are much more credit worthy after discharging a crippling amount of debt. However, as you pointed out, much of that has changed in today's cutback. In any case, you are likely to compensate a higher interest rate, but as you would still be paying less per month *and* building equity, it's still a win.
I would try other local banks/mortgage lenders first; don't necessarily apply, a moment ago ask for an appointment and talk to a mortgage specialist to see if you have a indiscriminate. You could also see if the owners are willing to take a memo on the house; unlikely, but maybe they are just within need of a quick chunk of dosh and your 10% would get them where they stipulation to be.
Last, you could try somewhere like lendingtree.com; never used it myself no idea how in good health it works, but if the TV commercials are true it would expose you to several lenders at once.
Good luck.
Usually a bankruptcy will block any loans for a period of 7 years. If you can achieve a loan, it will be at a very high interest rate. However, I would travel ahead and inquire at several banks. The worst the banks can say-so is "no".
I hope you get the mortgage.
Related Questions:
Mortgage warning... assistance.?
Extinguishing of lien due to mortgage foreclosure?
If a "child support paying parent" no longer pays mortgage interest, does the child support diminution?
What are my option as 2nd Mortgage holder when delinquent?
What should I autograph my mortgage modification company?
Answers:
A bankruptcy doesn't "lock" loans, and contained by the past it hasn't been extraordinary for folks to get loans even a few months after bankruptcy -- obverse it, they are much more credit worthy after discharging a crippling amount of debt. However, as you pointed out, much of that has changed in today's cutback. In any case, you are likely to compensate a higher interest rate, but as you would still be paying less per month *and* building equity, it's still a win.
I would try other local banks/mortgage lenders first; don't necessarily apply, a moment ago ask for an appointment and talk to a mortgage specialist to see if you have a indiscriminate. You could also see if the owners are willing to take a memo on the house; unlikely, but maybe they are just within need of a quick chunk of dosh and your 10% would get them where they stipulation to be.
Last, you could try somewhere like lendingtree.com; never used it myself no idea how in good health it works, but if the TV commercials are true it would expose you to several lenders at once.
Good luck.
Usually a bankruptcy will block any loans for a period of 7 years. If you can achieve a loan, it will be at a very high interest rate. However, I would travel ahead and inquire at several banks. The worst the banks can say-so is "no".
I hope you get the mortgage.
Related Questions: