Buying a house after Bankruptcy

[jdelgado3760]

house after bankruptcy

Robivi, Sara and anybody looking for info on refinancing or buying a home after bankruptcy. I am a mortgage banker located in NY and do financing for homeowners in over 38 states nationwide. I have closed many loans with people after bks including my own refinances. With a 600 score in the sub prime market your are looked at as A+ borrower, and with as much equity in your home as you say you anybank should be fighting for that loan and getting you the best interest rate around. I recently closed a loan with a borrower just out of bankruptcy with a 580 score and got them 7.5% 30 year fixed which dropped there interest 1.5% from what they originally had. I deal with over 100 diffrent banks and am myself a banker so if you need anymore information on this or want a free credit check and report with consultation on your next move to securing a financially sound future contact me at:

Mike Armella
Senior Mortgage Banker


Good luck to all contact me anytime i am available 24/7.

Hi Mike

are you still in the in the mortgage business? I would like to get more information about a home after bankruptcy. Can you help?

[veggirl]

Question: my bf owns a home (has owned for almost 4 yrs), and his ex is still on the deed. I am thinking of buying out her share and and we would put it in both our names. At this time my bk will be cleared for 2 yrs. Would this affect the name change on deed or financing? Thanks

[LSUTiger32]

Has anyone been approved for a home with less than 2 yrs. since their discharge? I guess I am just impatient and want a home of my own. Now credit guidelines are even stiffer, due to so so many getting into homes they could not afford to begin with. Some lost homes due to job loss, but the majority atleast where I live do not fall into that category. I just want a starter home with payments less than what I am paying for rent. We filed chapter 7 more for medical bills and a couple of charge offs.We never had owned a home prior to filing chapter 7.

Hey, please don't take this the wrong way but you are on here looking to buy a house and on another thread looking to buy a car, both on credit. First off, it's not going to happen on the house for one year minimum on an FHA (if you can strongly document the medical reasons for the BK) and more likely two years. As far as the car is concerned, you will find idiot companies out there that will give you a loan at 15% interest, but don't do it. Save some cash and buy a car. Don't get right back into the same situation. Relish being debt free for now, it should be a great feeling!

[pris72]

Has anyone been approved for a home with less than 2 yrs. since their discharge? I guess I am just impatient and want a home of my own. Now credit guidelines are even stiffer, due to so so many getting into homes they could not afford to begin with. Some lost homes due to job loss, but the majority atleast where I live do not fall into that category. I just want a starter home with payments less than what I am paying for rent. We filed chapter 7 more for medical bills and a couple of charge offs.We never had owned a home prior to filing chapter 7.

[LSUTiger32]

Hi Clark,
Now that we're in a very different market, I find it amazing reading these posts for 2005. Just curious but what kind of programs do you have now for bks and foreclosures?
Not being facetious. Really, are there any programs at all out there that don't charge 12% interest.

That dude made 4 posts in 2005, I don't think he is around anymore!

[LSUTiger32]

Yeah, I didn't make that clear enough. Usually medical issues are the only way to really get the hardship waiver from FHA but I am hoping that someone doing a manual underwrite will see that our income is high, our credit usage is a non-factor anymore because there is none, and we own a car and a home than we paid on through the BK and continue to do so with no issues. It is freaking killing me with rates below 4% out there that I am in this situation. I could save $300 a month easily if I could re-fi right now.

[denisec]

Hi Clark,
Now that we're in a very different market, I find it amazing reading these posts for 2005. Just curious but what kind of programs do you have now for bks and foreclosures?
Not being facetious. Really, are there any programs at all out there that don't charge 12% interest.

[denisec]

Wow, it's amazing looking at these entries from years ago. I am curious, what kind of programs do you have now? Not being facetious. :=)

[Ugh07]

We have a somewhat unique situation. We filed Ch7 and the discharge was 07/09. We included our house in the BK, but it hasn't been auctioned yet. It is just sitting there vacant. As far as we know, the bank has taken possession of it, but it has not shown up on our credit report as a foreclosure yet. Our monthly household income is more than $10,000, and our monthly debt is only about $500. We are currently renting, and got a car loan in March, and have had no late payments since the discharge.

