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Who to go to for loan after BK & Foreclosure? When to start again?

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  • Who to go to for loan after BK & Foreclosure? When to start again?

    Hello. Been a long time since I've been on here.

    Just curious - anyone have a recommendation for a trustworthy, helpful loan/mortgage company to work with?

    Also, when is a good time to stop renting and buy again? Our situation is: BK7 (house IIB) on 12/3/2012 (discharge date) and foreclosure on 9/14/2014 in CA. Credit score is 733 with Equifax. TIA!

  • #2
    Hi there

    I would recommend get an FHA loan. There are several banks and financial institution would take on FHA depending on their lending practices. Since FHA loans are offered by the government, your credit score is not much of a factor if you have it above 580. I think there are some requirements that go along with it, such as mortgage insurance is a must. Can't remember others.

    Speaking for my case. I filed for chapter 7 in July 2010 and got discharged in October 2010. About 3 or 4 months later, I got an offer from Capital One with a limit of $2000 and about 6 months later I got another one from Barclay for $2000. In May 2013 I closed an FHA mortgage with Quicken Loans with interest rates of 3.5%. Of course, i have to pay mortgage insurance on the house.

    One thing I'm pretty impressed and surprised is that you got a credit score of 733. Mine's still lingering around 690. After discharge, it was around 590 and after almost 5 years I got only 10 points! Before BK, mine was in the range of 790.
    Filed chapter 7 Jul 13, 2010 341 hearing Aug 12, 2010 Trustee's report of no distribution Aug 20, 2010 Discharged Oct 13, 2010 Closed Oct 28, 2010.

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    • #3
      Hi wnguyen. Thank you for your reply. Sorry for the delay but I haven't logged back in for a while and didn't get a notice you replied.

      I'm truly not sure (but count my blessings) re: my credit score. I tried super hard to clean up my credit and got a Capital One card right after BK discharge and kept a minimum recurring charge on it and pair it off every month. I also got an auto loan & make sure I'm never late.

      As for the BK situation. I have an update. I'm so confused bc one lender I spoke with said I would have to wait a seasoning period of at least 2-3 years from the foreclosure date even though I'm just almost at my 3 yrs after BK bc our atty did not check the "surrender" box in the BK filing. It's checked "retained" with a note of "other: retain and pay pursuant to contract". It definitely was not reaffirmed though. The debt is listed in the schedules and on my credit report, the foreclosure does not come up. It says "IIB". The one lender says I have to wait 3 years after the foreclosure date bc of this but my BK atty says that is incorrect as the house was definitely included in the BK7. Do you or anyone have advice on this?

      Any recommendations on lenders in S. CA? TIA

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