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Successful Mortgage Two Years Out

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  • Successful Mortgage Two Years Out

    Like many I have sat back and read the numerous threads on this forum for about 2 1/2 years. I will try to make this as brief as possible but just wanted to leave something in return for the hope and encouragement that is available on this forum. A quick rundown. Prior to 2010 we owned two homes, one of them our so called dream home that we built during the real estate boom and we also owned a commercial property that the wife's business was in. We had taken out a second mortgage on our home to buy the commercial building. Fast forward to the housing bust and drop in real estate values. Business slowed down. I lost ONE of my jobs. We tried maintaining everything by robbing peter to pay paul and before long credit cards maxed out, overdue, etc...Up until then credit was perfect. I received a job offer in another town and accepted. We short sold the home in May 2010. Our rental had sold about a year before. We had the commercial building on the market for over a year and had to drop the price over 35% to even get anyone interested. Commercial building sold in July 2010. We moved, started new job ( a little less than I was making) negotiated a 3 year lease on a house for $100 less a month than they were asking. In November 2010 filed CH7. 341 meeting in Jan, discharged in March 2011.

    We followed many suggestions on this forum. Secured credit card for one year with NFCU which they converted automatically and increased the limit after a year. Wife applied for cap 1 credit card in 2012 and received $2k limit. These were the only bills. Our cars were paid for. One a 2000 Ford the other we traded up twice over the two years and paid a little extra cash to move up to a newer previously loved car . 2005 Touareg.

    Worked hard, saved as much as possible, paid ALL my utilities on time or early and did not apply for anymore credit. One card each is enough. In October of 2012 I spoke with a mortgage company (direct lender ) regarding our chances for home purchase at our two year mark from the BK which was March 2013. Felt confident we could get a VA loan. Found a home in February within our budget. Applied for VA loan on our two year anniversary date and 6 weeks later closed on our home. Was it painful? Yes. But it can be done. I gave them everything they asked for. Which by the way seemed like it was never going to end. Got 3.75% for 30 year loan at no money down VA and of course there is no PMI with VA.

    If anyone would like to know the name of the lender and specifically the person that handled this loan I will be happy to recommend him. Not sure I can list names or businesses on the forum but if it is allowed I will. This was the only mortgage company I applied for. So, for all of you beginning the process or nearing the end. It is possible. Some people say you need three lines of credit, maybe a car loan etc....not true. We have one card each, no auto loans and savings after working hard.

    Good luck to all who are in the journey. It can and does get better.

  • #2
    Thank you so much or sharing. We were discharged 10/2012, so am looking forward to 2+ years to either refi or get different house.


    • #3
      That is a wonderful success story! Congratualtions! Sounds like you went through a lot and finally you had light at the end of the tunnel. I'm hoping to be able to have a success story to post here as well. My problem is I cannot find a lender who can give me a definitive answer to whether or not I can qualify for an FHA loan almost 3 years post bk discharge with no foreclosure. I want to sell and take the profits to purchase another home but I have been told by 1 lender that I cannot because regardless of whether I pay my mortgage on time without a reaffirmation I will be treated like a foreclosure and I have to wait out 3 more years after I sell. I'm in a bind here and am waiting for a few more lenders to call me back but of course they have not. I'm thinking in your situation you have a VA loan and I bet it is a lot different than an FHA. Wish I could get a clear answer to my question but for whatever reason it's not happening. Congrats again on your success!
      08-2009:Quit Paying Credit Cards
      04-2010:Hired 2nd Attorney;05-2010:Filed 7
      06-2010:341 Meeting (went very well)
      08-24-2010: Discharged; 09-02-2010 Closed!!


      • #4
        Congrats to u and thx for sharing.........shocker to me my heloc is upside down 30 k. On 236 k , I'm 2 months out of chap 7 and they wanted me to consign with wife on revolving 3 year heloc......go figure?


        • #5
          Thank you so much for sharing your success story! It gives a lot of hope. Congratulations on your new home!


          • #6
            Thanks for the post. We would love the name of lender and contact person. We will be
            two years out as of September 2014 and want to start looking for homes early 2015.
            We are also VA eligible.

            Thanks and we appreciate your story.


            • #7
              I would like the information. Qualify for VA loan and three years out.


              • #8
                The OP posted this almost a year ago an has not been back. Try contacting an experienced mortgage broker who can shop for lenders for you.
                LadyInTheRed is in the black!
                Filed Chap 13 April 2010. Discharged May 2015.
                $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


                • #9
                  LITR. exactly, i so agree. we are on our second home buying or just completed the purchase . we paid the first one in full, just purchased a second one cash and couldn't even get a small first to do some upgrades and we are over 5 years out with our scores at both over 700's.

                  i am always leery about these types of posts, not saying some have not been successful in getting a mortgage like logan here on the forum. especially in light of the fact NO mortgages from VA, FHA or any government back loan for at least 4 years period. again one would be on that caviars list and it would not be possible. so there must be more to the story here. florida especially has been tight as can be, unless they know the lender, and then still doubtful. although NOW we are seeing some movement from the banks very slowly here.

                  funny thing was the same lenders that said NO are now calling off the hook to give us a loan! while i HATED taking from our savings account to pay for those extras on the house i think i would have hated having another mortgage more.
                  Last edited by tobee43; 02-16-2014, 07:36 AM.
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