My question is: Might it be possible for us to find a lender to give us a house loan ($150,000 or so) at this point? We wondered if we would have a better chance to get approved for something before the foreclosure actually shows up on our credit, but unfortunately it's before the preferred 2 years after discharge. We can come up with 5% down, but would like to avoid having to come up with 10-20%.

Any help or advice would be greatly appreciated!

Losing a job is not considered a "hardship". You will have to wait 3 years after the foreclosure date. I would check with the county ASAP and see if the bank has actually taken title to the house. If they havent then your clock hasnt even started yet. Underwriters will search public records in addition to reviewing your credit report so the foreclosure will turn up there.

[denisec]

wrong, it's two years form discharge date.

[denisec]

Go to Capital One for a credit card, they are pretty good. I got a 0% credit card after 6 months post Chapter 7, and if you make 3 on time payments in a row, they will up your credit limit by $500. It's good to have 4 open credit lines - you don't have to put much on them, just a little and pay timely. You also don't need 20% down if you go to FHA, you only need 3.5%, plus closing costs of about 2.5-3%.

[okiemama]

I would think that you should explore saving some of that excess cash and even if you put 5k away in the bank a month in 6 mos time that will let you put a 30k downpayment on a $150k mortgage, in 12- 18 months you could save and pay cash for it as well and screw the bank.

This is true, but his income is temporary... he only has about 5 months left at this rate. He could remain longer, but I don't think our family could survive much past that. It wouldn't be a realistic answer for us, unfortunately. We are saving as much as we can, but it just seems like it's never enough.

[okiemama]

Going to be awfully hard one year out unless you can explain and/or document a hardship. The guidelines are two years for FHA and 3-4 years conventional (especially in this economic climate). I am hoping to start the process of a re-fi next month when I get to one year out using Katrina as my crisis (because it was). Not sure even that is going to help.

Well, 2 years of unemployment for my husband should explain it. That would be what took is to the point of no return. I am hopeful that with our debt to income ratio, our positive credit since the bk, etc will help get us in. Best of luck to you!

[AlbanyMan]

We have a somewhat unique situation. We filed Ch7 and the discharge was 07/09. We included our house in the BK, but it hasn't been auctioned yet. It is just sitting there vacant. As far as we know, the bank has taken possession of it, but it has not shown up on our credit report as a foreclosure yet. Our monthly household income is more than $10,000, and our monthly debt is only about $500. We are currently renting, and got a car loan in March, and have had no late payments since the discharge.

My question is: Might it be possible for us to find a lender to give us a house loan ($150,000 or so) at this point? We wondered if we would have a better chance to get approved for something before the foreclosure actually shows up on our credit, but unfortunately it's before the preferred 2 years after discharge. We can come up with 5% down, but would like to avoid having to come up with 10-20%.

Any help or advice would be greatly appreciated!

I would think that you should explore saving some of that excess cash and even if you put 5k away in the bank a month in 6 mos time that will let you put a 30k downpayment on a $150k mortgage, in 12- 18 months you could save and pay cash for it as well and screw the bank.

[LSUTiger32]

We have a somewhat unique situation. We filed Ch7 and the discharge was 07/09. We included our house in the BK, but it hasn't been auctioned yet. It is just sitting there vacant. As far as we know, the bank has taken possession of it, but it has not shown up on our credit report as a foreclosure yet. Our monthly household income is more than $10,000, and our monthly debt is only about $500. We are currently renting, and got a car loan in March, and have had no late payments since the discharge.

My question is: Might it be possible for us to find a lender to give us a house loan ($150,000 or so) at this point? We wondered if we would have a better chance to get approved for something before the foreclosure actually shows up on our credit, but unfortunately it's before the preferred 2 years after discharge. We can come up with 5% down, but would like to avoid having to come up with 10-20%.

Any help or advice would be greatly appreciated!

Going to be awfully hard one year out unless you can explain and/or document a hardship. The guidelines are two years for FHA and 3-4 years conventional (especially in this economic climate). I am hoping to start the process of a re-fi next month when I get to one year out using Katrina as my crisis (because it was). Not sure even that is going to help.