My husband and I recently had our BK discharged and our we gave our house up too. My question is how long would it be before we will be able to get another mortgage? or will we ever be able to?
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of course you will. there is no doubt about it.
worst case to get the best loan rates possible is 2+ years, no more then 3 max, of solid positive payment history using credit cards.
you can still get one after 1 year but at higher rate loans.
tell you what, google or yahoo search for lenders and realtors in your area. take 1 hour some day and call them. check off your list as you call each one with a simple note on what they say to you.
just tell them you were just discharges in a bk. i had to give up my home during it. ask:
how long before i can get a another loan?
what steps should i take to get the best rates for that time period?
they will blab on so long for free that you will be amazed.
report the results back to us.Im not an attorney or a trustee. You cant trust me either though!
[x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
[x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
[x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
[x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!
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Thank you, we are trying to find some where to rent right now. We plan on doing this for a couple of years while we save money and try to build up our credit.Comment
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yep sounds good. get started on building your credit right away. try Orchard and Crown Jewelers maybe. they are easy to get and with CJ they dont check credit. like staci says buy a cheap pair of earrings and put the card away under the cat littler box and forget about it until 6 more months.
pay the bill though of course lolIm not an attorney or a trustee. You cant trust me either though!
[x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
[x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
[x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
[x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!
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Sooner than you think.
With a 580 middle fico score on the primary wage earner (W2) you can get a no money down lown (an 80 percent first, and a 20 percent 2nd) two years to the day after your bk was discharged.
The idea to establish some small credit accounts is an excellent one. Manage them wisely, and try to apply for new credit sporadically, as a cluster of inquiries in a short period of time can have a detrimental effect on your score.
Last but not least, SCOUR your credit reports for ANY inaccuracies, and challenge any that you find. There are many good books at the library on making the most of the laws in the Fair Credit Reporting Act.
Best of luck,
ScottComment
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You could also look for owner financed properties, which are usually investors looking to sell properties quickly, who in some cases will be more lienient. You'll pay more than you should, but you'll start building your credit faster, and get a home fasterComment
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