Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Buying a house after Bankruptcy

Collapse
This is a sticky topic.
X
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • #91
    First time post - so please be easy on me!

    Our house went to foreclosure June of last year. We had some nice investors buy our house and let us rent from them until we could get back on our feet. We are going to be filing bk chap 7 in the next week which means it won't be finalized until June something. The problem is, they want to move out of state ASAP. Our "lease" is up in June and if things had gone as they were supposed to, it could've been extended after that. Since they don't want to be encumbered by this house after their move, they would like to be out of the loan. (Which I completely understand!)

    Any thoughts on seller financed options? That way, we can stay here until we are ready to buy a new house and make the improvements needed to sell the house in pristine condition. My concern is making them feel like their investment is secure and not being stuck with our house as a liability.

    Thanks to everyone here for being so helpful in the past. I've just now decided to "delurk".

    Comment


    • #92
      Originally posted by StaciMM
      An 80/20 can be done to avoid the private mortgage insurance.

      Find a broker to talk to-it can give you an idea of specific goals to work on. I can recommend one that I'm working with. He has been great with questions, etc. even though we really won't be a customer until summer. He is licensed in all states but ND, SD, MT, VA, NY, LA, TX, NV, & RI.

      can you share who are u working with?
      Filed Chapter 13: Aug 2004 Confirmed Aug 2005
      Early Buy-Out 43/60 months: April 2008 :clapping:
      Status: Case Closed Completed May 6-2008 :D
      Discharged: June 2008 :D:yes2::D

      Comment


      • #93
        if you want to purchase a home it is best to try to do so before you file the chapter 7. I am a mortgage broker and i help people who are in foreclosure and bankrupcy if you have a bankrupcy or foreclosure on your credit it is harder to get approve for a home loan, you would have to wait for at least 1-3 yrs before you can purchase a home. Now if you are in foreclosure and bankrupcy and you currently own a home you sholud try to refinance to save your credit or sell the last option should be the lease to buy back which i also do for clients who do not want to deal with a mortgage.

        Comment


        • #94
          Hi All,

          I'm new to these boards and have tried finding answers to this but saw this thread and after reading through, thought maybe you all could answer my question.

          I am about to run a FICO (the site recommended from a user earlier on in this thread) for my husband and me.

          My two questions are:

          1) Is there a company out there that will allow us to monitor our credit report/score unlimited for a certain amount of time? Our bankruptcy was just discharged so we're in the beginning stages of rebuilding.

          2) We own our house, owe approx. $178k and the house appraised for $219K last year. We really would like to get some home improvements done on the home, since my husband is a general contractor (which saves us thousands) because we plan on selling and would like to make more of a profit. The house would be worth a lot more with a few things we would like to do - so this isn't a matter of us going out and being crazy with money.

          So, my second question being - is an equity line of credit or refi easier to come by than buying a new home? I am trying to look into equity lines but I do believe our scores right now are around 500 or so.

          Thanks in advance!
          BK filed Oct. 05
          Discharged June 06

          Post BK (pre-dispute) scores (as of 8/15/06):
          Equifax: 549
          Experian: 545
          TransUnion: 554
          ****************************************

          SPAY/NEUTER your pets!!

          One female cat and her kittens can theoretically produce 420,000 cats in a 7 year period!!! SPAY/NEUTER!!!!

          Indoor cats live an average of 17 yrs, outdoor only 4 yrs - you do the math.

          Comment


          • #95
            Originally posted by Samantha
            if you want to purchase a home it is best to try to do so before you file the chapter 7. I am a mortgage broker and i help people who are in foreclosure and bankrupcy if you have a bankrupcy or foreclosure on your credit it is harder to get approve for a home loan, you would have to wait for at least 1-3 yrs before you can purchase a home. Now if you are in foreclosure and bankrupcy and you currently own a home you sholud try to refinance to save your credit or sell the last option should be the lease to buy back which i also do for clients who do not want to deal with a mortgage.

