i am looking for a mortgage right now, big time

[danohio2831]

thanks for a great forum first of all, but please do not try to tell me to wait. i have made my desision. i will tell you my reasons just to share it.

we filed chapter 7. got discharged sept 12
we did not reafirm our mortgage or second mortgage we owe 256,000 and property is worth 190,000 so we are 60,000 in negative equity.

we have a 2100 $ a month payments first and second. my wife and i decided we hate working for a dam house. we both are looking to go part time. my wife works 28 hrs a week and makes 2,950 bring home. i am looking for a job due to being laid off at my job after 16 years.

i found a hud home and it is valued at 120,000, needs mostly tlc. finished basement, nice. i have a real estate agent who said i should bid 90,000 for it.
90,000 x 9.5% interest = 756.00 payment over 30 years. with property taxes and insurance would be 1,055 estimamte. i have 10,000 i can pull from my 401, and still have a 401 left.

i understand if i wait after 2 years i would get a better interest rates, but the propety may go up, the work, mostly tlc will improve the value of the property and there for since the house is at least 15,000 undervalued i feel that this would be a good investment, get out of 2,100 a month payments, have a home that is ours,

my wifes credit scores are trans 698 experian 650 equifax 691
most cr debt was in my name, so she did not get hit real bad, i understand, is still may go down, and this is not the true fico score.

so to end this, were is a place people have looked or got a mortgage
i will make the desision ( with a attorny ) if the mortage has any bad things

if you have to, send me a email and tell me if you cannot post it

thanks to all

[FilingOnMyOwn]

Have you not read MTG_BANKER_OH 's posts? You may want to contact him and see what he can do for you.

[Fedler]

Do you have enough cash to pay for the TLC the house needs?

[danohio2831]

Do you have enough cash to pay for the TLC the house needs?

yes, but would do it slowly

[MTG_BANKER_OH]

thanks for a great forum first of all, but please do not try to tell me to wait. i have made my desision. i will tell you my reasons just to share it.

we filed chapter 7. got discharged sept 12
we did not reafirm our mortgage or second mortgage we owe 256,000 and property is worth 190,000 so we are 60,000 in negative equity.

we have a 2100 $ a month payments first and second. my wife and i decided we hate working for a dam house. we both are looking to go part time. my wife works 28 hrs a week and makes 2,950 bring home. i am looking for a job due to being laid off at my job after 16 years.

i found a hud home and it is valued at 120,000, needs mostly tlc. finished basement, nice. i have a real estate agent who said i should bid 90,000 for it.
90,000 x 9.5% interest = 756.00 payment over 30 years. with property taxes and insurance would be 1,055 estimamte. i have 10,000 i can pull from my 401, and still have a 401 left.

i understand if i wait after 2 years i would get a better interest rates, but the propety may go up, the work, mostly tlc will improve the value of the property and there for since the house is at least 15,000 undervalued i feel that this would be a good investment, get out of 2,100 a month payments, have a home that is ours,

my wifes credit scores are trans 698 experian 650 equifax 691
most cr debt was in my name, so she did not get hit real bad, i understand, is still may go down, and this is not the true fico score.

so to end this, were is a place people have looked or got a mortgage
i will make the desision ( with a attorny ) if the mortage has any bad things

if you have to, send me a email and tell me if you cannot post it

thanks to all

You may be able to do something, it is tough to say there are some lenders that have no forclosure seasoning
or bk seasoning, was the mortgage in your name or your wives name? It is a tough situation someone would need to analize the whole situation and see if it is possible. I know of one lender off the top of my head that this may fit into. Did you reaffirm anything from the BK?

[danohio2831]

Mtg_banker_oh

the house was not reafirmed. we coninued to keep up payments until this month. so the house will go into forclosure.

what else?

also are house was discharged in chapter 7 bankruptcy, how will this show up on our credit report since we did not reafirm, kept paying, then decided not to kee pt?

dan

[MTG_BANKER_OH]

the house was not reafirmed. we coninued to keep up payments until this month. so the house will go into forclosure.

what else?

also are house was discharged in chapter 7 bankruptcy, how will this show up on our credit report since we did not reafirm, kept paying, then decided not to kee pt?

dan

I looked into you situation, and this is what I am hearing, you need some recent residential pay history potentially rent for a month or so, one open and active account within the last 6 months and 2 accounts in the past that have 24 month history and that are paid as agreed. I am not saying this is exactly what you have to do, there are many other factors that need to be considered in order to make sure this will work for you. Is your wife currently emloyed that you could just use her income to qualify for the home? Who makes more money in the family and do you know what your scores are currently? I think you may have a shot but it may take a month or so, do not take this as a guarntee I am only lookiing into the items on the surface and there are other things that need to be looked at. You need to apply with a broker and try to have them get you pre approved, your situation is very complicated.

[AfterBkMortgage]

Speak with consultant

and there are other things that need to be looked at. You need to apply with a broker and try to have them get you pre approved, your situation is very complicated.

Definitely the best move is to speak with a mortgage consultant to know exactly what you need to do.

[tradewiz50]

Since you have already started to not make your last mortgage payment? What will you do when they start to foreclose on your home and you have not other place to live???

[danohio2831]

Since you have already started to not make your last mortgage payment? What will you do when they start to foreclose on your home and you have not other place to live???

i have 3 places i can rent for 700-800 a month if i have to. it is better than 2100 a month. the point of bankruptcy is to get rid of debt, esspecially negative debt. my house is at least 70,000 in neg debt. yes i love it, but in one-two years i can be in another house at the latest. starting fresh, no second mortgage, and hopefully find a deal and have positive equity in it.

dan

[BassBoy]

Couldn't agree more!

.....starting fresh, no second mortgage.....positive equity.....

This is great logic dan. I'm with you. If and when I do buy a house again, this is how I want it.