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Wanting to buy another house

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  • Wanting to buy another house

    Its been almost 2 years since my discharge and I didn't reaffirm my home and have always been current on the payments. Now I would like to buy a another house since you can get more for your money now. I'm thinking I would like to take out a loan on my 401k and use it to put it down on another house. I'm wondering if It would be hard to get a loan on another house if I have still have my current home in my name.

  • #2
    What is the plan exactly? What is your intention with the house you have now?

    In any event, absolutely it will be hard. From an underwriting perspective, you still owe on the house you have now (the lien survives). So unless you can afford both mortgage payments and have sufficient reserves, no one will touch it.

    Read this about buy and bail, http://www.**********.com/blog/2012/...not-an-option/

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    • #3
      Yea, it will be difficult because the home is still in your name... I have seen a few success stories about people being able to pull this off but they had to do a TON of searching for the right broker and then lots of exceptions and explanation letters. Typically, they want the home to be out of your name and in order to get it out of your name it would have to be foreclosed on and the requirement after a foreclosure for another loan is three years from the date the deed is transferred out of your name.

      Is the home underwater? If you had equity in it, perhaps you would be able to sell it?
      BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
      Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

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      • #4
        My current home isn't underwater but there isn't much equity at all according to the last appraisal in 2009.Who is to say I could get what I owe on it. Thanks for the info everyone.

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        • #5
          Your idea isn't a bad one, depending on how muck you could get from your 401. After I filed, I took a hardship withdrawal from my 401k, borrowed a bit more from my brother and paid cash for my house. Granted some say not to do that 401 k withdrawal, however for me it was perfect. I own a home free and clear, paid 32k for it, and is values today at 104k. Lots of sweat equity went into ky home, but it is perfect for me. Explore your options, you will find a way.
          8-07-09-filed Chapter 7
          11-18-09-DISCHARGED!!

          Life is not what challenges you face, but how you face those challenges.

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          • #6
            Yep, it'll be difficult, for sure. You'll probably have to work hard and search far and wide for the right lender. I'm in a similar situation except my house is underwater by thousands. I went through a broker who went to several lenders before finding one who would give us the time of day. We got that lender to do a manually underwritten pre-approval so we *should* be good to go. They didn't take too much issue with us not having reaffirmed but they did ask me for 3 years worth of mortgage payment history. Loan is non-conforming with 3.5% down. We do have the the income to cover both mortgages so I'm sure that helps. Bottom line, don't give up. If one lender won't work with you, keep moving. It was 2 months and 9 lenders before I found one. Now I just have to find a house and pass final underwriting.
            filed chapter 7 BK 4/27/09
            341 meeting 6/4/09
            DISCHARGED!!! 8/5/09

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            • #7
              We do have the the income to cover both mortgages
              That more than just helps, if you don't have that income, then you are dead in the water. What I don't know off the top of my head is the ratio you need. Normally, underwriting guidelines require a mortgage payment of 31% or less of gross monthly income. (which, if you really do the math, is fairly high and can end up being 40-45% of net income, which kinds sucks). For 2 mortgages, I don't know if you need to be 31% combined or less for both payments, or if they allow you to bump up the max ratio a few points.

              There are only 2.5 ways this works.
              1. You sell your current house and can pay the liens IN FULL (no short sale). So that means the house is break even or positive equity, or you can bring money to the table to make up the difference.
              2. You have sufficient income and reserves to pay both mortgages.
              2.5 You find some sucker willing to do owner finance

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              • #8
                Can I ask a similar questions... Our mortgage is discharged and current and it is on my husband name ONLY, I am not on it ? Can I take on another mortgage, while he keeps (walks away, short sale etc) our current house ?

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                • #9
                  Originally posted by marchelala View Post
                  Can I ask a similar questions... Our mortgage is discharged and current and it is on my husband name ONLY, I am not on it ? Can I take on another mortgage, while he keeps (walks away, short sale etc) our current house ?
                  Yes, if you can qualify on your own income. You couldn't list your husbands income.

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                  • #10
                    Thanks for confirming...

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