            I waited 5 months.
            Filed 09/05
            Discarged 1/2/06
            Closed 1/13/06

            Comment


            • #96
              there was a time when you needed 20% down after bk or for bad credit in general. Not true anymore. Being out of bk for 24 months or more makes you eligible for decent rates and zero down possibilities. I have been getting "subprime" people in homes with zero down for over 15 years. It's the banks that cant do it. Brokers have more power and knowhow to get the job done. check eloanservices.net

              Comment


              • #97
                This is such a popular question - I have found an article that may help you with the house thing after bankruptcy. You'll fond something there that will help I'm pretty sure! Cut and paste this into your browser -

                http://overcoming-bankruptcy.com/200...of-bankruptcy/
                Roy
                Overcoming Bankruptcy

                Comment


                • #98
                  This may help

                  Here's something which is related to buying a house after bankruptcy - hope it helps (just cut and paste it into your browser) -

                  http://overcoming-bankruptcy.com/200...of-bankruptcy/
                  Roy
                  Overcoming Bankruptcy

                  Comment


                  • #99
                    Sorry - the first post didn't look like it was going to work, but there it is - LOL!
                    Roy
                    Overcoming Bankruptcy

                    Comment


                    • i have no experience with these organizations but have been told by friends that they are great for working with people with credit issues. i've read through most of the info on their websites and it sounds good, but who knows! just thought i'd pass it on for those looking to buy a home.

                      http://naca.com/index_flash.pbl

                      http://www.easystreetrealty.com/
                      Monica
                      planning to file Ch. 7 - soon!

                      Comment


                      • I would wait at least 2 years after a BK discharge to shop for a mortgage loan. I have some friends and family in real estate and mortgage business who tell me that 2-3 years is the magic time period in which to wait while you re-establish credit after a BK discharge. At least to get best rates and not gouged on a new home loan.

                        Comment


                        • Mixxalot, this thread has been inactive for eight months. It's against our forum rules to post to a thread this old - there can be misleading or inaccurate information in it, especially since this one stretches back several years. Also most of the posters here are no longer active and will never see what you suggested. In this situation, it's much better to start an entirely new thread of your own - thanks!
                          I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

                          06/01/06 - Filed Ch 13
                          06/28/06 - 341 Meeting
                          07/18/06 - Confirmation Hearing - not confirmed, 3 objections
                          10/05/06 - Hearing to resolve 2 trustee objections
                          01/24/07 - Judge dismisses mortgage company objection
                          09/27/07 - Confirmed at last!
                          06/10/11 - Trustee confirms all payments made
                          08/10/11 - DISCHARGED !

                          10/02/11 - CASE CLOSED
                          Countdown: 60 months paid, 0 months to go

                          Comment


                          • Originally posted by Sara View Post
                            Our Ch. 7 was cleared in Nov. 2003. We are currently saving for a down payment for a home. We have read that we will need 20% down and that our ch. 7 will have to be cleared for 2 years. Is this true? We currently have not opened any credit cards, and our cars are paid for. We are making monthly payments on our student loans.
                            What steps do we need to do to ensure that we can get approved for a house loan?
                            not needed, you should apply for a FHA loan using alternative credit (no credit score needed but we approve them down to 540 scores ( at market rates)one year out of bankruptcy and if its circumstances like death of a primary wage earner it can be done less than a year. You can be approved. use rent, dentist etc. I like to collect five letters. Its important to say the accounts age and it has been paid as agreed and ontime. let me know if you have certain questions.
                            jeff
                            Last edited by Mortgage Guru; 04-12-2007, 05:21 PM. Reason: more info to post

                            Comment


                            • Originally posted by Mortgage Guru View Post
                              not needed, you should apply for a FHA loan using alternative credit (no credit score needed but we approve them down to 540 scores ( at market rates)one year out of bankruptcy and if its circumstances like death of a primary wage earner it can be done less than a year. You can be approved. use rent, dentist etc. I like to collect five letters. Its important to say the accounts age and it has been paid as agreed and ontime. let me know if you have certain questions.
                              jeff
                              I am not sure how you can get someone approved less then one year out of BK, here are the guidelines straight from FHA. And the only circumstances that allow for less then two years is a circumstances out of a borrowers control, for example death of a spouse, etc...

                              E. Bankruptcy. A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have reestablished good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner. Additionally, the lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur.

                              A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.
                              Nick Kusan

                              Comment


                              • Originally posted by MTG_BANKER_OH View Post
                                Additionally, the borrower must have reestablished good credit or chosen not to incur new credit obligations.
                                Hi Nick,

                                Thanks for all the good advice. I am beginning my second year out of bankruptcy with the hope that I can buy a home in 2009 or 2010. I am a little unsure on how to interpret the sentence I have quoted above. Are they saying that you should avoid borrowing or are they saying if you have borrowed money since the bankruptcy that you have paid on time. I guess what I am trying to understand is how should one manage credit AFTER the bankruptcy if the goal is to eventually buy a home. So far I have gotten a credit card which I am paying on time and I still have my student loans which have never been late (they have been mostly in deferment). What advice would you offer?

                                Bill

                                Comment

                                Unconfigured Ad Widget

                                Collapse
                                Working...
                                X