MTG_BANKER_OH-Question

[ohio84]

I am hoping that you can provide me with some advice on my current situation. Here is a little background:

My daughter was born in November 2005. A few months later serious health problems were found and she had to be admitted to the hospital for around 2 months. All of my sick and vacation leave and been used for my 6 week maternity leave. Needless to say we fell behind on paying our bills and it snowballed from there. My husband ended up quiting his job to care for her, which made the situation worse. So in October of 2006 we filed a Ch. 13 to save our home, which we still couldn't afford, but I didn't want to loose our home. In May 2007 we converted to a Ch. 7. We will be discharged this month.

My question is that we are having a hard time finding somewhere to live. Private owners and rental communities turn us down because of the bankruptcy. We have been looking for about 3 months. Our attorney said that we are running out of time to find somewhere. So I saw that it is possible to get another mortage. I figured since you were in Ohio and lived close to me you might be able to offer me some advice.

I know up to December 2005 all of my bills we paid on time. I had 2 credit cards, 2 car payments, and a house payment. My husband on the other hand had many collections from 2001-2002 for medical bills, but had a car loan that was always paid on time. I didn't know if we had a chance to get another house or not.

Thank you for your help in advance.

[BassBoy]

My question is that we are having a hard time finding somewhere to live. Private owners and rental communities turn us down because of the bankruptcy. We have been looking for about 3 months. Our attorney said that we are running out of time to find somewhere. So I saw that it is possible to get another mortage. I figured since you were in Ohio and lived close to me you might be able to offer me some advice.

I know you're asking for MTG_BANKER's advice, by if I may address one part of your post........you're most likely having issues with finding a place so far because your still in an active BK. I myself live in Ohio (the Northeastern area) and I found that a few of the places we did look at (mainly apartments) at least wanted the discharge.

As for looking with a private owner, for the most part, it may throw them back a little when you blurt it out, but I don't think they are too tough. Again, this may be an issue because you're not discharged yet. Did you explain the situation to them and explain that the debts are/will be gone and you'll have no other obligations other than the rent itself? This is how I handled it and the family and I are now renting a very nice 3 bedroom house!

Before you go jumping back into a mortgage again, take some time to heal and get everything back on track. From some of the knowledge I,ve gained here by reading, it's best to wait a couple of years before purchasing another home.

[MTG_BANKER_OH]

I am hoping that you can provide me with some advice on my current situation. Here is a little background:

My daughter was born in November 2005. A few months later serious health problems were found and she had to be admitted to the hospital for around 2 months. All of my sick and vacation leave and been used for my 6 week maternity leave. Needless to say we fell behind on paying our bills and it snowballed from there. My husband ended up quiting his job to care for her, which made the situation worse. So in October of 2006 we filed a Ch. 13 to save our home, which we still couldn't afford, but I didn't want to loose our home. In May 2007 we converted to a Ch. 7. We will be discharged this month.

My question is that we are having a hard time finding somewhere to live. Private owners and rental communities turn us down because of the bankruptcy. We have been looking for about 3 months. Our attorney said that we are running out of time to find somewhere. So I saw that it is possible to get another mortage. I figured since you were in Ohio and lived close to me you might be able to offer me some advice.

I know up to December 2005 all of my bills we paid on time. I had 2 credit cards, 2 car payments, and a house payment. My husband on the other hand had many collections from 2001-2002 for medical bills, but had a car loan that was always paid on time. I didn't know if we had a chance to get another house or not.

Thank you for your help in advance.

Unfortunately you are probably going to have to rent. You probably going to need at least 2 years to get into another mortgage. The new FHA program is for people that were making housing payments up unti the arm adjusted. It does seem you have some extenuating circumstances where you might be able to do it shorter then 2 years. Are you both back to work? Where are you in ohio? I may know some landlords/investors that might be able to help you with a lease option or a rental? This would only be in the columbus area though, which is where I have most of my contacts.

[ohio84]

Yes we are in central Ohio and I work in the Gahanna area. Currently my husband is not working. We were waiting until we moved and got settled to look for a daycare for our daughter. Hopefully within the next few months he will be back to work.

I figured we wouldn't be able to get another house but because we are having a hard time finding a rental I thought I would try. Also where do you recommend getting credit reports online to start the cleanup process??

Thank you both for your help!

[MTG_BANKER_OH]

Yes we are in central Ohio and I work in the Gahanna area. Currently my husband is not working. We were waiting until we moved and got settled to look for a daycare for our daughter. Hopefully within the next few months he will be back to work.

I figured we wouldn't be able to get another house but because we are having a hard time finding a rental I thought I would try. Also where do you recommend getting credit reports online to start the cleanup process??

Thank you both for your help!

I would recomend subscribing to either myfico.com or truecredit.com. This way you can keep up to date on your credit reports and what is going on with your credit cleanup process. I think truecredit.com would be the best since you get to see all three bureaus and updates on any changes on your reports. I think it is about $15 a month there are some times some coupon codes out there where it is cheaper. You should start the dispute process as soon as it is discharged to make sure all accounts are reporting correctly as soon as possible so your credit report stops reporting negative accounts as soon as possible, if there are any. Many creditors will keep reporting accounts negatively for a long time even after they are discharged through the BK.

[BassBoy]

Also where do you recommend getting credit reports online to start the cleanup process??

Thank you both for your help!

Go here.....lot's of info and advice....http://www.bkforum.com/showthread.php?t=2188